Tag: need help paying rent

Borrow Money for Rent: Options Available

Posted on | by Ethan Taub | Leave a Comment on Borrow Money for Rent: Options Available

Most people are flocking the cities because of job opportunities. After graduation, your main thought is to move to the city to get a job. You tend to forget about other factors such as where to live. Why? You can just rent! Paying house rent is one of the realities that most people must face every month. Some need help paying rent to avoid being evicted. Some need cash to at least pay a partial amount. The bottom line is, most people often borrow money for rent.

Borrow Money for Rent – Taking Out a Loan

If it is your first time to miss paying your rent, you can talk to your landlord. If it is the 3rd or 4th time, talking to your landlord might not work anymore. This means you have to borrow money for rent. The good news is, there are ways to get emergency help with rent. Some property owners will need your rent because they have their expenses too. This means that they want a paying lessee. They will evict you unless you take a loan to pay rent.

State Loan

Most states offer rental assistance program. Check with your city office if there is something they can help you with. The housing and development office might offer you assistance with a state loan. State loan is a small amount of cash that the government gives to residents with housing and rental problems. There are requirements involved but if you are a legit lessee, providing requirements won’t be a problem.

Pros and Cons of Applying for loan Online vs in Person.
Smart Money Tip!

Most cities or states offer housing programs. If they think you are qualified, they might offer you the chance to take one of their units. Instead of facing the cost of your current rent, you might be able to pay less and still live in a decent place.

Bank Loan

If your state doesn’t offer this kind of help, you can take small loans from your bank. Visit your local bank and find about their offers. You can easily get a loan if you have a good credit standing with them. if you have bad credit, you might need to consider other options to borrow money for rent. Improving your credit score will always help you with getting a loan, so get your credit in check as soon as you can. Ultimately, you can research online to find organizations that help with rent. There are plenty of them and you may find an option that can be a way out of this situation.

Payday Loans

If you tried everything else, use payday loans as the last resort. Now, we are not saying they are bad and you should only get them if you’re desperate. We’re actually saying that out of all other options, this is the one that has the worst terms i.e. the highest interest rates. You can find payday loans online via different companies. They also have a mobile app that you can download to process your loan application. These agencies or companies ask for a few requirements before processing or approving a loan.

Payday loan providers can release your loan in as fast as 48 hours. Once they receive your application, they can run a quick background check. If everything is in order, you can get the money fast. However, you should be aware of the high-interest rates that payday loan creditors are offering. If you just need emergency help with rent, then a payday loan can be your savior.

If you’re not sure you can pay off this type of loan, do not get it. Don’t risk it. The best time to take out this loan is when you know that you have some money coming in and that you’ll be able to pay it off. But if your future income is uncertain, this is not a good option for you.

Why Get a Personal Loan?

Getting a personal loan is not merely going into debt. Essentially, yes, you owe money and pay interest on it. But there are some good sides to taking out a personal loan. For example, it helps you build or improve your credit score, If you’re trying to build credit history, paying off a loan every month will do just that. Additionally, if your credit score is not that great, making regular payments for your loan will improve it.

Also, getting a personal loan is not a long and tedious process. If you find a lender whose requirements you meet, the application process usually doesn’t take a lot of time. When the lender reviews it and if they decide to give you a loan, the money should be in your account in a matter of days.

What to Do Before You Borrow Money for Rent?

Illustration of businessman looking question marks above his head.
Before taking out a loan, you can do several things that include talking to your landlord. You don’t have to consider going into debt right away, before trying other options. Landlords are also people and they understand that there are rough patches in everyone’s lives. If you are a tenant that pays regularly, you might have a chance to reach an agreement with your landlord.

Talk to Your Landlord

So, you suddenly had an emergency. The money for your rent is gone. What should you do? There are things that you can to solve your issue. Before borrowing money for rent, you can talk to your landlord first. Inability to pay your rent for the first time won’t result in immediate eviction. Before your landlord will evict you, a process must be observed. You don’t have to wait for the process of eviction to begin before you act. Talk to your landlord as soon as you are sure that you can’t pay on time.

Pay Partial Amount

One way to prevent eviction is to pay a partial amount of your monthly rent. Tell your landlord that you currently need help paying rent and you’re looking for a solution. A partial amount can be half or one-third of the actual rent. You can make an agreement with your landlord as to how you will pay the balance.

Make a Promissory Note

If your landlord wants everything in black and white, write a promissory note. Tell your landlord the reason why you are behind your rent. Promise a date as to when you can pay.

How to Avoid Borrowing Money for Rent?

If you missed your monthly rent because you had an emergency, it is okay. However, if you are constantly missing it, there must be a problem. You can’t keep on borrowing money for rent. So you need to do something to better your financial situation. There are several steps you can take and with time, you will be able to secure enough money each month to cover your rent. So, how to avoid borrowing money?

Check Your Budget

You don’t have to constantly borrow money for rent if you are aware of your income and expenses. In order to do that, you need to create a budget. We know that many of you are dreading this, but a budget is a first step to financial stability. When you know how much money you have, what the most important expenses are and how much money you’ll have after you pay them, you can then create a plan for paying rent.

How much are you earning? What are your financial obligations every month? Are there any expenses that you can live without? When you answer these questions, make a budget and stick to it, days of borrowing money to pay rent are over.

Create an Emergency Fund

When you get your finances in order, you need to start thinking about the unexpected expenses you have from time to time. These expenses usually get you off the track and make you borrow money for rent. But, if you have some money for emergencies put aside, you won’t need to borrow money for rent every time your car breaks down, you get sick or something unplanned happens.

Get a Roommate

They say that your rent should be less than 1/3 of what you are earning. If you are earning $1000 in a month, your rent must be around $350. If it is more than $350, maybe it is best to get a roommate. A roommate won’t just share your room rent, he or she will share your utility bills as well. By doing this, you will not only ensure that the rent is covered every month, but you can also save money on rent.

Check your Utility Bills

There are services that you need and services that you can let go to cut expenses. Make a list. Consider which services are necessities and which one is good to go.

Utilities icons in flat style.

When Can I Get Evicted?

If you are unable to get a loan to pay rent, you should talk to your landlord immediately. Your landlord can give you an extension. Depending on your contract, you might or might not have to pay interest. For the worst-case scenario where your landlord threatened to evict you, you can always try applying for a personal loan to pay your rent.

The Landlord Won’t Budge – Eviction process

If you tried everything unsuccessfully, and you don’t want to or cannot get a loan, then there’s a higher chance you will get evicted soon. But don’t get desperate! Usually, something will work, or you’ll be able to take out a loan to help you with the rent. But still, you should know what to expect during the eviction process. It is certainly not a long process. You’ll get a written notice from your landlord that often contains the following:

  • The reason why you are getting evicted
  • How to resolve the issue
  • Your violation of terms of the agreement

After receiving written notice and you haven’t done anything, your landlord can send you a quit or eviction notice. An eviction notice contains the following:

  • The reason why you should vacate the property
  • The date as to when you should vacate the place

Conclusion

Having to borrow money for rent is inevitable. Sometimes we really get into a mess that we can’t even afford to pay our rent. Before deciding to rent a place, you should consider checking your budget first. if you will need to manage your budget, you can ask for help. There are groups and people who can help you manage your finances. This way, you can avoid wondering where to get borrow money for rent in the future.

Loanry

Moving Loans for Bad Credit: Move Forward

Posted on | by Katherine Davis | Leave a Comment on Moving Loans for Bad Credit: Move Forward
Moving Loans for Bad Credit: Move Forward

Packing up your belongings and moving is often exciting. It means you are taking a step forward on your life path. It is also often an extremely stressful time. If your credit is bad, or you haven’t had a chance to develop your credit rating yet, you feel the stress even more. Moving can also be expensive. You have to deal with rents and security deposits, a moving vehicle, buying or replacing items that you may have to leave behind, and more. Getting moving loans with bad credit can also be difficult, especially if you don’t know where to look. You may start to wonder if the move is going to happen at all.

Planning Your Move

Before you do anything regarding your move, you need to sit down and plan everything out. You need to make a schedule, a budget, a list of everything you will need to do, pay for and have in the future. Let’s go over some things you need to keep in mind. 

Saving on a move checklist

First, you should take a look at your credit report and start looking into ways in which you can start repairing it if you haven’t already done so. This will not only help you now but will help you in the future. By knowing your score, you won’t be hit with any surprises that could put a wrench in your plans. If you have enough time to repair your credit score, you will be able to get a better loan if you need to finance your move later on.

Start looking into places for rent in the area you would like to rent. Pick an area that you know you can afford easily. Your credit is bad? You are looking into moving loans for bad credit? Then you might want to have a fairly good idea of what amount you will be looking into seeking from a lender. As you work on finding your new home, think about how you will go about moving your things. Now that you’ve looked into preparing for financing a move, as well as your next residence, you need to plan the move itself.

What You Need for Moving

Will you use the help of friends and family? Or will you need to rent a moving van? Professional movers might also need to be considered if you don’t have help lifting heavy items. Make sure you look carefully into costs. Whatever you can do by yourself, such as packing, do it. Remember, movers usually charge per hour, so you don’t want to keep them working more than you actually need them.

Lastly, will you need to purchase any furniture or are you fairly well set on the basics? All of these answers will vary from one person to the next. Your answers will help determine how much money this move is going to cost you. They will also help you budget for the move. Let’s take a look at how you can increase your chances of finding a landlord that will rent to you with bad credit.

Should You Get a Moving Loan For Bad Credit?

Some people looking into moving loans for bad credit are concerned that adding another item to their credit reports will further damage their credit. This misconception comes about because every time someone checks your credit report, it is noted on the report and too many requests for credit in a short period of time can adversely affect your score. It isn’t likely, however, that you have had many such requests if this concerns you and you are trying to work at getting your score up. Qualifying for a loan can actually help you in improving your credit.

Consider This

Every time you make your loan payment on time, the company will report that as a positive to the credit company. Once you have paid the loan off completely, that is also reported. These positive reports will help add points to your credit score. They show you aren’t where you were at one point and that you are more dependable than your previous score indicates. You get the help you need paying for your move, improve your credit standing, and gain a peace of mind that your move isn’t going to put you in a period of financial hardship. It’s a winning situation.

Let’s weigh pros against cons when taking out a moving loan for bad credit.

​​Pros

  • Better rates and more affordable than credit cards.
  • Get the funding quickly
  • Take our larger sums of money. 
  • Fixed rates

Cons

  • Going into debt 
  • Have to pay for fees
  • High rates for bad credit

By now, you’re able to determine whether you need a moving loan, if it’s worth it for you and plan everything regarding your move and finances. But what about renting with a bad credit? Let’s look into it.

Finding a Place With Bad Credit

There are no shortage of apartments for rent at any given time. Winters are often the time of year when you find fewer options. That could be to your advantage, however, as most property owners don’t like leaving their places empty during the colder months. This may require them to get utilities like gas and electricity in their own names. Why? In order to prevent damage from the cold. There are other ways you can increase your chances of getting someone to work with you even with less than perfect credit.

  • Consider making a deal to pay an extra month’s rent or increased security deposit. This shows the owner you are serious.
  • Have someone with a better credit score become a moving loan co-signer. This way the landlord knows you aren’t the only one that he has to count on for his rent.
  • Discuss the possibility of allowing the landowner to have each month’s rent automatically transferred from your account. This is often the one thing that works when nothing else does because they can count on the bank following through with the automatic withdrawals.

