6 Emergency Loans for Rent Payments

6 Emergency Loans for Rent Payments
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Matt Walker
By: Matt Walker
Posted: September 4, 2019
Our popular “How-To” series is for those who seek to improve their subprime credit rating. Our articles follow strict editorial guidelines.

The start of a new month brings great possibilities, a fresh budget, renewed goals — and a lot of bills to your mailbox.

And, oftentimes, no bill eats up more monthly income than rent. It can sometimes seem like a necessary evil, especially if you’re dealing with an unanticipated expense or emergency that left you short on funds for the month.

No matter why you need help, though, there are several online resources and lenders that specialize in emergency loans for rent payments. These resources can help to ensure a big bill doesn’t turn into a mountain of debt after late fees and other penalties.

Lenders | Assistance Programs | FAQs

Emergency Cash Loans for Rent Payments

Most landlords aren’t big fans of waiting for their monthly rent check. Being just a day or two late can result in late fees and penalties that make a hard-to-pay bill even more difficult to manage.

But, if you have a steady income, there are lenders that work to process emergency cash loans quickly so you can pay your bills without incurring extra late fees. And many of these lenders, like those listed below, work with borrowers who have damaged or thin credit profiles.

Money Mutual is an online lending marketplace, meaning it takes your application and shops it to a host of lenders to find the best potential loan offer for your needs and credit background. The network’s lenders offer short-term loans of up to $2,500 with no application fee. After a brief five-minute application process, you could be matched with multiple loan offers that extend approval in minutes and funding in as little as 24 hours.

   
★★★★★

4.7

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$500 to $10,000 5.99% - 35.99% 3 to 72 Months

See representative example

If you need a larger loan, and a little more time to pay, CashUSA.com offers personal installment loans from $500 to $10,000 through an extensive network of partner lenders. Loan terms depend on the applicant’s credit history and loan type, and approved borrowers can receive funding in as little as one business day.

Qualified borrowers who need a larger sum can apply at CreditLoan.com for a loan between $250 and $40,000. The lending network specializes in auto loans, bad credit loans, personal loans, and student loans and offers a host of educational resources on its website to ensure applicants make the best decision when choosing a lender and loan type.

As its name suggests, BadCreditLoans.com works specifically with consumers who have bad credit, and it has more than 20 years’ experience working with its network of lenders that provide loans ranging from $500 to $5,000. Applicants must be U.S. citizens with an active checking account from which lenders can withdraw payments. Other than that, the BadCreditLoans.com lending network has one of the most flexible acceptance policies among all bad credit lending networks.

PersonalLoans.com offers qualified borrowers one of the largest loan ranges on this list, with partner lenders ready to approve loans of between $500 and $35,000. The lending network works with applicants who have any type of credit history to find the best fit among its three types of loans — peer-to-peer, personal installment, and bank personal loans. Network lenders can make credit decisions in minutes and fund most loans in one business day.

  • Short-term loan of $100 to $1,000
  • Bad credit is welcomed
  • Large network of lenders
  • Loan decision as fast as a few minutes; funding as soon as next business day
  • Required: Income of $1000+/month and at least 90 days on job
  • Click here for official site, terms, and details.
             
★★★★

3.9

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$100 to $1,000 200% - 2,290% Varies

See representative example

One of the web’s leaders in short-term cash loans, CashAdvance.com specializes in helping borrowers find loans between $100 and $1,000. Its network lenders consider bad credit applicants who can show a monthly income of at least $1,000 and at least 90 days on the job.

Just remember that short-term loans typically include higher interest rates — as much as 200% to 2,290% APR. You should use these types of loans with caution, and carefully review the terms before agreeing to the loan.

Rent Assistance Programs

A short-term loan may be just what you need to hit the reset button and get back on your feet. But if you struggle to make ends meet each month, then a loan could be a temporary fix to a long-term problem.

Several private and government-run organizations specialize in helping people find affordable, safe, and sanitary housing in all 50 states. These programs can range from temporary rental assistance to voucher programs that cover all or part of your monthly rent bills on an ongoing basis. Many also help toward utility bills and other monthly necessities.

The U.S. Department of Housing and Urban Development (HUD) helps thousands of Americans secure mortgage loans each year. But many don’t realize that HUD also works to help consumers find affordable rental housing.

HUD Paperwork Image

The U.S. Department of Housing and Urban Development is one of the several organizations that help consumers find affordable rental housing.

The department’s Rental Assistance program covers all 50 states and provides qualified low-income applicants with access to housing with reduced rent. The government agency also runs public housing apartment units and a Housing Choice Voucher Program (Section 8) that allows you to find your own rental unit and use the voucher to pay for all or part of your rent.

If you live in an area funded by the government’s Rural Housing Service, you could receive reduced rent through Benefits.gov. To receive assistance, your monthly rent payment must exceed 30% of your household’s adjusted monthly income.

