How to Get Loans to Help Pay Rent
Unexpected expenses or sudden changes in income may have left you struggling to pay your rent. Fortunately, there are many different types of rental assistance available for situations like these.
Also known as rent assistance loans, rent loans are usually sufficient in size for covering a full month's rent. However, consumers can pay these months back over the course of several months. Rent assistance loans are definitely worth pursuing if you need help paying your rent today and cannot find any free resources for rental assistance that you're qualified to receive.
When getting a loan to pay rent, it's important to consider the short and long-term impact that borrowing money will have on your financial health. It's also a good idea to exhaust all of the possible options in rent relief that are offered by agencies near you.
There are loans to help pay rent for those who aren't qualified for local government rent assistance, HUD rental assistance, or rent aid that's provided by charitable organizations. Best of all, when you use DoNotPay, you can quickly find and apply for all of the funding opportunities that fit your circumstances.
What Are Loans to Help With Rent?
are essentially same-day funding solutions that are offered by banks, credit unions, and other entities. Many financial advisors recommend that consumers only pursue these funding opportunities as a last resort. Not only will borrowers have to pay these loans off in full, but they'll also be responsible for covering their ongoing rent charges.
Getting a loan to help with rent can cause recurring cash flow issues. These loans often have high interest rates and considerable administrative fees. Moreover, loans that are designed specifically for rent relief are often offered to high-risk, bad credit consumers by lesser-known lending companies.
Resources for Rent Relief
Before you apply for any loans to help pay rent, take some time to learn how to get rent relief in your area first. Rental assistance is often offered by:
- Charity groups and organizations
- Non-profit community agencies
- Social service agencies
- Government entities.
You can contact your local Department of Social and Human Services (DSHS) to find out about limited, one-time assistance. In most locations, DSHS will offer one-time rental assistance for households experiencing short-term hardships. You can additionally reach out to the Housing Authority in your city or county. The Housing Authority can refer you to nearby programs with current funding if you need rent assistance to avoid eviction.
The Housing Authority in any city or county is also the agency that's responsible for managing the Housing Choice Voucher Program. Also known as Section 8, this program will cover a large percentage of your monthly rent on a long-term basis. It gives low-income households ongoing access to stable, affordable housing. Housing authorities also manage public housing developments in their regions, and provide listings for other forms of affordable dwellings and below market rentals.
Other Rental Assistance Resources
Many families find themselves at-risk of homelessness due to public health-related issues. For instance, you may be in need of rental assistance due to COVID-related lockdowns, job loss, income loss, or loss of hours. If this is the case, consider applying for the Emergency Rental Assistance Program (ERAP) in your area. The ERAP is supported by federal monies that were earmarked for COVID-related housing loss and eviction risks as part of the C.A.R.E.S. Act.
Many churches, non-profit agencies, and charitable organizations have special rental assistance funding that's reserved for:
- Low-income senior citizens
- Undocumented immigrants
- Domestic violence (DV) victims
- Low-income or disabled veterans
and many other at-risk groups. Before you take out a loan to pay your rent, be sure to call 2-1-1. 2-1-1 is the Community Resource line in many areas. Operators are always standing by and can give you a list of resources that are free, easy to apply for, and designed to prevent eviction or help rehouse those who have already been evicted. Calling 2-1-1 is an excellent way to quickly find a rental housing assistance program that you're qualified for and that's applicable to your current circumstances.
Is Getting Loans to Help Pay Rent the Right Choice for You?
, late fees, or even your move-in costs might be a good choice in several instances, such as:
- You've been turned down for rental assistance by multiple agencies.
- You're able to make reasonable budgetary adjustments to account for your loan payments.
- You're only experiencing a short-term financial hardship that affects your ability to pay rent.
- You have a guaranteed increase in income or a guaranteed reduction in your living costs going forward.
Getting a loan might solve your current problem without creating new ones. You can also consider getting a loan to pay your rent off if you're worried about how long it might take to get rental assistance. If your landlord is poised to take legal action to evict you right now, you may not have time to wait several weeks or months for a local agency to process your application.
How to Find Loans to Help With Rent on Your Own
Start by contacting your own banking institution for a loan. Most banks don't ask how you intend to use loan monies once funding has been approved. Applying for any loan type that you're qualified for should give you relatively fast access to some much-needed cash.
You can also reach out to payday loan companies in your area or online. Payday loans are essentially secured by your own forthcoming income. To qualify, you'll need an active banking account, regular income, and direct deposit enrollment for your paychecks.
You can also use major search engines to look for companies that specialize in rent loans.
Next Steps if You Can't Find Loans to Pay Rent by Yourself
If you're unable to get a rent loan and still need help, consider reaching out to several charitable organizations that operate nationally. These include:
|Goodwill Industries||15810 Indianola Drive
Rockville, Md 20855
|Salvation Army||615 Slaters Lane, Alexandria, Virginia 22314||1-800-SAL-ARMY|
|United Way||701 N. Fairfax Street
Alexandria, VA 22314
|YMCA/YWCA||Find one near you||Not Specified|
You can also reach out to free advocacy groups in your area to get help dealing with eviction-related concerns and to get referrals to local rent assistance agencies that you have yet to contact. You should additionally check the Housing and Urban Development (HUD) state directory for help in your area or visit the HUD online resource center.
Use DoNotPay to Get Rent Assistance
The Rent Assistance product from DoNotPay is designed to make it easy for consumers to find rent help that they're qualified for. This includes emergency rent assistance and long-term rent help in the form of Section 8 vouchers.
How to apply for housing assistance in your area with DoNotPay:
We can compose a letter to your local housing authority based on your situation and inquire about your best options for receiving assistance. Here are the 4 steps:
- Search for Rental Assistance on DoNotPay.
- Put together a list of your income, debts, expenses, and assets. If you need help accessing information like your credit report, DoNotPay can help you get your report.
- Let DoNotPay collect your basic information and compose a letter to your local housing authority requesting rental assistance.
- Lastly, DoNotPay will send your letter to your local housing authority.
Why Use DoNotPay to Get the Rental Assistance You Need?
Using DoNotPay to find rental assistance programs in your area and apply for them is a far more practical solution than taking out a rent loan. You don't have to pay rental assistance from any social service, charity, church-based, or government organization back. Getting help now will ensure that you aren't facing additional financial stress in the future when your loan payments come due.
DoNotPay Works Across All Companies, Agencies, and Groups
Using DoNotPay isn't just the easiest way to get rent help, it's also the most efficient. DoNotPay works successfully across all agencies and groups. You can find and apply for numerous forms of rental aid within mere minutes.
What Else Can DoNotPay Help With?
Whether you want to find or free rental assistance resources, DoNotPay has got you covered. Moreover, with DoNotPay, you can easily take care of many other issues. DoNotPay can help you handle a variety of complex tasks including:
- Getting your property taxes lowered
- Finding and claiming missing money
- Setting up DMV appointments
- Taking advantage of free trials
Subscribe to now to solve problems and get things done with minimal effort.