Be Honest!

One thing that is important is being honest with the landlord. Bad credit occurs for many reasons. Not all of them are because of poor money management or being irresponsible. If something occurred that put you in a bad position financially, let them know from you before they even do a credit check.

This is where knowing what is on your credit report can be helpful. Explain to them what happened and what you have been doing to try and take care of things. Your honesty may be the tipping point with someone who is on the edge about whether or not you are a high-risk renter. Once you have found someone willing to rent to you, you can start looking into ways that may save you money during the actual move. Then you can look into how to pay for your move.

Saving on Short-Distance Moves

Before you look into moving loans for bad credit you should take the time to consider ways of reducing your moving cost. Mainly the cost of relocating your belongings from one place to another. There are numerous ways you can do this. Especially if your move involves a fairly short distance. This will normally be the kind of situation you are dealing with.

1. Make Sure You Actually Need Everything You are Moving

Paring down your belongings before the move. It will help save on packing materials and will reduce the amount of room required to physically move items.

2. Save on Packing Materials

Instead of investing in boxes available at movers and rolls of bubble wrap, stop by local stores. On the day they get their shipment just ask if they can save you some boxes. Liquor stores often have plenty of heavy boxes that won’t break easily. Use newspaper for wrapping breakables or wrap clothing or towels around especially delicate items.

3. Gather Your Friends and have a Moving Party

Many times you can get a group of friends to help. It will usually cost you the price of a few pizzas and drinks.

4. Look at Places like Craigslist for People who have a Truck they are Willing to Use for Odd Jobs

It is possible, especially if you don’t have a lot of items, that it will cost less than a U-Haul.

5. Think About Sharing Costs

If you have to rent a U-Haul or other moving truck, take time to look for someone else who may also be moving on the same day. Maybe you can work something out where you share the cost of the vehicle. Plus maybe you could help each other with loading and unloading. The day may end up being longer, but you will both benefit. Both with a reduced cost for the vehicle rental and physical help.

These are just a few of the easiest ways to save on a move across town. Now let’s look at some ways a long-distance move can be made less expensive.

How to Save on a Long-Distance Move

Moving long-distance, whether for a new start in life, a job, or a number of other reasons has become something that is faced by many families on an increased basis. In a country where mobility is so easy, it makes sense that people will find it logical to move across the country as quickly as they consider moving across town. Unfortunately, picking up and making this kind of move can be quite expensive. This is the kind of relocation where moving loans for bad credit are most often sought.

One of the biggest ways to save on a long distance move is to do as much of the moving activities as you can manage by yourself. Yes, hiring professional movers may end up being your most logical choice. Before you do, however, consider some of these ways to lower your costs.

1. Do your own packing

Find free or inexpensive packing materials as you would for a short move. Plus have everything packed before the movers arrive. If possible, have someone on the other end to help unload the truck.

2. Consider renting a long-distance moving truck

They come in a variety of sizes and at varied costs. Look around for the best deals. See if you can find coupons or discounts. Then try to work out deals for extra reductions for things like early booking.

3. Save all your receipts

When tax time arrives, you may be able to claim part of your moving expenses.

4. Consider shipping some items

For example, books are heavy and take up a lot of room but the postal service offers very low rates for mailing books. You can save that space for other items and maybe reduce the size of the vehicle you will need or reduce the weight cost if you hire a professional service.

5. Pick your moving dates well

This is especially true if you hire professional movers. Try to aim for midday hours in the middle of the week. Also, avoid holidays and the beginning and end of the month as these are often times when the companies charge more. Finally, if you can plan your move for between September 30 and June 1, you may be able to save as much as 25 percent on your rental cost.

When you have bad credit to start with, you want to find the least expensive ways possible to make your move so you don’t get yourself into even deeper trouble. Moving long distance will more than likely cost more money than you have on hand. This is when you need to consider moving loans for bad credit.

Ways a Personal Relocation Loan Can Help

How can moving loans for bad credit help you? In addition to helping improve your credit score when you pay it back promptly, moving loans for bad credit can help in various practical ways. Consider you may have to pay extra money for rent or a security deposit when you move into a place. This isn’t money many people have just lying around.

The loan can help when you need help paying rent. Using moving loans for bad credit can also help you pay for a professional moving crew, rental on a moving van, and even replacing or buying things like a washer and drier or refrigerator if necessary. No matter how much we plan, there are always expenses that we missed in the planning stage. There are also times when things come up unexpectedly. You will have the extra money to take care of matters and not have to stress about a slight change in plans.

Getting one of these loans can also help you find peace of mind. You don’t have to consider depending on friends and family who may not like being like being put on the spot about loaning you money. Knowing you did this on your own will give you satisfaction. You also help get your life back on track after a poor financial break. Getting a personal loan for moving may be the one thing that gives you the opportunity to make a fresh start in your life. It may help you be able to accept that job offer in another state.

I want to get a moving loan – next steps

Now that your excitement about your coming move is in full swing and you have decided to look into moving loans for bad credit, how can you move forward? It is highly likely that if you simply walk into your local bank and ask for a personal loan they will deny your request, especially with bad credit. There are places, however, that are willing to take the chance on you. They are legitimate institutions and not some kind of Larry the Loanshark. Many of these are likely to charge a higher interest rate than your local bank, but that is to be expected when you have bad credit. You just need to find these companies and then choose which one fits your circumstances the best. That is where we come in.

Final Words

At loanry.com, we would love to be able to cut the red tape and give you the money you seek. Unfortunately, that is not what we do. What we do offer is one of the largest databases of available lenders you will find. We look over your information and then go through our database of lenders to help you find a lender who may be willing to lend to individuals with your credit history, current situation, and income level.

Yes, you could probably find one or two of these on your own, but all the time and legwork involved would add further stress to your situation. You don’t have to go to all the places that are more likely to give you a quick “no” and send you on your way. It is also highly unlikely you could find all the available resources without hours and hours of work.  You have enough to deal with when preparing for a move that you don’t need the added hassle of tracking down a loan source. Let us help you find a moving loan for bad credit that will help you move forward in life.

Loanry

Emergency Loans for Rent: Payment 911

Posted on | by Brandy Woodfolk | Leave a Comment on Emergency Loans for Rent: Payment 911

It can be an absolutely terrifying feeling to know that you do not have the money to pay your rent. I know the feeling. I have been there more than once. And there are so many reasons one may not have the money. A very unexpected job loss could occur leaving you in a lurch. Sickness, broken bones, or surgeries may cause you to miss work. A flat tire, dead battery, or some other car trouble could threaten your ability to get back and forth to work and you have no choice but to spend bill money on car repairs. Life happens to us all. We may get knocked off course, but you do not have to get knocked out in the process.

Emergency Loan For Rent? Here is What You Need To Know

Emergency loans for rent, or any loans for that matter, are only a wise move if they are going to actually help you– and I do not just mean for this second. Yes, you need the immediate relief of keeping your home but not at the expense of being in a worse financial state next month. If you get a loan now but will not be able to pay the payment or your rent the next month, you will be in a worse situation because you probably will not have another loan to fall back on.

It is not impossible to get another loan, but it is not likely since your debt to income ratio is often considered when approving or rejecting your loan.

Eviction Notices

If you have never had an eviction notice before, they can be confusing. Well, to be honest, they always seem to be confusing. Though things are different from state to state, you usually get some type of warning or chance to fix the problem before you are actually evicted. For instance, if you are behind on rent, you will often get some type of notice that says you have two weeks to catch up your rent or the eviction process will move to the next step.

Of course, I have also heard of places that can just tell you that you have three days to move out. Regardless of your state, you can call the office that the eviction notice came from or an attorney to get some clarification on what is going on after you have received the notice. They can tell you what the next step is and even advise you on what you may be able to do. Whether you have received the notice or just fear you will soon, you need to be making plans for getting the money you need. One way to do so is with emergency loans for rent.

Smart Money Tip!

If you are sure you can pay it back, barring any extreme circumstances, it is probably okay to take advantage of a loan. If you know you cannot pay it back, look for another way to come up with the money.

What Are the Best Emergency Loans for Rent to Get?

Let’s lay it out simply: the best loan for a rental expense emergency to get are the ones that give you the money you need at a low-interest rate and a reasonable repayment period. Most often, these will be personal installment loans and personal lines of credit. A personal installment loan is one that usually offers a low-interest rate, and you make payments over a set time period. Personal lines of credit are more like revolving credit. If you are approved, you can continuously borrow money until you reach your limit- kind of like a credit card. If you must get a loan, go for one of these first as you will have a much better chance of paying them back without too much hassle.

How Do I Find A Lender?

If you can’t make rent and need help, there are few different options for lenders. A great one is through your bank if you have a good standing with them. A bank, especially a credit union, can often loan you money with really low interest.

Another way is by simply searching for “emergency loans for rent”. Many will show up in the results so you have to be careful when choosing one. You will likely see local results that you can apply for. A good idea here is to check the website or social media pages for reviews. If you choose to go local, choose one that others have a good opinion on.

In those results, you will also see online lenders. These can be extremely convenient since you can apply and do all of the paperwork online. Just like an in-person loan, you will be required to show and share personal information, so it is vitally important that you be careful where to apply online.

Investigator looking with magnifying glass.

Will A Loan to Pay Rent Affect My Credit?

Taking out emergency loans for rent will likely not negatively affect your credit any more than not paying your rent. Some landlords, though not all, will report your payment history to the credit bureau. Even if they do not, if they go through the court system to evict you, that will show on your records. Also, if the judge awards them any money, that judgment will show up on your credit report. Basically, not paying your rent can mess up your credit.

Loans will show up on your credit, but whether they are a good mark or bad mark on it is up to you. Not paying, or being late on those payments, will indeed negatively impact your credit. However, making all of your payments on time will look great on your credit. So the bottom line is that yes, a loan can affect your credit but it can go either way. Not paying your rent can only go one way.

Are There Alternatives to Emergency Loans for Rent When You Are in a Bind?

For those who are not eager to jump into debt, there are other options to consider to avoid a rent loan:

Communication

I am quite sure you have heard at some point that communication is key. If you have not, I am filling you in now. Before taking any drastic steps, talk to your landlord. Let them know that you do not have the money at the moment but that you can get it to them (fill in a date here). Just be sure that the date you tell them is a date you really can pay.

Some hard cases will tell you that you have to pay on time, but many will work with you. They may charge a late fee, but most landlords do not want the hassle of having to evict you over your rent being a couple of weeks late. If you have any of the rent money, let them know that you can pay that much now and pay the rest on payday- or whenever you can. It is better to try talking with them before putting yourself into debt.

Trades

While talking to your landlord, there is another tactic to try. Many landlords are not organizations but individuals who have to do everything themselves or hire jobs out. If you have a skill, or a willingness, to do some work, they may be willing to trade your work for some time off of your rent. For instance, if you are a plumber or electrician, you might offer those services for homes he needs to fix up. You could also offer to paint, clean, or mow the lawns of homes they are working to get rented out. Taking a couple of hundred dollars off of your rent may save them many hundreds or thousands.

