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Personal loans for rental payments and security deposits can help tenants lease a new apartment or house. Moving to a new location often creates a temporary cash shortage. Borrowed funding can close the gap.

People needing emergency cash should borrow money only after exhausting all forms of rental housing assistance. Contact your local county agency before completing an online request.

College students and their parents often find that personal loans offer the fastest and least expensive way to finance on or off-campus rental housing. Private and federal student loans offer other benefits to fund living expenses during the school year.

Emergency Loans for Rent and Security Deposits

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 rent an apartment or house.

Take out a loan for basic living expenses only as a last resort.

Security Deposit

Request an emergency personal loan here to fund a security deposit and speed up your move into your rental apartment or house. Most property managers require a security deposit to compensate for any damage beyond normal wear and to guard against missed payments at the end of the lease term.

Request enough money to pay 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

Single mothers may need to provide additional sources of income such as child support and alimony.

Rent in Advance

Personal loans for rent in advance can help tenants with bad credit history. Many landlords pull a copy of a person’s consumer report to view their credit score before allowing them to lease an apartment or house. They do not want people with a high risk of non-payment occupying the property.

Property managers may ask bad credit tenants for the first and final month of rent in advance to offset these risks – if allowed by law in your state. This adds up to a hefty sum when combined with the security deposit.

Bad credit loans with monthly payments can make it possible to satisfy a rent in advance requirement. Online lenders specialize in serving sub-prime borrowers whereas property managers do not. The longer repayment terms make it more affordable – if you qualify.

Rent Payments

Emergency personal loans for rental payments can help tenants avoid late fees from the property owner and/or returned check fees from the bank. However, the math does not build a strong case for this approach. Remember that the lender will charge for use of their money.

Read your apartment lease agreement, checking account agreement, and lender disclosure forms carefully in order to compare all charges. Below are some average figures to consider.

  • Rental late fees
    • Grace period: 5 days
    • 5 days + late: 5%
    • 10 days + late: 10%
  • Returned check fees
    • Banks nonsufficient funds: $30
    • Landlord returned check: $30
  • Lender charges
    • Origination fee: 5%
    • Annual interest rate: 15 – 35%

Borrowing money to make rent payments makes the most sense when the tenant needs the funding to avoid being late for an extended period. Persistent delinquency can lead to eviction. It is better to stay ahead of this problem and work through lenders before your credit is ruined.

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 rarely qualify to borrow enough money to pay months of rent in arrears. If a lender does grant the funding, the origination fees, and/or interest charges could lead to a bigger crisis months later.

Attorneys and assistance programs may be a better place to turn.

  • Renters facing eviction often have very poor credit and/or low income. Most banks will not lend money to people dealing with financial hardship.
  • Payday loans require only verified employment. However, the rollover fees add up very quickly when the borrower cannot repay the balance in full after two only two weeks.
  • Hiring an attorney to fight the eviction in court could give you more time to pay your back rent or find a more affordable place to live.
  • Emergency rent payment eviction prevention programs help tenants stay in their apartment homes. Contact your local county office for details.
  • Non-profit organizations and churches such as Catholic Charities may offer temporary financial support for families at risk for homelessness.

Loans for College Student Rental & Living Expenses

College students frequently need to take out loans to pay for dormitory or off-campus rental housing. Most do not have enough resources to pay for tuition, books, lab fees, and a meal plan – let alone fund a place to live while attending school.

Weigh the pros and cons of personal, private, and federal loans to finance your college living expenses.

Personal Loans

Request a personal loan online here to fund your college apartment rental payments. Quick access to cash is the primary advantage, which might be important during the middle of a semester. The process is much faster because the lender does have to interact with the school Bursar Department.

Having a parent take out the money in his or her name provides the best terms and approval odds. The parent may also have to make payments before graduation. This keeps cost lower as the interest has less time to accumulate as with the other alternatives that allow deferment.

Personal loans have three disadvantages for college students to consider.

  1. Most applicants do not meet the two main qualifying criteria without a cosigner
    1. Students often have no job or income
    2. Students often have no credit history
  2. It is difficult to afford the payments while still in school
    1. Monthly payments begin immediately and cannot be deferred until graduation
    2. Monthly payments are higher because the term length is shorter (5-year maximum)
  3. The smaller borrowing amount limit depends on income (usually very low while studying)

Private Loans

Private student loans represent the middle ground option for funding college living expenses. Attendees will find this alternative works best for on-campus housing and off-campus rental apartments when parents are unwilling or unable to make payments prior to graduation.

Loans from private lenders have two advantages for undergrads.

  1. You can borrow 100% of the school-certified cost of attendance
    1. Fund tuition and fees
    2. Money left over for living expenses
  2. You can defer payment while in school (optional)
  3. Repayment terms are much longer

Tenants seeking private student loans should consider three drawbacks.

  1. Applicants with cosigners garner the lowest interest rates
  2. You need a good credit score and verifiable income to qualify
  3. The application process is lengthy and not suitable for emergencies

Federal Loans

Federal student loans are the final option for funding college living expenses. We list it last because the government funding is least likely to help attendees pay for on-campus housing or off-campus apartment rentals – despite the many other advantages.

The primary benefits of the federal program are easy qualifications, lower costs and flexible repayment.

  • Complete the FAFSA form and you get the money
  • The government subsidizes interest costs
  • Graduates have easier payment terms
    • Longer repayment terms
    • Deferred while in school and sometimes after
    • Other options (consolidation, forbearance, forgiveness)

The primary drawbacks to the federal program are limits on timing and amounts. Most students exhaust the money paying for tuition and fees and have nothing left for rent.

  • The application process ends before each semester starts
    • No mid-semester requests
    • Emergency cash needs unmet
  • The total cost of college attendance exceeds the federal borrowing limit
    • Average annual cost of tuition and fees
      • Private colleges: $34,740
      • State residents attending public colleges: $9,970
      • Out-of-state residents at public universities: $25,620
    • Federal borrowing limit
      • 1st-year undergraduate: $9,500
      • 2nd-year undergraduate: $10,500
      • 3rd-year undergraduate and beyond: $12,500
      • Graduate or professional: $20,500

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