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Personal loans for apartment rentals can ease your move out of one unit into another. Many tenants need extra money to cover the security deposit and pay the moving company.

Emergency rental loans can help tenants avoid late fees and keep their record spotless. However, renters facing eviction often have bad credit and may find that government-sponsored eviction prevention programs are the first place to turn.

Plus, do not forget to include moving expenses when changing your apartment address. Borrowing money could help fund payments to the trucking company and self-storage unit. Medical residency candidates can tap into specialized relocation lenders who focus on future earning potential.

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Emergency Rental Loans

Emergency personal loans can help tenants to fund a security deposit and make rental payments on time to avoid late fees and prevent eviction. However, please research and exhaust all avenues for housing assistance before borrowing any money to lease an apartment or house.

Making financial decisions during any crisis can be expensive and lead to further trouble in the future.

Security Deposit

Request a security deposit loan here (Affiliate Link) to speed up your move into a rental apartment or house. Most property managers require a security deposit to compensate for any damage beyond normal wear and tear, and to guard against missed payments at the end of the lease term.

Request enough money to cover the security deposit and any moving costs. Improve your odds of a quick approval by having this information at your side when completing the online request form.

  • Driver’s license number
  • Employer name, address, and contact data
  • Bank account and routing number

Rental Assistance

Emergency rental assistance loans can help you avoid late fees and keep your payment record clear. If you are struggling to stay current on your lease, make sure to balance the benefits with the costs before borrowing money. Going into debt is not always a good strategy.

  • Late fees should be clearly stated in your lease agreement. Compare these fees to the borrowing costs, which include an origination fee and interest charges. Choose the option that saves the most money and keeps you out of financial trouble.
  • Some property managers report late payments to the consumer reporting agencies, while other people without a credit history volunteer these data to help build a record. Borrowing emergency funding to keep your rental record blemish-free could be a viable approach.

Also, the federal government provides rental assistance loans to college attendees. Complete the Free Application for Federal Student Aid (FAFSA®) form. You can use the student loan money for living expenses such as on-campus and off-campus housing.

Bad Credit

Finding apartment rental loans with a bad credit history will be difficult and expensive. People with adverse payment history on their consumer report often have a low FICO score. A poor score suggests lower approval rates, which requires a unique strategy.

Qualifying for a personal loan with bad credit requires a few extras.

  • Submit requests to an extensive network of lenders with a single online form
  • No credit check lenders rely on data from second-tier bureaus who consider alternate data – such as utilities and apartment rental history
  • Show sufficient income relative to the projected monthly payment (including rent)
  • Allow auto drafting of monthly obligation from your checking account
  • Provide the bank account and routing number with your online request

However, renting an apartment with bad credit will also be challenging. The landlord may pull a copy of your consumer report before approving you for the lease. Therefore, having extra cash on hand to make monthly payments in advance might be the difference maker.

Eviction Prevention

Attempting to take out an emergency eviction prevention loan is unlikely to help. Tenants with an eviction notice taped on their apartment door often have bad credit. They stop paying credit cards and other unsecured obligations long before falling behind on housing because the consequences are direr.

However, some state and city governments may offer emergency programs to prevent rental payment evictions. You might find some of these alternatives are better at helping you avoid homelessness.

  • Hiring an attorney to fight the eviction in court could give you more time to find a more affordable place to live.
  • Non-profit organizations and churches such as Catholic Charities may offer temporary financial support for families at risk for homelessness.
  • The Federal Department of Housing and Urban Development (HUD) provides three types of resources to help you find a more affordable place to live. [1]
    • Privately owned subsidized housing
    • Public housing projects
    • Housing Choice Voucher Program (Section 8)

Loans for Moving & Relocation Costs

Personal loans to fund moving costs can make it easier to relocate to a new address. Packing up your worldly possessions into boxes and trucking them to a new location can be time-consuming. Hiring a mover relieves this stress but can cause a cash-crunch.

Request a personal loan here (Affiliate Link) to obtain funding for your move. Relocating to a new address often means coming up with cash for deposits in addition to paying the trucking company. Borrowing money could be a viable option to deal with a temporary cash shortage.

Bad Credit

Taking out a personal loan for moving costs when you have bad credit will present many challenges. People with adverse history on their consumer report and low FICO scores will find it difficult to win approval at favorable borrowing terms.

  • Expect higher costs if a lender does approve your request. People with low credit scores often incur higher origination fees and interest rates.
  • The length of the repayment terms drives the affordability (more time equals lower monthly installments). However, people with bad credit often must settle for the shortest terms.

Reaching out to friends and family to work as volunteer movers is another alternative when you have bad credit. You might not get a loan with favorable terms (costs and length). Plus, having a volunteer army of volunteers saves money – which is essential when your finances are shaky already.


Be sure to factor in any self-storage fees into your moving costs before taking out a personal loan. Many renters place a portion of their household items in a self-storage unit temporarily – especially when relocating to a smaller living space.

The average rental cost of a 10×20 self-storage unit is around $100 a month. Smaller units can go down as low as $40 while larger ones can cost upward of $200 a month. Factor in that you may leave your prized possessions in storage much longer than expected. Also, you could need to rent a U-Haul to move these items to their final destination.

Medical Residency

Residency relocation loans provide funding for recent medical school graduates to cover transportation and moving expenses. However, borrowing money through an online lender is not a good idea for soon-to-be doctors.

Most recent medical school graduates have no income history and a significant amount of debt, which hurts credentials. Therefore, most finance companies that perform traditional underwriting might deny or charge higher fees for residency relocation loans.

However, specialty lenders support medical residency relocation loans by focusing on future earning potential.[2] These focused lenders recognize that income will jump after you complete the residency program and move into private practice. Contact your school’s financial aid office for referrals to these specializing banks and finance companies.

Footnoted Sources:

[1] The Federal Department of Housing and Urban Development

[2] John Hopkins Residency Relocation