Emergency Help With Rent

I have never heard of a single city that does not have some type of assistance program. When you need help paying rent, call around to local churches or charitable organizations in your neighborhood. Call “211” for United Way to give you some numbers to call. You can also just ask people you know where the organizations are, or do an Internet search. Many of these places do not advertise so you might only find out through United Way or word-of-mouth.

Quick Cash Fixes

There are, of course, some ways you can make money pretty quick:

  • Sell some electronics on Craigslist or Facebook groups
  • Have an impromptu yard sale
  • Trade in gift cards for cash
  • Sell some jewelry, music equipment, game systems, or anything else you can.
  • Look around your home for items you bought but have not opened or worn. Return them to the store you bought them from if you are still within the return window

Prevent a Repeat

After you have taken care of the imminent threat of eviction, you want to try to prevent it from happening again. Though not everything is controllable, look over the following list and try to put a few of them into effect:

Save on Expenses

So many things can fit in this category, but here are a few to get you started:

Turn Lights off That You are Not Using

During the day, open the curtains instead of using artificial light. If it is summertime, only do this on windows that the sun is not blaring through to cut down on cooling costs. If it is wintertime, only open windows where the sun is shining to allow solar energy to cut down your heating costs.

Take Shorter Showers

Look into a tankless water heater. These get really good reviews and seem to save a good deal of money. Your landlord may even deduct the cost from your rent for making that improvement.

Cut Back on Eating Out

Also, in the summertime, eat as many cold foods and crockpot dishes as you can. That will not only save on your energy bill because crockpots take so much less energy than stoves and ovens, but it will also save you on cooling costs since your oven will not be heating up your home.

Save on Rent

Okay, question: are you in your current predicament need emergency help with rent because the cost of your rent is too high? Have just barely been making it? If the answer is yes, you probably need to move somewhere more affordable. If your rent is already on the low end, you may want to yell at me right now that your rent is as cheap as you can get. I am willing to bet that there is something cheaper, without having to move into dangerous neighborhoods.

Housing Assistance

First, there is housing assistance. The government has places, like apartments, that they will rent to you based on your income- and I promise they are not all terrible. I have lived in a couple before and they were actually nice apartments. On top of that, however, is the HUD assistance that, if you qualify, will pay part of your rent in certain homes.

Talk to Friends and Family

Second, talk to friends and family. Sometimes they will know people who rent homes much cheaper. Then, take a ride around and check your local newspaper- the physical one that most people no longer read. Check out any addresses you may find, and do not be fooled by the outside. If you find something that fits your budget, check out the inside. Looks can be deceiving.

For instance, about ten years ago, my husband and I were looking to buy a house. We ran across this incredibly cheap one that was selling for $14,000. My first reaction was to think that it must be a horrible place, but we called the realtor so we could go inside anyway. When we pulled up, we almost turned around.

The outside looked awful, but we went in and got the surprise of our lives. There was a beautiful brick fireplace, a chandelier, French doors that led to the dining room- and all of that was in the first two rooms we looked at. It was gorgeous. The owners had spent their money beautifying the inside instead of the outside. Never judge the inside by what you see on the outside.

Set a Budget

Whether you move or stay in the same home, you need a budget for rent that works. Your income needs to match or exceed your outgoing. This may mean you have to cut some things out like cable, but really, Netflix is much cheaper. And, most cable channels have a website that you can watch their shows on. You can always cut down to make your budget work if you are willing.

Extra Income

The other way to make your budget work is to increase your income. You might be able to do this by picking up extra shifts at your current job, but I learned a very important lesson a long time ago: never rely on just one income. Multiple streams of income are a much safer idea. That way, if you lose one income or it gets cut down, you still have others to work with.

Find yourself what we love to call a side hustle. This can be so many different things from making things like jewelry and candles, painting houses on the side, babysitting, delivering phone books, transcription- the list is endless. I have even known someone who started finding “treasures” in thrift stores, usually in brand name clothing or expensive dishes, and she sold them on eBay.

Someone else I know buys old wood furniture, the kind you would want to throw on the side of the road, and fixes them up so pretty. She bought an old table from me for $50. Three weeks later, she sent me pictures of what she had done and I did not recognize that table. She sold it for $400.

Your side hustle can be anything that you can do for extra cash, even if you only work on it once a month. The point is to have extra income coming in.

Save, Save, Save!

It is so important to have some savings put away. A savings can save you from real trouble- trouble like needing emergency loans for rent because you do not have the cash. Ideally, you should have three to six months’ worth of expenses put away. I know how impossible that sounds but it is possible. Dig in and find some expenses you can cut out so that you can grow your savings.

Conclusion

Having to get emergency loans for rent can be a hard pill to swallow, especially when you work hard. Try not to be too down about it though. Everybody struggles from time to time. The key is to keep moving forward, so deal with the now and prepare for a better future.

Loanry

Emergency Eviction Loans to Keep You Home

Posted on | by Myra H | Leave a Comment on Emergency Eviction Loans to Keep You Home

There are as many reasons for an eviction as there are people to evict. The reasons vary, but they basically come down to two: renters for whatever reason can’t pay the rent, and/or the renter or his/her animals destroyed the structure being rented. Either way, emergency eviction loans are in the cards.

Unfortunately, bad stuff happens all the time. And one of the worst things that can happen is that you lose the roof over your head. However, this can be prevented. We understand that life can catch you off guard, but you need to have a backup plan. ALWAYS. Especially when it comes to keeping your home. You should always budget, and if it’s possible, have extra money put aside for rent, if it comes down to it. But that’s not always possible. And this is where emergency eviction loans come into play. Long story short, if you are here looking for a way NOT to get evicted, you came to the right place. Loanry has your back.

However, if you currently don’t need a loan, and you just came here to find as much as you can about eviction, you’re again in the right place. Loanry’s experts share all their financial knowledge FOR FREE. And if you inform yourself on time, there’s no way you’ll absolutely need a loan to pay your rent. So let’s begin with this lesson.

Reasons For Eviction

Before we get into the legal mumbo-jumbo regarding evictions, let’s go over some of the reasons a renter could be evicted. The most common reason people need money for rent is because they used the rent money to pay medical bills. They had an operation or an accident in which they were injured (work accidents are the most common.) Now they’re frightened and madly need emergency help with rent.

Car accidents are usually the second reason renters need a loan for rent. People need a new or used car to get to work. If they live in rural or suburban areas, a bus or cab isn’t generally an option. Buses don’t run in the country, and you may as well spend the money on a car instead of a cab.

If the insurance money is enough to get a car of some type, all well and good. Sometimes it isn’t. Sometimes the insurance won’t pay, especially if they find you at fault or the car is totaled. You might find yourself in need of emergency eviction loans to pay for a car as well as rent.

Sometimes people are fired from their jobs unexpectedly. Other times a computer glitch messes up the schedule, and you’re only scheduled for three days per week.

It’s an unfortunate fact that singles, couples, and even their kids work two jobs to make ends even fake meeting. When one partner loses a job, the other jobs must stretch to cover what was lost. Most times it doesn’t. This can end up meaning the single’s or family will need help paying rent now. They might need a loan to pay rent.

The First Step In Eviction

The landlord has to terminate your tenancy before he can evict you. This means a written notice must be given to you. Laws vary from state to state, but generally you have 90 days to pay up or move out. This means you have time to catch up on the rent. Emergency eviction loans will help.

If you can catch up on the rent, repair what the dog destroyed, then you can stay. The eviction notice will be canceled, and you won’t go to court at the end of the 90 days. State laws are strict, and landlords must follow them to the letter. If you can’t get a loan to pay rent, the landlord will then file an eviction lawsuit. You must be served with the eviction papers in accordance with state law.

Notice To Quit

The landlord might give you a notice to “quit” or move out for the following reasons:

  • Pay rent or quit. This means you have (in most states) three up to five days to pay up or get out.
  • Cure or quit. If you’re in violation of your rent agreement by making excessive noise or keeping a pet when your rent agreement states no pets, then you have a certain amount of time, usually five to seven days, to “cure” the violation or move on.
  • Unconditional quit. You won’t even have a week to leave. You must leave immediately. This will happen if you’ve repeatedly violated your rent agreement by doing something illegal (drugs,) repeatedly failed to pay rent, or destroyed the place.

No Cause Termination

You could be on time with the rent and not need money for rent, your apartment or house could be in pristine condition, and your habits unobjectionable. Only if you don’t have a fixed-term agreement can your landlord toss you out for no reason at all.

The landlord is required by law, though, to give you enough notice to quit the premises. In most states, 30 to 60 days is the norm. States vary in this regard, so ask a lawyer how much time you have.

If you live in a rent control city, then the landlord has to prove he has just cause to terminate your rent agreement. The laws governing this are called “just cause eviction protection”. Ask a lawyer if your city falls into this category.

An Eviction Lawsuit

If you’ve failed to obtain a loan for rent or fixed the problem for which you’re being evicted, then the landlord must serve you with the proper papers at the proper time. When the legal amount of time has passed, then the landlord will file an eviction lawsuit with the court.

You will be served with the papers which will include the time and date to appear in court. You must appear in court on the date and time. If you don’t, the judge will rule against you.

You might have the judgment set aside if you can prove the landlord

  •  evicted you in retaliation for asking for needed repairs,
  •  not maintaining the property in reasonable living conditions, or
  •  improperly filed and/or served eviction papers

Ask a lawyer for advice in proving these things if they exist.

Escorting You Off The Property

We’re sure you’ve seen people’s belongings out in their yard awaiting their pickup. In most states, this is highly illegal. Following the court order, the landlord will give a copy of it to the sheriff’s office. You will have a set amount of time to remove your things to storage or another living arrangement. The sheriff’s office will come at that time to escort you off the property.

Tenant Rights

We’ve discussed the proper eviction protocol from a landlord’s point of view. However, tenants have rights, too, such as:

  • Proper notice. A landlord can’t just stick a yellow post-it note to the door saying “get out.” Nor can s/he tell a friend to pass on the message or email it to you. S/he must follow the legal pathway to eviction.
  • Time. The tenant must, by law, be given time to respond to the eviction notice, pay the rent, facilitate repairs, or stop doing objectionable things. This is a good time to get emergency eviction loans if you need help paying rent now.
  • Proper filing. The eviction notice must contain the proper details such as the tenant’s name and address, the reason for the eviction such as failure to pay rent, and the name and address of the responsible party to whom rent should be paid.

If these things weren’t done properly and according to your state’s laws, then consult a lawyer. S/he will make sure that you’re not being railroaded and will alert the court that you’re making a good faith effort to make the situation right.

How to Get Out of This?

As scary as those yellow notices taped to your door are, you do have access to resources to get you out of this situation:

  • Pay the rent. Many people max out their credit cards, borrow against their life insurance or their 401k, or borrow from family and friends. This is when you need to check into a loan to pay rent or emergency eviction loans.
  • Repair any damages. If your dog ate something he wasn’t supposed to eat, then take out an emergency help with rent loan to repair the damages.
  • Appeal the eviction. If your landlord improperly or illegally gave you an eviction notice, then appealing it might allow you to stay in your home longer. If you live in private housing, then a civil suit might be brought against the landlord. Public housing offers tenants other routes to appealing the eviction. Check with the U.S. Department of Housing website to find your state’s housing rules and resources.
  • Seek legal advice. Online lawyers will answer your questions for a small fee within 12 to 24 hours.