In 2018 alone, 211 call centers around the U.S. made more than 12.8 million connections that helped callers in need gain access to shelter and housing options and utility assistance, along with several other need-based connections. These include supplemental food and nutrition programs, emergency information and disaster relief, employment and education opportunities, and support groups for individuals with mental illnesses and special needs.

You can reach the call center by simply dialing 211 from your phone or contacting the agency on its website.

If your financial dilemma stems more from an emergency or unexpected expense, charitable crowdfunding resources like Modest Needs can provide some much-needed relief. The platform allows individuals to make small, emergency donations to low-income workers who create a campaign on the website.

Since 2002, Modest Needs’ donors have helped more than 14,180 individuals and families with financial assistance that conventional philanthropy otherwise wouldn’t.

How Do I Get Emergency Money for Rent?

Consumers have several resources available to them to keep their homes during emergency situations whether it’s a loan or assistance from one of the government-run or private charitable institutions listed above.

The path you take to finding emergency funding should depend upon your financial circumstances and the reason for your current need.

Concerned Woman Looking at Bills

Be sure to assess your long-term financial needs when exploring loans and rent assistance program.

If a one-time unexpected bill throws off your budget for the month, then a loan would likely be your best resource for getting back on track. Several lenders are willing to work with consumers who have bad or damaged credit profiles to quickly get them the money they need — as long as consumers can afford to repay the loan and its associated interest.

However, if you continually struggle to pay rent and utilities, and the issue doesn’t seem to get better month after month, then you may be better served by researching agencies that work to help consumers receive rental assistance or government vouchers that pay for all or part of your monthly rent and utility bills.

That’s because, if you have an ongoing issue, a loan will only add to your monthly bills. It will cover one month’s rent, but still leave you with the same issue when the bill is due the following month.

Remember, though, that there are several specialized government and private programs that you may qualify for based on your race, gender, financial status, and military service. These programs can provide one-time or ongoing assistance to make sure you have access to affordable housing without blowing your monthly budget on just one expense.

What Happens if I Can’t Pay My Rent?

The repercussions of being late on your rent range from incurring a late fee to getting a stain on your payment history that can affect future rental contracts.

The amount of your late fee will depend on the laws in your state and the rules set by individual property management companies. You could be charged a flat fee or a percentage of your overall rent. Some management companies impose a daily fee, which adds up every single day until you pay your rent in full.

And, depending on which state you reside in, your landlord could start the eviction process shortly after you miss a payment. Each state sets different laws regarding how soon the process can begin, but some states — such as California — allow for landlords to begin the process eight days after a single missed payment.

But even if you manage to pay the late fees and avoid eviction, late rent payments can stick around to bother you for years. That’s because many landlords report rental payment history to the three major credit reporting bureaus. Late payments can make it difficult to find a new place to rent when you move, and your credit score could feel the hit for up to two years.

That’s why it’s important to stay in communication with your landlord. If you ignore calls, visits, or letters when you’re late, you only invite the landlord to take more drastic actions to get the money he or she is owed. If you take the time to explain your situation, you can often avoid credit reporting that can be far more costly than any late fee.

Can You Be Evicted if You Pay Partial Rent?

Sometimes in life, having something is better than having nothing. This doesn’t apply to rent payments, though.

Eviction laws are similar to the laws outlining late fees. Landlords can continue to charge late fees until you pay your rent in full. And if you submit only a partial rent payment, your management company can begin the eviction process until you become current on your payments.

Eviction Notice Image

Contact your landlord if you are unable to pay your rent in full because communicating to resolve the issue could help avoid legal action.

Every state has different laws related to eviction. Some states — such as Maryland, Maine, and Delaware — provide renters with a minimum 30-day grace period before the process can begin. Other states — think California, Florida, and Hawaii — can start the process eight days after you miss your payment or submit a partial payment.

That doesn’t mean that you’ll lose access to your home within eight days. The eviction process can take quite some time. Many such cases require a trial and can take months to complete.

During that time, you will continue to accrue late payments and other fees and may be required to pay the landlord’s legal fees. The landlord will likely report the poor payment history to the credit reporting bureaus, and your credit could suffer dramatically from the proceedings.

As stated above, many landlords are often willing to work with a tenant to help get them back on track. After all, a late payment is better than no payment at all. And no one wants to get tangled up in court battles over partial payments.

If you can only make a partial rent payment, your best step — if you cannot qualify for a loan to make up for the shortfall — is to contact your landlord and explain the situation. You’ll almost certainly still accrue late payments, but the communication could head off legal notices and other uncomfortable letters and calls.

Determine Whether a Loan or Assistance Program is Right for You

Everyone should feel safe and secure in their own home. But you don’t always feel safe when the rent is due and you can’t cover the bill. Depending on your situation, you may qualify for a loan or long-term assistance program that can get you back on your feet and once again feeling secure.

As with most financial programs, though, be sure to research the fine print attached to any loan or assistance you accept and understand the terms for repayment and usage.

With the right planning and a little help, you no longer have to dread the beginning of each month and can go back to looking at a new page on your calendar as a time for fresh possibilities.