What To Do If You Can’t Pay Rent
36 percent of Americans are renters, which means the COVID-19 crisis is hitting them hard. Housing is the number one monthly expense for many people. This means that during these uncertain times, rent payments may be difficult to come by.
If you have fallen on hard times or you are simply unable to afford rent, it is certainly a stressful situation. In many states, your landlord may legally be able to evict you, potentially leaving you in search of a new place to live.
But don’t panic yet! There are ways to make things work if you are at risk of missing a rent payment; it doesn’t have to spell disaster. With our tips and many lending options including online payday loans , LendNation is here to help. Here are some tips of what to do if you need to get cash today to cover your rent.
Reach Out to Your Landlord
As soon as you think you can’t afford rent, the first thing you should do is reach out to your landlord; your best course of action is to get ahead of the problem. By being upfront and honest with your landlord, you may be able to come to an agreement about your rent payment before it becomes a problem. If you’ve been on-time with payments and a responsible tenant, your landlord might work with you.
It is possible that your landlord may be willing to let you set up a payment plan. Many landlords rely on rent payments to pay their mortgage payments on the property – by being prompt and upfront about your financial situation, you can work together with your landlord to find a solution that works for both of you. Here are a few quick tips on how to start that conversation with your landlord:
- Explain your situation and why you can’t pay rent this month. Your landlord is human too and might understand your situation.
- Share your plan to pay the late rent. This can include a payment plan, a date you can make the payment, or you are planning to get cash today.
- Show documentation of your situation if you have it on hand. For example, share your pay stubs showing a cut in hours.
- Assure your landlord that this is temporary until you are back on your feet and more financially stable.
Consider Your Other Bills and Expenses
In some situations, you may be able to move around other bills and payments to accommodate your rent payment. This will help you get cash today that you can put towards your rent payment by freeing up more of your budget.
By reaching out to your lenders, you might be able to take advantage of financial hardship programs meant to help. For example, many credit card companies have programs where they will lower or pause your monthly payments until you get back on your feet.
Another option is to cut back on your budget – consider cutting out additional expenses like going out to eat, entertainment, or cancelling monthly subscriptions.
Consider Taking Out a Short-Term Loan
Before you risk eviction or negative financial consequences of not paying your rent, you may consider taking out a loan from family, friend, or a business. First things first, make sure that you will be able to repay the loan.
We know that finding the right loan can be stressful, especially when you’re facing a financial hurdle or emergency. This is one way that LendNation’s many lending options – including online payday loans can help you get cash today to cover your rent quickly. With flexible lending options to choose from, you can find the right solution to fit your needs. The best part? You can do it all online from home. Check out how the process works, then apply for a loan online to get cash today or visit a location near you
LendNation is here to help you
When life throws you curveballs, don’t let it stand in your way. Turn to LendNation to help cover your cash needs. For those times when you need to get cash fast in these uncertain times, LendNation has title loans, installment loans and online payday loan options to support you.