Renting Without a Lease

It’s possible to rent a property without a lease, but you still retain the rights of a tenant with a written rental agreement. Let’s say a family member owns a property and needs a tenant. You move in. You are now called a tenant at will.

Oral Agreement

It’s called an implied lease when you rent a property without a written agreement. If you pay each month, then you have a month-to-month implied lease. You retain renter’s rights even though nothing is written down.

Notice of Termination

Your desire to terminate your tenancy must coincide with the date you pay rent. This may be due to the need for rental loans, or you’ve located a more desirable property. Whatever the reason for the termination, you must give your landlord proper notice (usually a month). There will be no penalties due to having no written lease.

Deposit

Almost every landlord, including the landlord of a tenant at will, requires a deposit for cleaning when you move out and for repairing any damages incurred during the rental. Most landlords return the deposit in a timely fashion, although landlords of tenants at will tend to return the deposit sooner than other landlords.

When a Landlord Sells a House a Tenant at Will Rents

There’s almost no greater shock than hearing that the house you rent as a tenant at will is being sold. Images of boxes and suitcases outside the house immediately run through said tenant’s mind. Relax, though, because all is not lost. You have rights, even if the house is being sold.

Talk to the new owner. It’s not many new owners who would toss a renter out when the rent could be put toward their new mortgage payment. Also talk to the present landlord. He might be able to work your tenancy into the contract at closing. You might not need help paying rent now at a new place.

It might ease your mind to know that you won’t be forced to move out when you hear about the sale of the house. Oral agreements, like their written brethren, are protected by law. This means that the new owner must honor the terms of the oral agreement for the time the agreement lasts.

If all else fails, then the owner of the house is required by law to give you at least a 30-day notice of the sale of the house. This varies from state to state, so check with your city or state. If the situation doesn’t suit your circumstances, though, go ahead and secure a need help paying rent loan for a new place.

Conclusion

The circumstances leading to an eviction are scary and frustrating enough. To see that yellow notice taped to your door might seem like the end of the world as you know it. While it might seem that the law is on the landlord’s side, take heart. You have rights as well as resources that can help such as emergency eviction loans.

It’s surprising how many people are unaware of rental loans. Most people go to a bank, their human resources department at work, or they tap into their savings or 401k plan at work when they need emergency help paying rent. Another avenue to help is personal loans, although they can be labeled anything from auto loans to medical bill loans to a loans for rent.

Loanry

House Rent Loan to Help You Stay Home

Posted on | by Ethan Taub | Leave a Comment on House Rent Loan to Help You Stay Home

Paying your rent can sometimes be one of the greatest burdens most people end up struggling with because of various reasons. Whether it may be experiencing significant life changes, losing your job, or dealing with unexpected expenses and car repairs; even in such situations, you still have to find a way to pay your rent. In such circumstances, this is where a house rent loan comes in handy. If you need help paying rent during your tough days, then a house rent loan is precisely what you should be looking for.

After all, unlike common belief, renting an apartment is not exactly cheap. Aside from the regular expenses like utilities and rent, there are other costs not accounted for in your rent expenses like:

The first and last month’s rent

  • Pet deposit— only if you have a pet
  • Security deposit
  • Deposits for utility services
  • Storage fees

And, with all the extra charges, you end up having to become creative by finding a way to get the extra cash you need. One of the ways you can do this is by taking a personal loan to pay rent.

Pay Your Rent with an Emergency Personal Loan

We first like to help you avoid a loan for rent. These loans should only be used for temporary assistance and you should review all terms with your lender.

People who need help to pay rent usually are unable to go another month without making their rent payments. They need help quickly, as it helps them avoid losing their house or apartment. While there are numerous state government and local non-profit organizations that do provide grants and rent assistance, you can end up taking days or weeks to receive the check or cash from these programs. Because of the length of time, it takes to get the money you need to pay, these grants and programs end up not being a feasible option for people looking for emergency help with rent.

This is where house loan rent comes in handy. If you need quick cash to pay your rent, then an emergency loan to pay rent is the fastest option. Online lenders have made it completely easy to acquire such funds since some specialize in offering emergency loans to pay rent. Some online lenders also provide house rent loans for bad credit, meaning that they do accept bad credit. So, if you do have a bad credit score and bad credit history, you will still get the money you require to pay your rent.

Why Should You Take a Rent Loan?

Here are four reasons why you should take a rent loan.

Avoid Eviction

The first and most important reason for taking a house rent loan is that if you do not pay your rent on time, your landlord will end up evicting you, and this makes a bad situation worse. An eviction record on your credit score ends up making it harder for you to acquire housing in the future. Your future landlords will end up being put off by your eviction record, making it extremely difficult to trust you with their apartments as well. A loan to pay rent will help you keep your house when dealing with any financial emergencies.

Some of the few scenarios where you might require emergency help with rent include:

You Lost Your Job

A job loss that ends up creating a gap of income of a month or even more. Even when you get a new job, it will still take you a full month to get your first paycheck. You still need money to maintain your home, as it not only where you shower and sleep; but it also your proof of address and something you list on your employment application or resume.

You Suffered an Injury

An unexpected injury from an accident can cause a financial emergency, which might end up requiring immediate cash. It could be an emergency at the hospital or a late-night trip. Whatever the emergency is, it might end up using more money than you expected and sometimes even your rent.

Unforeseen legal issues can also be a setback. Everything ranging from traffic problems to criminal arrest could cost you big. The amount you have to pay after a judgment is passed can end up taking your rent money as well.

And since a stable rental history is essential, your priority should be to make sure you avoid a bad credit history, especially when it comes to your rental history. It is also essential because this is what you will require to show your new landlord that you can indeed be trusted when it comes to making payments on time.

But, when your financially strained, your priority is to make sure you do not fall behind when it comes to making loan payments, and this is possible with a loan for rent. With emergency help with rent, you can take the necessary steps and avoid falling behind on your rent payments.

Use the Loan to Pay the Security Deposit

Every state permits landlords to collect security deposits from tenants once they move in and hold it until the tenant/s leave. The primary purpose of the security deposit is to ensure that the tenant pays their rent on time and maintains the rental unit in excellent condition. However, while you may have the rent for the first month covered, it can be financially challenging to come up with enough money for the second month.

This type of scenario is where a security deposit loan comes in handy. This type of loan still fall under the house rent loan but is a little different. The difference comes from the fact that you do not spend the money. Instead, the money is held by the landlord to protect against damages to their property during the occupation. If there are no damages to the property, your security deposit is returned to you within a 30-day period.

The delay is what makes it hard for most people to move from one rental apartment to another. To prevent being short on cash after paying all your required expenses, an emergency loan for rent can help you acquire the funds you require to pay for the security deposit on your new apartment until you get your previous security deposit from your former landlord.

Bad Credit Rent Loans

Even if your credit score and credit history is not that good, you can still find a rent loan lender who can give you the house loan rent you require. If you maintain an open mind and shop for a loan from multiple lenders, you will actually be pleasantly surprised with the outcome. Some lenders choose not to focus on your credit history, and this makes it possible for you to acquire the money you need to pay rent.

Rent to Own

For those individuals tired of renting but cannot afford to buy a house, rent to own is the way to go. Rent to own arrangements provide people with a way to purchase a house, especially when they do not have enough money for a deposit or if they have a bad credit history. However, despite the allure behind this arrangement, it still requires an upfront fee and rent payments to be made on a regular basis.

And since the rent payments are higher than normal, you might end up needing financial help, and this is where a loan to pay rent is beneficial.

Sublease Arrangement

A sublease is basically a type of arrangement, which commonly takes place in the real estate industry. This arrangement in which a person renting an apartment or property turns around and then leases the same property to someone else. At this point, the person leasing the property moves out and starts to collect rent payments from the new renter.

The first renter continues making rent payments to the property owner over the entire period of the lease. If an emergency is to leave you short of cash suddenly, a house rent loan may be of help.

Table of fastest rent growth cities.

Benefits of House Rent Loans

Some of the benefits of acquiring an emergency loan to pay rent include:

Fast and Convenient

If you require funds quickly to help pay your tent, getting a house rent loan is one of the most convenient and fastest options. As a result, plenty of people prefer getting an emergency rent loan rather than wait for grants to make rent payments. When it comes to approving of loans by online lenders, the process is also quite fast, and this means you do not have to wait for a long time for your loan request to get approved.

Build Your Credit History

It might seem like a lie, but getting a loan can in fact help establish your credit score. But if you already have a bad credit history and score, acquiring a emergency loan to pay rent helps you improve your credit score tremendously. Improving your score requires a commitment to ensuring that you make every loan payment on time every month.

Good credit history and score can make it easier for you to acquire a mortgage loan, once you decide that you want to buy a new home. It can also give your bad credit history a clean slate, only if you make your payments on time.

Wide Borrowing Ranges

Typically, a house rent loan ranges between $1,000 to $50,000. This means that whatever amount you want within the bracket you can get, as long as you meet the lenders’ criteria. Some of the things they look at to know the amount you are eligible for include your income and your credit history and score.

But even though you qualify for a large amount of money, make sure you only borrow the amount you need. After all, you do not want to make payments for a debt that exceeds what you are capable of paying.

Simple, Fast Comparison Shopping

Thanks to the availability of the internet, it has become quite easy to compare interest rates. By using OLA, you can easily compare online lenders and check for their interest rates and maximum loan amounts before applying for a house rent loan. This ensures you get to save money on interest and get a favorable rate.

How to Get an Emergency Help With Rent?

If you require emergency help paying rent, the first step is looking for online lenders that offer house rent loan. You can do this by accessing website that helps you find a lender. This makes the process of looking for an online lender quite easy and surprisingly quick. One of the ways helps make your process easy is that they will help you find a lender based on your input.

All you have to do is fill out the request form, and this takes only a few minutes. Make sure you conduct your research appropriately before deciding to work with the lender. Once you have made up your mind and filled in the form, the next step is working with the lender.

Since the loan to pay rent is urgent, most lenders do not take more than a week to approve the funds. If the loan has been approved, your chosen lender may then deposit the cash into your account.

Conclusion

Getting a loan to pay rent is one way to quickly pay rent, especially when you find yourself in a bind and you cannot afford to pay for it. And just like a personal loan, you do not require any property to obtain a rent loan. The repayment plan for the loan also helps make it easier for you to repay and budget for rent, as you get yourself back on your feet. Whatever the emergency, you can avoid the stress of late rent payment by getting a house rent loan.

Loanry

Need Money For Rent ASAP: Try Rent Loans

Posted on | by Thomas C | Leave a Comment on Need Money For Rent ASAP: Try Rent Loans

At times you may find yourself in a situation where your rent is overdue and you don’t have the money to pay it. It can be quite embarrassing failing to pay house rent on time, and you need money for rent ASAP. To avoid such embarrassing scenarios, there are emergency loans that you can take to cater for the rent before finding another way to settle it.

Rent Loans to Quickly Resolve Your Rent Problems

People who need a loan to pay rent usually require it immediately rest they risk losing their apartments or some of their possessions. There are some state governments and some local non-governmental organizations which offer programs and grants to help with payment of rent. However, these organizations may take time before approving and releasing a loan to a client. And the client may lose his apartment while waiting.

