Needing a Loan to Make Rent

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Needing a Loan to Make Rent

Oh My Apartment · Dec 30, 2009

The economy still isn’t in the best shape, and this has made it very difficult for some to make their monthly rent payment. No matter what the circumstances are, it’s a problem if you just don’t have the money to pay rent. Not paying it can mean late fees that get you even deeper into trouble or even eviction if the problem continues. What it comes down to is a situation where you may need to borrow money to pay your rent. It’s possible to do so, although it’s getting harder because of the credit crunch and more general financial hardships for almost everyone.

If you do find yourself in a position where you have to borrow money, the best option from a financial standpoint is to see if you can borrow from family or friends. Such loans won’t show up on your credit report and you’ll have more options when it comes to paying them back. However, there can be personal drawbacks to borrowing from friends and family, so if you’re not comfortable with this there are other options available.

Paying your rent with a credit card may be the simplest way to handle the situation if you don’t have the cash. Not all landlords will accept credit card payments, but larger complexes tend to be more accepting of such payments. An alternative is to take a cash advance on your card — but the fees associated with cash advances can be expensive, so check your specific card before doing so. You may also be able to take out a loan from your bank, but it’s important to know that most banks have cut back significantly on lending. If the bank isn’t sure how you’ll pay back the loan or you have a less-than-perfect credit report, you may not be able to get a loan from a bank.

Finally, some renters find themselves turning to payday loan operations or online lenders. Such options should be a last resort, because the fees that go along with borrowing money from such lenders can be extremely high, perhaps even higher than the late fee your landlord would charge. If it comes down to taking such a loan, though, make sure that you know the precise terms involved and have a plan for getting it paid off as quickly as possible. The longer it takes to pay off one of these expensive loans, the more trouble you’ll have.

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