I remember the day like it was yesterday, only it was nearly 20 years ago. My rent payment was less than a week away and I had no idea how I was going to make the rent payment.
I was in the middle of paying off debt and was barely scraping by to do even that. Becoming somewhat frantic, I was first tempted to avoid the situation altogether. That was not a realistic option and one that got tossed aside quickly. After some scrambling, I was able to make the payment – albeit it a little late. If you’re in a similar situation and need money for rent there are options available to you.
Avoiding the Problem is Not a Solution
Finding yourself needing money for rent might tempt you to avoid the situation. Don’t listen to that voice! Rather, seek out your landlord and be open and honest with them about your situation. If you’re a good tenant and this is a one-time event they’re more inclined to work with you and find something that works for both parties. The key is to turn this around so it’s a momentary hiccup and not a long-term trend.
Having been in this situation myself, a little transparency goes a long way. Not taking this route, and subsequently not paying your rent, just like missing a mortgage payment, can open you up to a number of problematic issues from a potential credit hit to having problems renting again. If your landlord is not willing to work with you or you simply need more practical options there are solid ones to consider.
This is not an option I chose myself, but is one to consider. It varies from state to state, but many states do not provide direct assistance to meet rent needs. That being said, some charities will provide one-time assistance if you meet certain criteria. Some of those charities are:
- The Salvation Army – they will offer one-time rent assistance by meeting income requirements.
- Catholic Charities – If you’re facing imminent eviction, Catholic Charities will offer help, amongst other financial assistance.
- Love Inc. – Love Inc. is a faith-based charitable organization that offers a variety of services. In some instances, they will provide rental assistance.
If this is going to be more of a long-term situation there are government assistance programs, like Section 8, that might be of help.
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Get A Personal Loan if You Need Money For Rent
If you need money for rent, another option to consider is seeking a personal loan. If you’re also paying off some form of consumer debt this could also be a great way to save money over the life of the debt.
There are many options to consider from a traditional brick and mortar bank location to Peer-to-Peer lending and each will have different requirements. Just remember that this is not meant to solve a short-term problem, but help you gather steam towards better long-term financial health.
Needing money to pay off rent feels like a problem needing an immediate solution, but it also requires a long-term solution. You don’t want it to bleed into the next month and continue from there. Rather, you want to get your footing and start building momentum. Some ways to do that are:
- Seeking out cheaper housing, if possible
- Find a roommate to help split costs
- Find ways to further reduce your monthly bills
- Pick up side hustles to make extra money
It is important to point out that many of these solutions might not solve the immediate need to securing rent money, though that shouldn’t matter. You want to help prevent against this problem in the future, and these solutions can go a long way to protecting against that.
Not having money for rent can feel overwhelming. I’ve been there. This is a time for action, and when channeled, can be a turning point in your financial life.