Despite this being the safest and most secure way to apply for a loan, it takes a substantial amount of time. And someone in need of an emergency loan for rent does not have the luxury to wait for the loan to be approved. Some house owners and landlords are not very patient and they evict you almost immediately when unable to make payment for the rent.

Lender Finder Service for Rent Loans

Emergency loans for rent may be available quickly through online lenders. There are online lenders who offer personal loans you can use for emergency loans for rent which is a very convenient way to get house rent when it becomes impossible to wait for loans from the local non-governmental institutions and the state government rent grants to be approved and disbursed and you need money for rent ASAP.

Lender finder services can help you to find these online lenders. They operate under a code of conduct under the OLA that helps to protect both the borrowers and the lenders. And to ensure that the validity and the terms and conditions of the loans follow certain guidelines.

Before jumping to sign up for a loan online, it is vital to make sure that the lenders you are getting involved with follow good lending standards. There are many online lenders today. Which makes it difficult to know which ones are credible and which ones are not. The lenders listed under the OLA are the best to go within cases of emergency loans. As they are all bonded by a certain code of conduct that they cannot violate.

Know your Lender

The OLA is basically a trade organization that works as a point of liaison between the online trading industry (lenders) and the members (borrower). The code of conduct that governs all the operations under the OLA keeps the data of the clients safe as well as upholding the industry standards of the organization.

The Online Lender’s Association holds the lenders accountable and in addition, provides a helpline to potential borrowers to help them go about online lending with ease. The OLA also offers a platform where all fraudulent acts from the lenders can be reported as well as suspicious transactions and claims that are not in the record.

What Necessitates Taking an Emergency Loan for Rent

Paying rent can be very stressful and a very daunting task especially if your financial situation is wanting. People lose jobs unexpectedly and if that job is the source of the rent money then there is bound to be a problem and difficulties in raising rent money. Certain emergencies that may come up at the end of the month or beginning of a new month when you need money for rent ASAP necessitate the need to take an emergency loan to pay for rent.

Sometimes people get carried away after receiving their salary. And go overboard treating themselves out and their families. And they forget that it is almost that time of the month.

Save on Rent Rather then Financing is Always Best

Other times people get indulged in festivities and completely forget about rent payment while at other times a child may get sick and in case you don’t have a medical insurance cover you are forced to use the cash you had set aside as rent money to cater for the medical bills. There is no specific reason why you may need an emergency rent loan, but whenever you do, Loanry may be able to help you find a lender through their personal loan money tools.

At times, there is the issue of bad credit. Many people find themselves in situations where they already have bad credits from other lenders. This is what necessitates finding a lender for an emergency loan for rent through the service when you need money for rent ASAP. Traditional lending institutions do not offer loans to people with poor past credit which is a challenge to those with such a history.

Good Credit helps with Rent Loans

Sometimes you may have good credits but the traditional lending institutions offer loans at very high-interest rates. When you need an emergency loan for rent it means that your financial situation isn’t so good. As such, you need a creditor with the lowest interest rates to avoid defaulting the loan. Loanry doesn’t determine the rates. But simply helps you find a lender whose interest rates are dependent on that particular lender’s terms.

There are many reasons that may push one to take an emergency loan when you need money for rent ASAP; poor financial planning being another. When you do not plan well for your finances, you end up misusing your money and finding yourself in situations that are both embarrassing and stressful. Having a good financial plan that you stick to is a good way to ensure you don’t find yourself in such a situation.

You can also employ the services of a financial manager to manage your finances. And to ensure you don’t overspend where there is no need to. A good financial plan should be accompanied by financial discipline. Otherwise it won’t be impactful at all. And you will find yourself in need of financial aid to cater for small bills and rent arrears settlement.

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Payday Loans vs Personal Loans

Payday loans and personal loans are both emergency options that can be taken to cater for rent when you need money for rent ASAP. They are both effective for people with bad credit history and people who need quick cash. Without the hustle of all the paperwork and the formalities when applying for loans in traditional lending institutions such as banks.

As the name suggests, payday loans are small cash advances that are given to clients to cater for small emergencies such as house rent and other small bills. These loans are linked to the paycheck of the borrower which is not the case for personal loans. Personal loans, on the other hand, are quick loans that may apply to online from lenders who you may be able to find through services that help you find lenders.

Payday lenders charge very high-interest rates. This is because they usually deal with high-risk customers. They have very exorbitant compounding interests for all cash advances. Personal loans on the other side offer very friendly rates for their clients. And is definitely a better option if you are considering taking an emergency loan to help with your rent payment when you need money for rent ASAP.

Beware of Payday Lenders

Payday loan lenders do not have any code of conduct that they operate under. This means that they are not quite as reliable as personal loan online lenders. Payday loan lenders do not offer their clients any form of workable repayment plans. Loans for rent are repaid according to the terms and conditions that were drafted when the client was taking the loan, and after the client was satisfied with the terms and the repayment plan.

Both payday loan lenders and online loan lenders do not consider the credit history of the person applying to get an emergency loan for rent. They both offer advanced loans that are easy to get. And which do not require a lot of paperwork and official formalities. Since most of these borrowers are probably loan defaulters in other traditional lending institutions who are looking for urgent financial aid.

Payday loans are quite expensive, as stated above. They have extremely high-interest rates and their repayment term is very short; usually two weeks. Payday loans are considered financial quicksand. Because if you are unable to make the payment in the given two weeks you are forced to take another loan to settle the initial one. It thus becomes an unending cycle of loans and debts.

Pros and Cons of Emergency Loans for Rent

Taking an emergency loan to cater for your rent when you need money for rent ASAP is a good way to get that burden off your chest without much struggle. Emergency loans are easy to get. And they can be accessed by anyone regardless of their profession or their financial statements and situations. On the other hand, emergency loans for rent have their disadvantages and certain repercussions that come with taking these loans.

Advantages of emergency loans for rent

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Emergency Loans are Very Flexible

This makes them appropriate for any circumstance that you may find yourself into. The loan may go into your account and may not require a long waiting period, unlike other loans. The flexibility of these loans specifically means that you can access them at any time. From the comfort of your house. They are not dependent on any form of paperwork. And they do not require a lot of official documentation and paperwork processing.

They do not Require any Form of Collateral

Unlike other loans that you may find through traditional lending institutions such as banks, emergency loans for rent do not require any form of collateral for approval. This means that you don’t have to risk forfeiting your home or any assets in case you default the repayment of the loan. Most of the emergency loans especially for little funds like rent cash do not require you to give up your assets as collateral and so they are very convenient.

Emergency Loans Take a Considerably Short Time to Apply

The loan application process for an emergency loan for rent payment is very short. This makes it both reliable and convenient especially when you need money for rent ASAP. When in need for quick cash to settle your rent, you don’t have the luxury of time to wait for approval and disbursement of the loan. This is what makes emergency loans a very comfortable way to access quick cash compared to using banks and other financial lending institutions.

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Cons of Emergency Loans

Everything that has an upside has its disadvantages as well and emergency loans are no exceptions. Despite them being very convenient and having all the advantages, emergency loans for rent also have their disadvantages. And their fair share of drawbacks as well. The following are some of the drawbacks you may encounter when you need money for rent ASAP.

Emergency loans have stricter requirements: Online lenders tend to be very choosy when considering people. They give emergency loans for rent to since this type of loan is unsecured. Lenders consider the credit score for a client when approving a loan or rejecting a request for one. Other factors you may consider by lenders include the amount of debt the client already has, the credit history as well as the income of the client applying for the loan.

They offer loans to pay rent but you have to meet their requirements. These requirements can be a hindrance to get the loan when you didn’t meet them. And you are in need of money for rent ASAP.

Review Your Lenders Terms Carefully

Slightly Higher Interest Rates

Emergency loans have an interest rate that is slightly high versus other forms of personal loans from online lenders. Emergency loans are based on the lender’s creditworthiness and his ability to repay the loan. These loans do not require the backing of an asset as collateral in case the client defaults making payments. As such, the interest rates of such loans have a slightly higher interest compared to secured loans.

There is a higher risk which the lenders have to take when giving out these loans thus higher interest rates involve. While searching for a lender, it is advisable to have a good credit score. This helps when it comes to interest rates for your rent loan.

Smaller Loan Amounts

When considering giving out emergency loans for rent, lenders can be very limiting on the amount they give out. They limit their emergency loans to small funds again because this type of loan is not secured. If a client has a low credit score and is currently unemployed then he is considered a high-risk client.

This limits the amount of emergency funds the lenders can give to such an individual. To avoid having a bad credit score or to improve your credit score if you already have a bad one, there are things that you need to do to ensure that you get the amount of emergency you apply for in the future. This includes paying your bills on time, diversifying your credit mix, and also ensuring your credit reports are accurate at all times to avoid any forms of controversy.

Conclusion

We have all found ourselves in need of an emergency loan from time to time. Sometimes we find ourselves in need of emergency help with rent or in situations where our only option is taking a loan to pay for bills and cater for other personal expenses such as rent payment. Needing urgent cash to settle rent is not something you should be ashamed of.

There are many people who find themselves in need of money for rent ASAP. It is not something you should stress over either.

Emergency loans for rent payment are a good way to settle rent arrears when you need money for rent ASAP without getting into loggerheads with the landlord and without tarnishing your reputation. The loans are instant. And the best in situations where the rent is already overdue and you require to settle the rent in a very short period of time. Use a service to find credible and reliable online lenders to aid in your financial needs. When you need help paying rent, Loanry may be able to help you find a lender in the market.

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Rent Loans for Unemployed: Work This

Posted on | by Candice J | Leave a Comment on Rent Loans for Unemployed: Work This

Why are rent loans for unemployed are becoming mainstream? Because the unemployment rate has its ups and downs depending on the economy. Lately, people have been struggling to get jobs. Being out of work can hit the hardest. You feel so useless around your house and it does not help that you still have to pay the bills. It can really be worse when you live alone.

Loans for Unemployed When You Need to Pay Rent

There are factors that can play into how you end up being unemployed. You could’ve gotten fired. The company could have gone out of business. Modern technology could have taken over your job. Then there are reasons that you cannot get a job at the moment. For example, you might not be able to qualify. So you have to go to school to get the skills you need to get another job.

If you have nowhere else to turn, what do you do? Those bills can pile up on you without warning. The threat of being homeless breathes down your neck every day. It sounds like a nightmare that is ready to swallow you whole. In desperate cases, you will need to turn to emergency help with rent. You should not be ashamed to get help.

It is just as normal as breathing oxygen. You need help paying rent and other expenses. Otherwise, how will you survive? Before you dive into the paperwork to get your loan, there are things that you have to know. The last thing you want to do is end up going into debt while you are unemployed. These following tips will help you stay afloat and how to be smarter with your loan to pay rent.

The Cost of Living and Being Unemployed

Housing alone is not cheap. Plus, you have to add in other living expenses. On the surface, they do not look like cost much. But they all add up bit by bit. That is how small costs operate. Before you know it, you have a nightmare monster of a bill on your hands. What do you have to pay for besides your rent? You have your living expenses to look at.

