It’s the first of the month and you’re short on rent. It’s a reality to a lot of people experience every month. Whether it is the rising cost of rent or an unexpected expense that has you in a bind, you need a quick solution.
Renting a room from your mom is different than renting an apartment or house from a rental agency. They want their money on time. If you’re late or can’t pay rent at all, you’ll face late fees and eventually eviction.
From there it becomes a domino effect. Your credit is impacted, and you will have trouble getting approved for another rental. Add to that you will still be liable for the months remaining on the lease, plus eviction costs.
Are you struggling to pay rent? Here are some things you can do before the late notice arrives.
Work With Your Landlord
Commercial apartment complexes are often firm on their payment policies. If you’re renting a private-owned property. the owner may have some flexibility. Be upfront about what is going on and request more time to pay.
If you’ve been a good tenant, the owner may be willing to work with you if you’re struggling to pay rent. You may also be able to barter with the owner. Offer to do minor repairs or care for the lawn in exchange for a reduction in rent.
Borrow Money from a Friend if You Can’t Pay Rent
Borrowing money from family and friends is tricky. If you are already struggling to pay your bills, you may not be able to pay them back right away. Be realistic about when you can repay the loan.
Breaking the loan into smaller payments over a specific time period could help you not fall behind the following month.
Take Out a Payday Loan
Payday loans have proven to be a much-needed lifeline for many people. If you need money for rent, visit a financial marketplace like Bonsai Finance. They can match you with a lender with loans to fit your needs.
Remember, a payday loan is a short-term loan that will need to be repaid according to your pay schedule.
Go to a Social Service Agency
Every city has non-profit organizations that help individuals and families with rent and utility assistance. Oftentimes the help you need is no further than your place of worship.
Call 211 for community information and referral services.
Borrow from Your 401K
If you’re lucky enough to contribute to your employer’s 401K plan, there is a provision that allows participants to take withdrawals for hardships.
The loan will have tax implications, but it will get you the money needed to get caught up on your rent.
Are You Looking for a Change?
When you can’t pay your rent it is frightening. It is also an indication that you may be living above your means.
Don’t become a prisoner of high-priced rent. Use Abodo to find a new place with the amenities you want and a price you can afford.
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