Property Now You Can Get a Loan Just to Pay Your Rent

Property Now You Can Get a Loan Just to Pay Your Rent

Property From the department of the rent being too damn high comes this report from the Wall Street Journal: Loan companies are now marketing loans sp

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Property From the department of the rent being too damn high comes this report from the Wall Street Journal: Loan companies are now marketing loans specifically to renters who need help making ends meet.Some of these companies cater to upscale apartment dwellers, while others lean toward those in stressful circumstances in more modest homes and lower income brackets.One such program mentioned by the Wall Street Journal is by property management company Stay Tony, which allows tenants of its corporate rentals in Los Angeles and Atlanta to finance up to three months of rent over a 12 month period. You can get a loan through its partner vendor, Uplift, with no interest for the first six months, with an interest rate of 15%-17% afterward.Other names you may have seen are Domuso and Till, which link up with property managers to facilitate rent payments, including those made via the loans they offer for full or partial rent. Till says on its website that its loans of up to $2,000 are four times cheaper than a payday loan or late fees.The WSJ says rising rent is a factor, with median rent in the U.S. reaching an all time-high of $1,006 per month earlier this year. In addition, it cites a report from the National Multifamily Housing Council that says 3% of surveyed renters (of more than 100,000) pay their rent with credit cards. If more landlords accepted rent payments by credit card, 16% of respondents said they’d pay that way.Loans marketed specifically to renters for the purpose of paying rent may feel a bit skeevy, but they’re far from the deep dark hell of the payday loan cycle that has sky-high interest rates. But unlike with a payday loan, you’ll need to make sure your credit score is in good shape before you ask for a rent loan.If you’re in a situation where you’re anxious you can’t pay your rent, be sure to read the fine print for a loan offered through your landlord. The last person or company you want to have breathing down your neck is the one that not only controls your rent but also the interest on the loan you took out to pay your rent. If you’re evaluating rentals and are feeling anxious about how you’ll pay your rent once you’ve moved in, it’s time to stop and reassess your housing costs. It’s not fun (and it’s not possible in all locations), but reducing how much of your income goes to rent each month can help you create a financial cushion that prevents that “gotta scramble to make rent” feeling.
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