What does that all entail? Well, there is the water bill. You need water for drinking, cooking, washing, and brushing your teeth. You also have your gas and heating. You want to keep warm during the winter. Then you have to buy groceries and clothes that are practical for someone living on a budget. Next up is the electricity. You have to keep on the lights and other appliances running day to day.

Next, there is the cable and internet. You are going to need something to do to keep from getting bored at home. Plus, you will need to use the internet to find yourself a job. Finally, there is the renters insurance. You do not have to get this, but you will need it.

Accidents and natural disasters will happen on a dime. You have to be covered in case it happens. This is your safety net for your home. If this looks overwhelming alone, there are more expenses to factor in. There is the surcharge for your pets if you choose to have them, garbage pickup, pest control, parking, storage, and maintenance.

This gets harder if you have kids in your care. Imagine all of that while you are unemployed. You feel like crying, do you not? The rent loans for unemployed people take the rent off of your plate. There is nothing wrong doing so.

Close up young woman calculating domestic expenses involved in financial paperwork.

How will Emergency Help with Rent Benefit Me?

I know what you are thinking. How am I going to afford to pay back a loan to pay rent? I do not have a job, or I am looking for a job. Do not worry. You really need a place to stay as much as you need a job. You have to at least try to fight to keep your home while you look for a job.

This where emergency help with loans comes in. Rent loans for unemployed people do not have to be a dirty thing. You need help to keep going while you look for work. The seasons and weather can be so unkind to the homeless. Do not be afraid to get help with your situation.

It is easy to get emergency help with rent. Non-profit agencies, charities, and government organizations have places to help with rent payment. They will take the time to talk with you and help you with rent loans for unemployed individuals. Several countries will help you with emergency help loans. But how do you know that this is the right course of action for you in your time of need? Take time to sit down and weigh out your options. Here are the pros and cons of rent loans for unemployed.

Checking the pros and cons is always a good idea:

The Pros

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Flexibility

Personal loans are not confined to a strict plan. You are given breathing room for when you can pay back the money. It does not matter if you are just fired or looking for a job. It is more important to pay for rent, buy groceries, and cover your other needs than to think about a plan that is going to stay rigid. You need help paying rent. The loaner will understand your situation and help work through what to do next.

If you need to make changes to the plan to try and be able to pay on time, the lenders are there to help you out. You will be able to find a payment plan that will fit your situation. Just keep in mind that you have to try and keep up with your payments. People can be understanding, but there is a limit when it comes to money. The more reliable you look, the more the loaner is willing to help you.

No Need for Collateral

There are two types of personal loans. There are secured loans and unsecured loans. Most personal loans are unsecured. You want these types of loans. You do not have to put up anything for collateral. No collateral, no worries about having to give up anything if you fall behind on repayment. The last thing you wanted to be attached to your loan to pay rent is something you could end up losing when you cannot make the payments.

Fast Application Process

Nowadays, you can do everything on the internet. Legitimate lenders will give you a chance to apply online. After all, who has time to sit down and fill out a paper form for rent loans for unemployed people? You are busy trying to look for a job. The last thing you want to do is fill out more paperwork. Why not lighten the load for emergency help with rent? You do not need more headaches and stress. When the loan is processed faster, you can have your loan to pay rent in your hand.

The Cons

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Slightly Higher Interest Rate

If you do go for an unsecured loan, be prepared to pay a higher interest rate. When you have a secured loan, there is an asset to back up you will pay back your loan. Having a higher interest may not be good for you if you are struggling with money. You have to try and keep up with paying back the loan on time. Add in a higher interest and you might end up with more headaches than you had before. It does not help that you need help paying rent.

Stricter Requirements

Here is a fact that might be hard to swallow. Unsecured loans are pretty risky. Because of this, lenders are a little bit pickier. Before they make a decision about whom to accept and who to reject, they will look at everything about your records. They will take a close look at your credit score. This is where you start to panic. This will either make you or break you. Now, there are other factors to look at too.

Lenders will look at your credit history, income, and how much debt you are in. The income part is the worst when you are unemployed. Unless you are collecting unemployment checks, you are in a mess. The chances of getting rent loans for unemployed people just got thinner.

Smaller Loan Amount

Depending on your credit score and the status of your employment, the number of rent loans for unemployed humans will not be as big as you need. Lenders are not too easy about getting money to someone they aren’t sure if they are going to pay them back on time. This is because of the checks that they have to go through with each person.

There is some good news, though. You can improve your credit score and try to pay on time. From there, you will have enough money to hold you over until you can get a proper job.

Tips to Keep in Money to Tide You Over

It is hard to look for a job these days. But do not give up. You will find the job you will need. In the meantime, you still need to survive on a daily basis. Standard living is not cheap. You must budget. It keeps going up in fact. How will you be able to keep up? Follow these tips and you will do fine.

Cut Back on Your Expenses

If you want to avoid a loan for rent, this is going to be hard to hear. Just because you can get rent loans for unemployed people does not mean you are free to spend money left and right. It does not work that way. Work on getting a job first before you spend your money on yourself. Sit down and make a list of everything that you buy. If you cannot live without it, you can buy it. If you do not need it every day, cut back on it for a while. Also, look at what type of brands you buy. Some brands are far more expensive than others.

You will do better to buy cheaper brands of the things you need. A little trip to the local dollar store will not hurt. Do this and you will be saving more money than you can picture in your mind. Do not try to eat take-out every night. Instead, learn how to cook and freeze some of those meals for later.

Keep Track of Everything You Spend

Start keeping track of everything you spend. It may be hard to start but it will be worth it for your budget. Just get a small book from the bank and write down the amount of money in your bank account. When you go out to shop, subtract everything from the budget that you start with. This will help you not spend too much money.

You can just take out your book and take a look at the pages. Also, it would help to keep receipts of everything you pay for. Do not throw them out. You have to keep them. Keep them in a box and put them away. When you keep track of everything you spend, you will become wiser while you look for a job to get more money.

Do the Math

This one ties into the first two tips above. I cannot stress enough the importance of basic math to your budget. This goes on for being unemployed. You have to pay attention and do the math. If you are not careful, you could end up pushing yourself into debt.

When you do get a job, that is going to be more work for you to get out of debt. Do not fall into that trap. You have bills to pay. Set out the bills and look through everything. Do not fall behind on paying on time. Look at your budget and starts subtracting from the bills, utilities, and other living expenses.

This will help you learn to balance your budget. Also, be wise with your money and it’s best to discover ways to save on rent rather than finance your life. Rent loans for unemployed people are meant for just that. You take out a personal loan so you have money to pay rent. Nothing else. Do not abuse the second chance you are given.

Do Your Homework

There are many loan places out there looking for people to help. But how do you know you are about to take out a loan from the right lender? You have to be careful before you start the loan process. Some lenders are looking to rip people off. If you are not careful, you could end up with more money troubles than you started with.

It cannot be stressed enough. Take time to do your homework. Get on the internet and look up the lender in question. What does their work history say about them? How does their reputation look? What are their customers saying? How many stars do they have? You will save yourself the trouble and headaches before you fill out the paperwork.

If You are Stuck, Ask For Help

Do not be afraid to ask for help. Everyone has some troubles in their life that they cannot handle alone. You are in a bit of a pinch. You do not have a steady income. You are looking for a job. Sometimes, you cannot do it all alone. Do not let your pride get in the way of trying to stay afloat. Just take a look around and you will find the support that you need.

They will be there to lift you up and point you in the right direction that you need to go. People close to you can help you find a way to get rent loans for unemployed people to get you by. Once you get the help you need, you will be well on your way to making your life better.

This Does Not Have to Be the End of the Road

If you are unemployed and have bills to pay, do not despair. Things will get better for you. You have to hold on. You can turn to a loan to help cover your rent. This is not a time to lean on your pride. It is better to have to pay back rent loans for unemployed individuals than to end up being homeless.

Having rent loans will be a big help with you until you get a job. This is one less bill to pay. Once you have your rent settled, you can focus on something more important like looking for a job. Then after you get a job, you can pay off the loan. Afterward, you will be less likely to end up into debt.

In Conclusion

Getting loans while unemployed is not a bad thing. You are just trying to get by. There is nothing wrong with that. You just want to have a place to live. You just want to eat. Rent loans are there to take one of those many things off of your mind. You will thank yourself when you start your first day at your job.

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How Long Does it Take to Get Evicted for Not Paying Rent?

Posted on | by Lauren K | Leave a Comment on How Long Does it Take to Get Evicted for Not Paying Rent?

Paying rent is a reality for millions of people every month. Some have no trouble keeping up with rent payments. Others struggle each month to come up with the payments they need to make. For those that have trouble paying rent, it may be easy to fall behind and can end up facing eviction. Knowing a thing or two about eviction rights, and ways to get help paying rent can help you to stay out of trouble and avoid eviction.

How Soon Can You Be Evicted for Not Paying Rent?

When it comes to eviction and getting evicted for not paying rent, there are a few basics that everyone should know. Your landlord cannot simply tell you to leave without notice because you have not paid rent. There are steps that must be taken in order to legally evict someone that has not paid rent. First and foremost, he must notify you in writing that you have not paid rent. He then gives you a certain amount of time to pay or face eviction for not paying rent.

Generally, your landlord will give you a specified amount of time to either pay the rent you owe, come to an agreement about rent payment, or to leave the premises. In most cases eviction take about a month. Although, you need read below regarding your rights to see exactly what needs to take place during this time period. It’s not easy to evict someone. It depends on the agreement in your lease and the specific eviction process that your landlord adheres to.

How Eviction Works

Clipboard in hands businessman write legal documentsThe eviction process starts first with a written notice. It outlines why the tenant is getting evicted, if there are any ways that the eviction can be avoided. It also includes what need to be done to rectify the situation. Your landlord can send a notice of eviction for a variety of things. The most common is violation of terms of the rental agreement. Another common cause for eviction is being evicted for not paying rent.

If your landlord gives you an unconditional quit notice the renter has no chance to pay rent or rectify the situation and must vacate the premises immediately. These are only filed when the tenant has repeatedly violated the rental terms. It can also be filed for having been late on rent on more than one occasion. Other reasons might be having been engaged in illegal activity or having damaged the premises greatly.

The first step is always going to be a notice of eviction. If you are given the chance to repay rent you can. You can also be given the chance to repair or replace what has been broken. In some cases, you will be given terms that can be met in order for you to stay in the rental unit. In other cases, you may not be given any terms to meet and you will be asked to leave immediately. After the landlord has provided a notice of eviction, you can either meet the conditions of the notice, or sue to counter the eviction notice.

What Should I Do if My Landlord is Trying to Evict Me?

If your landlord is trying to evict you there are a few things that you can do. You wish to leave the premises and are not planning on staying and have received a notice of being evicted for not paying rent you can always work to settle with the landlord. In some cases you can settle for less than what you owe and can leave the rental unit without having to worry too much.

If you want to stay you can always meet the conditions of the eviction notice and stay in the rental unit. This might mean repaying rent or repairing things that have been damaged. You can always do that and continue to stay in the rental property. However, if you wish to stay but cannot afford to pay rent all at once, you also have a few options.

You can often talk with your landlord, providing that you have not had to work out a payment plan before. Talk with them about a repayment plan that you can actually keep to. This might be a plan that allows you to pay a little extra each month.

A landlord that allows you to pay sums that the landlord has agreed upon, or that allows you to get a rent loan or other lump sum to pay off the rental balance. Being evicted for not paying rent always leads you to exploring your options.

Eviction Notice Document and toy house on table.

Focus on a Plan and Budget

If you do come to an agreement with your landlord for a repayment plan you always ask for the agreement to be written. This will protect you. Mainly if the landlord decides to go back on their agreement and decides to evict you again. You should also take the time build a budget for rent so you don’t end up in the same situation after you’ve fulfilled the repayment plan.

What are My Eviction Rights?

You do have some rights when it comes to eviction. Even with notices that require you leave and have no way of working out the ability to stay. First, your landlord must provide you with a written notice of eviction. You cannot be evicted without a written notice to tell you why you are being evicted. There are a few different types of notices that you can get based on your eviction.

There is first a 3 day notice to pay or vacate notice. These give you three days to pay before you are required by law to leave.

You may also get a 3-day notice for waste or nuisance. It is then about things like trash on your property or being too loud or annoying to other neighbors.

You may also get a 10-day notice to comply with terms or vacate. This means that you have ten days to meet your rental agreement. That includes the number of people that are living in the home, the number of pets, etc. It also includes repairing things that are destroyed in the home.

There are also no cause notices that allow the tenant 20-days to leave no matter what.

Your landlord has to talk to you about the notice. He must let you know why you are being evicted. You also have the right to challenge the eviction if you choose to. In some cases you can sue your landlord over the eviction. This is part of what you can do to stay on the premises or to get rid of the eviction off your record.

Can You Be Evicted if You Pay Partial Rent?

When it comes to being evicted for not paying rent you may be able to reach a partial payment agreement. It truly does depend on the landlord as to whether or not they are going to evict you for not paying rent. In most cases, landlords will accept partial payments under a few different circumstances. They may accept a partial payment if:

  • It is the first time that you have not been able to pay your rent fully.
  • If you have a partial payment agreement that you have already worked out.
  • If they trust you to pay the remainder of the rent.

Partial payments are a good way if you cannot pay the full rent. Keep in mind that you landlord needs to give his agreement to these partial payments. There are not really any laws that regulate partial payments and they are at the full discretion of the landlord that is accepting the partial payment.

What Should You Do When You Can’t Pay Rent?

Being afraid because you may get evicted for not paying rent, you should first and foremost talk with your landlord. Doing it before you get to the point that your rent is late. Being a good tenant and having paid on time up to this point, your landlord may help you work out a payment plan. He might also help you to get through it until you can pay. Your landlord may allow you to pay later, or to make a partial payment. He could also allow you to set up a payment plan to avoid being evicted for not paying rent.

If you cannot pay your rent on time it is always best to talk with your landlord. It can help you see what you can do to get your payment back on track. It is always best to make sure you discuss your options before you just miss a rent payment. You should also talk with your landlord about what your lease says. There are ways to save on rent and some landlords surprisingly are willing to help. Otherwise, cut your monthly cost anyway you can. There might be some clause that relates directly to late rent payment you may be able to make.

How Can You Get Help Paying for Rent?

If you are having trouble paying rent and fear being evicted for not paying rent you can always contact a few different agencies. That may help you pay. Your state may have individual programs that help pay rent once a year if you are not able to make your rent payment.

Some federal programs are in place to help with emergency rent payment. They help keep you in your home. You can also consider getting a roommate. Cutting costs in other areas or asking relatives to help are also good solutions.

You can also do a quick internet search. It might help you find out if there are any websites to help you pay your rent. You want to look for sites that say org or gov to prove that they are legitimate sites. On top of that, you may be able to go to your local housing authority. Check if there are any local charities that help with rent. You may also be able to visit local churches and food banks for help with rent. You are not likely to get your full rent payment but you may be able to get a few hundred dollars toward your rent payment.

Can I Get a Loan to Pay Rent?

As a last resort if you are afraid of getting evicted for not paying rent you can take out emergency or pay day loans to help pay your rent. Loans to pay rent are not something that you should do every month. However, they are helpful if you are struggling one month. You can get emergency loans for rent from several different lending agencies. The most common is going to be payday lenders or cash advance lenders. These loans need to be paid back as quickly as possible to help prevent getting further into debt.

You may also be able to get a personal loan for rent from your bank to help pay for your rent until you can pay it on your own. Personal loans are going to be a bit more flexible than other loan types and may be better for your credit than something like a payday or cash advance loan. Personal loans are a great way to get the money you need without wrecking your credit.

In Conclusion

Paying rent is something that is difficult for many people to meet each month. There is hope however for those that need help paying rent. Taking time to talk with your landlord may be all you have to do to get your rent settled and to get your issues resolved. Paying rent should not be something that scares you or gives you anxiety, with the right loan options you can get your rent caught up and can get back to living without fear of being evicted for not paying rent.

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How to Plan a Budget for Rent: Frugal Living

Posted on | by Ethan Taub | Leave a Comment on How to Plan a Budget for Rent: Frugal Living

When the time comes for you to venture out on your own and take on your own rent, you must first develop a budget that will totally cover your costs for rent.

Worksheet to Plan A Budget For Rent

There are free worksheets available to plan for a budget for rent. When you decide to draft a budget, you should always consider the amount of money you bring in regularly. Also consider how to add the costs of your living expenses. This will determine if you have enough of an income for all of your expenses.

To get your rent budget plan done follow these 3 simple steps:

Step One

Start with getting all your living expenses together and add them to the worksheet.

Step Two

Learn about the ways to SAVE on Rent.

Step Three

Adjust your expenses and focus on saving until it fits the 50/20/30 Rule for Budgeting below compared to your INCOME

These 3 simple steps are explained in detail below. So, Let’s get started…

STEP 1. Add Up Common Rent Expenses

Before you can build a budget for rent, you must gather expense data that you will be responsible for in that apartment or home. You will need to reach out to different utility companies. Also consider the other services needed to quote prices on these expenses. These expenses include both living expenses and additional expenses. Those are not necessary but often associated with renting expenses.

Living Expenses

The essential expenses that must be considered initially when you have a budget for rent include the initial rent cost, electric, gas (if necessary), water, cable, internet, and renters insurance. Certainly, the last three expenses are not as essential as the first four. However, they are necessary for entertainment and security purposes. If you work at home, the cable and internet may even be a necessity for your income.

Rent

This expense is the initial and core expense to consider when renting. This expense should remain the same each month unless there was a change in the lease at the time of renewal. When you can’t make your rent payment or find yourself making lots of late payments, you could quickly become evicted or not have your lease renewed. Ensuring that this expense is paid first is essential.

Electric

This expense, too, is essential and must be considered a priority. The difference with this expense is that it is based on usage. It can vary from month to month. You should considerate the electricity you are using so that you can keep this expense as small as possible.

Power cable wrapped around one arm.
Gas

If gas is necessary to heat your rental property, then it is as essential as electricity. The location you are renting will either be all electricity or a combination of both. When you purchase gas for the property you are renting, you purchase it by the tank size, which can last much longer than a single month. However, depending on how much you order at once, you will need to budget that expense.

Also, if you own a vehicle, purchasing gas is a necessity. You should budget the amount of a tank of gas for your vehicle. Then determine how many days you can use this tank for your daily commute. If a tank of gas will last you two weeks, then you should budget a minimum of two tanks of gas for the month. With gas prices always changing, budget this amount at the highest tank of gas you have purchased in the last three months. It is important to purchase by the tank because budgeting by the dollar amount may not get you as far two months later as it did today.

Water

Water is essential for life. Not only do you need water for personal consumption, but it is necessary for laundry, cleaning, and cooking. This expense is always billed monthly. It has the ability to change depending on how much was consumed during the billing cycle.

Cable/Internet

Often billed together, these two expenses are more for entertainment purposes and the use of electronics. For some, however, they are a requirement and an expense necessary for budgeting when renting. if you work from home or plan to use the internet to power your electronics, then it is necessary.

Renters Insurance

While renters insurance is not required, it is highly recommended for those who are renting. In the event of a tragedy or natural disaster, an uninsured tenant who has damages to personal items will receive no compensation. The landlord’s policy will only cover the structure of the dwelling. Some landlords require a rental insurance policy to be purchased prior to renting to protect their tenants and avoid confusion at a later time.

Additional Rent Expenses

Additional expenses refer to those that can differ amongst tenants when they are building a budget for rent.

Pet Surcharge

If you have a pet, you will need to include any charges that you receive outside of your standard rent expense. When you begin to plan a budget for rent, make sure that this charge is included.

Garbage Pickup

Some rental properties have garbage included in their utilities. It is not always standard, however. If you live in an area with garbage pickup, you must include this expense into your monthly charge.

Pest Control

While pest control is not mandated for landlords to carry, some do require that their tenants cover a pest control expense. You may decide to opt into this expense yourself if you feel it necessary and it is not provided.

Parking

Some properties have parking included in the rental agreement, but others do not, making it an additional expense.

Storage

For those renting smaller properties like apartments, they often do not have enough space to store all of their belongings. Because of this, many tenants find themselves needing to rent a monthly storage unit. This is another monthly expense to consider should you find yourself needing this service.

Step 2. Ways to Save on Your Rent

If you are looking to save on your rent, there are several tips you can consider. Especially to minimize living expenses and keep you under budget.

Maintain Your Heating and Cooling Temperature

Since the goal for the electric bill is to keep it as minimal as possible, you should maintain the thermostat to keep your system from being overused when the temperatures change. When it is cooler outside, you should keep the heat lower. When it is warmer, you should keep the air closer to 75. If you keep your apartment super chilly when it is warm and too cozy when it is cold, your system will use a lot of electricity to maintain the desired temperature. It will then raise your electric bill.

Energy Efficient Lightbulbs

Still maintaining that electric bill, you should keep the LED energy efficient light bulbs. They use less energy than standard light bulbs and have proven to keep electric bills lowered.

Cold Water For Laundry

Washing your laundry is a necessity when you rent. If you have an in-house washing machine, you should always wash your clothes on cold water. This help you prevent the electricity from warming water and using unnecessary electricity.

Dryer Balls

If you purchase inexpensive dryer balls, your clothes will dry faster, minimizing use and saving more electricity.

Step 3. The 50/20/30 Rule for Budgeting

When you decide to start a budget, you need to ensure you have additional money for savings and daily purchases. Those going beyond your billed living expenses.

Many in the younger generation are experiencing the budgeting benefits of the 50/20/30 rule. It is a simple and easy way to budget money, ensure bills are paid on time and help you become financial efficient.

The Big 50

First and foremost, fifty percent of your overall income should be set aside for the absolute necessities. Those are mainly living expenses. This category is more than just the scheduled rent check, but the various expenses previously outlined that are associated with living expenses. i.e. water, electricity, and others. These expenses are the same expenses required by anyone who is renting either an apartment or a home. All of these expenses may come to be less than fifty percent of your income, and if so, that is great.

Should these expenses exceed this fifty percent, you may need to consider a different apartment or property to rent. Going over this initial amount will give you a higher risk of over-extending yourself. You would then also risk the change of going over budget. Should you find your income compromised in the future, it will be much harder to stay afloat and get caught up due to high living expenses.

Saving 20

The second part to plan a budget for rent is to take twenty percent and deposit it into savings. It is important to begin your savings immediately if you have not already begun. If you are an hourly employee and find yourself short one month, you will have savings accounts to help you cover your living expenses and keep you from getting behind.

This is the portion of your income that will help you get ahead in your future. Maybe when you decide to purchase a home later, pay for a wedding, or any other major expense that requires a significant amount of savings.

Although you may think it is too soon to think about retirement, it is something that must always be considered. Should you never need your savings for any major purchases, or not need the entire amount, this savings can be used at a later time. Whatever you want to use your savings for. You always need savings in the event of an emergency or lack of employment.

Personal 30

It is understandable that you will want to live a little bit. Whether you want to do some shopping, dining out, or any other expense that is not a necessity. You will have the remaining thirty percent available for these personal purchases. With this portion of your income, you should pay any non-essential monthly subscriptions such as cell phone plans, memberships, and other luxuries that are not essential to your essential living.

Keeping these expenses at or under thirty percent will keep you from over-extending yourself. It will also help you never going over budget. You will then be able to pay down any outstanding debt quicker.

How Much Should Rent Be Based Upon Salary

Now that you know what your expenses are going to be when you build a budget for rent you need to consider if your income is enough. Consider what you should be making in order to afford a particular location or just a general rent. Then you will determine if you need it supplemented in order to afford the expenses.

The initial rent expense itself, in general, should not exceed more than a quarter of your monthly income. When you have to build a budget for rent, you should not be over-extending your income. You have more stability if you have a salaried income where your checks will be equal and disbursed at the same time. If you are basing your income off of tips or hourly wages, you should really consider keeping your budget more on the minimal side, should you encounter a slow month or fewer hours.

Finance Options if You Can’t Make a Rent Payment

If you find yourself in a situation where you are unable to make your rent payments and you need some rental assistance, you have options available to assist you with your rent payment.

Section 8 and other Rental Assistance Programs

There are several government rental assistance programs for your renting needs. Section 8 rentals are agreements made between the landlord and the Public Housing Agencies. When a rental property is designated as Section 8, these landlords have standards and requirements that must be met deeming the property both safe and affordable. In order to determine if you qualify for public housing, you will need to apply for the program. You can do it either online or in person at the agency.

Emergency Loans to Help Pay Rent – 3 available options

If you find yourself in a bind due to less than expected income or emergency expenses, you can always take out a loan for rent. If you need help paying rent, you can take an emergency loan for rent by the following:

  1. Through a personal loan with the bank – If your credit ranges from fair to good, you may be approved for a personal loan from your bank or credit union.
  2. A personal loan with friends or family – When you are counting on a family member or friend and you are comfortable asking for a loan…then this sensitive option available. Here’s how to asking friends and family for a rent loan the right way.
  3. A personal loan with an online lender– If your credit is below average and you have no other source for emergency funds, you can use an online rent lender finder service to assist you with loan offers from online lenders and peer-to-peer lenders.

Final Thoughts

If you are looking to start renting soon, you need to plan a budget for rent with these 3 simple steps.

Make sure that you know all of the expenses that you will be responsible for, as well as the income that you will be using to account for these expenses. When you sit down to develop your budget, always enforce the 50/20/30 rule so that you can keep yourself from going over budget and finding yourself overextended with debt. Once you have calculated this data and know what your budget is, you are ready to begin renting. Should you find yourself in a situation where you need help paying rent or need a loan for rent, there are options available.

Loanry

Setting up a Loan Agreement Between Friends and Family

Posted on | by Kasey T | Leave a Comment on Setting up a Loan Agreement Between Friends and Family

If you have come across some unexpected bills or debt, you may find yourself in need of a loan from a friend or family member. Maybe you need help paying rent or a loan for medical bills. Sometimes when unexpected expenses arrive and you have no savings to fall back on, you find yourself in need of cash. When this happens, you may find it necessary to reach out to a friend or a family member for financial assistance.

Before you go down this road, make sure that you are cutting the right corners financially. Also, check that you are attempting to save money at all costs. It is impolite to ask for money, while still spending in excess on items and outings that are not essential. You also should seek out someone you are close with and have a regular contact relationship with. Trying to ask for a loan from your uncle that you have not spoken to in months may not be the best person to ask from.

Loan Agreements With Family and Friends

When you decide that you are going to ask either a family member or a friend for money, you must treat this loan as professional and courteous as you would with a professional lender. Be sure to ask for a contract. When you ask for the money and the friend or family member agrees to the loan, your conversation must cover the following:

  • Repayment Term
  • Interest

You must find out when they would like to have the money repaid by. Are they giving you six months? Eighteen months? Maybe two or three years? Whatever that time frame is, you must first find it out. Being aware of when they would like it back and if that is even possible based upon your own financial situation.

You should also ask if they would like interest on the loan. If they do not plan to charge interest, then at that point you can take the borrowed amount and divide it by the approved repayment months. If you have several years to repay the loan, you will have 5 years x 12 months = 60 total months. You may want to break that payment evenly across those months for budgeting purposes. You could also plan to make it larger to pay back quickly.

Interest Rate on a Family Loan

When a family member or friend decides to charge interest on a personal loan, the loan can not be viewed as a gift. From the IRS or anyone else, it is considered a standard personal loan in all of its value. Since you are reaching out to the family member or friend for a loan, you are seeking an option that you cannot otherwise afford. From a traditional lending service, for example. Most individuals who can borrow traditionally decide to take that route. If a family member decides to charge interest on a loan they can charge at a rate of their choosing, with room for negotiation.

Often times, the interest rate is higher than the competitors. After all, the family members are aware that you are coming to them because of this situation. Because these are individuals that know you personally and understand your situation, your interest rate should be negotiated to a percentage that allows them to earn what they are looking for as well as make the payments affordable. Consider reminding them that this is a type of emergency cash loans if the situation warrants it and that you are out of options.

Also, if the lender would like to separate the loan from a gift, there is a minimum interest. This minimum would need to be charged in order for the IRS to distinguish between a gift and a loan. Your family member or friend may decide to charge at least this minimum interest rate. This usually ensures that the loan is considered a loan.

What Do You Want?

You only want to ask for what you need. Take care to do it politely. You need to provide an exact amount of what you need, and what exactly you need it for. This loan is an unconventional loan, but you still need to explain what it is for. The same way you would do if you were lending from a standard lender. When you reach out to your family member or friend, you need to ask them in-person if possible. If you are unable to, make a personal call to them to give them a thorough explanation. Tell them what you need and why you need it for. I've written an entire blog here about "how to ask friends and family for money".

What Happens When There Is Default on a Family Loan?

If you are the lender in the case of a family member or friend personal loan, then you have several scenarios to consider when you lend money unconventionally.

It Is Hard to Collect

Although you may have a written contract, you may find it hard to collect the loan money from a friend or family member. You need to keep a receipt of all payments, preferably having them pay by check so a written record is established.

If you have lent to someone that you are close with, then you should have contact information for that person. Even so, they may decide to duck your calls or not answer the door when you knock. The good news is that if you have a written contract, you do have the ability to take this person to court. You want also to sue him/her for the remaining balance. If you have done this and still are unable to receive the loan in its entirety, you can write the debt off as a “bad debt” in your tax deductions for the year.

A Person signing a document.

You Risk the Relationship

Anytime two friends or close family members find themselves having to borrow or do business together, there is always a risk for the relationship. It is understandable that you wanted to help them because you care for them if it’s for something like a loan for medical bills than your heart says naturally to help. However, now you are finding yourself in a situation. If you find yourself having to track down your friend each month to get a payment, and they are not as sincere as you originally thought, the relationship may become damaged. You begin to take a different perspective of that person from a business point of view. This can do significant damage to a relationship.

As the lender, you may find that you are providing unwanted financial advice to this person. Consistently questioning their finances and bringing up the loan can cause a disconnect between the two of you two. It might also lead to frustration.

What to Consider?

You must consider the person you are asking and his situation before you begin asking. If your family member or friend has recently experienced some form of emotional damage or financial instability, you should not reach out to them for a loan at this time, no matter how close your relationship may be. You do want the person you ask to have a regular steady job and be someone who is financially stable in their life.

You Must Be Okay With the Loss of Money Should the Situation Turn Bad

When the loan was originally requested and you agreed to the terms, you knew that the situation had the potential to turn negative. Even if you have taken your friend or family member to court for their loan, you may still not receive all of what was originally loaned. If there is no written agreement on the loan, you may not be awarded any of the loans.

You must be aware before you agree to give the loan. There is always a risk the money may never return. Like traditional personal loan lenders and banks, they also have to accept that no matter how much they seek out and try to regain their money.

Should You Lend Money to a Family Member or a Friend?

Whether or not you should lend money to a friend or family member is a personal decision. Only you can answer. First and foremost, you must be sure that you are comfortable in that situation. Especially considering the risks of the situation becoming awkward and even leading to a permanently damaged relationship. If this is a loan used for medical bills or they need help paying rent, consider the need and their monthly income situation before you decide on the loan.

If you believe you can live with this risk of an outcome then you must review your personal finances. The aim is to determine if lending money is even an option for you. Only lend what you are comfortable lending if you have the means to do so.

Finally, if you do decide to lend the money, make sure that the agreement is done so in writing. Also, take care that it is signed by both parties.

Can You Legally Lend Money?

While it is an unconventional process, it is legal to lend money to others. When you decide to lend money, you need to refer to your personal state’s policy. Ensure that you are charging the correct interest rates as stated by your state. Should you need to collect on the debt when payments are missed, you are limited to resources. However, you will have access to small claims court in an attempt to have the debt repaid.

Also, you can suggest your friends or family use a lender finder service online who can help them to find the right loan for their needs.

Example of family loan agreement.

Alternative Types of Personal Loans

If you are seeking a personal loan and are either not comfortable asking for a loan agreement between friends and family or do not have a viable option, then you have other personal loan options.

  • From a bank
  • From an online lender
  • Peer-to-peer lender

You do have the option to apply for a personal bank loan from your local bank or credit union. Your credit score, current outstanding, debt, and employment history are factors that are considered when you apply for a personal loan.

By using an online lender finder service, you have the ability to supply limited information. Doing so from the comfort of your home and getting a list of results of potential lenders and their interest rates available. Many individuals enjoy this option because they are able to loan shop online. They can also compare their different options before choosing one.

If your credit score is less than fair, you may need to apply for a personal loan from a peer-to-peer lender. Like the online lenders, they can be found using an online lender finder service. However, they have higher interest rates available due to their clients often having less than average credit.

Is a Loan Agreement Between Friends and Family Right for You?

Whether you are requesting the loan from friends and family or a direct lender, a loan agreement is a situation that should never be overlooked. Especially because it has the potential to cause negative strain on a relationship. Having to be strictly professional in terms of this loan and demand written agreements can be difficult to manage. Before a loan agreement between friends and family is decided upon, several factors must be discussed and considered. Make sure you considered all of them before an agreement is signed and a deposit has been made.

Conclusion

If a loan agreement between friends and family can be met, approved, and paid successfully, the relationship between the two parties can be successfully maintained. Depending on the state’s required interest rate, this loan option could be cheaper. This loan would be keeping them from having to pay a much higher interest rate with online lending services. Even more, considering peer-to-peer lending if they have bad credit.

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