Online Rental Loans: Essential Info For 2022

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John Brown, Financial Analyst

Last Updated: June 3, 2022

Being consistent in paying rent is crucial for keeping your place for yourself and your landlord happy. However, unnecessary expenses happen, while the rent cost continues to rise. This is why you might struggle for some months. Luckily, you can consider loans for rent.

Rental assistance loans are there to help you bridge the gap in paying rent, make ends meet, and avoid a potential eviction notice. With loans for rent payment, you can rest assured that your rent is paid, so you can focus on fixing your finances.

A crisis loan to pay rent usually comes as a one-time funding option to help you pay rent as quickly as possible. These types of loans are also fast to get and help you build a good credit history. In general, they may range from $500 to $5,000, depending on the lender, your financial situation, and your needs. However, the interest rates for this type of loan might be high.

I Need Money to Pay Rent Tomorrow — What Should I Do?

In case you need money for rent ASAP, know that you have several options to choose from.

If you find yourself continuously struggling to pay rent, some agencies can help you get rental assistance. You can also ask around for government vouchers. If this is the case, check the national or local programs to see whether you qualify.

However, if you know that you’ll miss only one rent, getting a one-time loan is a better option. One of the easiest ways of getting this type of loan is by submitting your information online.

Still, before you reach for your keyboard, ensure that you have all the necessary documentation. If this is your first time requesting a loan, this is what you’ll need:

Any type of government-issued identification document: driver’s license, passport, state-issued ID – have at least two of those with you when you fill out the form.
Proof of income/SSN/SSI – lenders have to make sure you can pay the loan plus interest in full, so this is usually a necessary document.
Bank statement – some lenders may require it to check your financial stability.
Copy of your lease – some lenders may ask for this to determine the correct loan amount.
Eviction notice – if you got an eviction notice and you need a significant amount of money to pay rent, some lenders may require this document as well.

To qualify for the loan, you should also be 18 years old or older.

Once you get everything ready, you can proceed to fill out the online form. This is one of the fastest ways of getting a rent loan. Enter the loan amount, bank account details, income statements, and other requested information.

You will also need to upload all the requested documents. Once you’re done, your request will be processed. Your profile will be assessed based on your credit score and other information. If you meet the criteria, a lender will make you an offer.

If you’re unhappy with that deal, you can repeat the process and get connected to another lender. When you file this type of request online, you have a high chance of getting approved for an emergency loan request, even if you have a poor credit score. The process is very straightforward, and you may get a response as soon as the next business day. 

When you file this type of request online, you have a high chance of getting approved for an emergency loan request, even if you have a poor credit score. The process is very straightforward, and you may get a response as soon as the next business day.

Start Your Loan Request

Why Look For Rental Lenders With GetCash

If you just thought, “I need money for my rent now,” you can file a loan request through GetCash. We can connect you with a lender and help you solve your rent issue as fast as possible. These are our advantages:

We partner with a long list of lenders and provide you access to that network.
Our lenders are willing to work with almost any credit score.
Your information will be submitted in real-time, and you could have a response within minutes.
The loan might get approved and funded as soon as the next business day.
You likely won’t need any paper documents to file a request.
We use industry-leading security systems to ensure your privacy and data are protected.

Why Look For Rental Lenders With GetCash

We partner with a long list of lenders and provide you access to that network.
Our lenders are willing to work with almost any credit score.
Your information will be submitted in real-time, and you could have a response within minutes.
The loan might get approved and funded as soon as the next business day.
You likely won’t need any paper documents to file a request.
We use industry-leading security systems to ensure your privacy and data are protected.

Types of Apartment Rent Loans

If you were wondering, “how can I get a loan to help pay rent?” know that there are many types of apartment rent loans. For example, you may find that an eviction prevention loan might save the day, or you may look for long-term rent loans to cover your security deposit.

Alternatively, you can look for loans that help you buy a property that you’ll later rent to others. In that case, a vacation rental loan might be a good choice. Check out the different types of loans below.

Emergency Eviction Loans

If you rent a place, you probably know that all the details of your rental agreement are listed in the lease. Additionally, the lease contains the payment schedule for rent. Unfortunately, if you miss that deadline, you’re in breach of the contract. This means that your landlord can begin the process of eviction and remove you from the property — and this is not a joke, thousands of evictions happen in the country every week.

However, eviction prevention loans are sometimes the only thing that can help you keep a roof over your head. The following loans may act as eviction loans:

Direct installment loans – paid back in equal installments, monthly, weekly, or quarterly.
Title loans – use your vehicle as collateral.
Pawnshop loans – use your valuables as collateral, among the fastest loans.
Payday loans – short-term emergency loans for temporary relief.

Besides the standard documents, you’ll need to prepare your eviction notice as well. Additionally, you may need to provide a reasoning behind the inability to pay rent – for example, a medical bill.

These types of loans are often given out as payday or installment loans, regardless of the purpose. However, if you have a poor credit score, your lender might ask you to provide collateral or accept to pay a higher interest rate.

Short-Term Rental Loans

Short-term rental properties are any homes or apartments that you’d rent for a short period of time, usually for about 30 days. These types of properties are ideal for vacation, but you may use them anytime you need a place to stay for a short time. Overall, short-term rentals require that you pay the full amount of the deposit. If you struggle and have already lost a place to stay, you might want to consider getting a rent deposit loan to pay for a short-term rental while you get back on your feet. If you need to pay for the stay at this type of property but don’t have the money, fill out the form to get connected to a lender quickly.

Long-Term Rental Loans

Besides short-term, there are long-term rental properties. These are popular among vacationers, traveling workers, families, or anyone who changes their place of residence often. If you’re one of the people looking for a long-term rental property but currently lacking the finances, you can consider rental security deposit loans. Security deposits are necessary for renting this type of property, as your landlord will keep them in case of damages or missing rents. Luckily, you can use a personal loan to cover these expenses. However, keep in mind that personal loans create debt, as you’ll have to pay interest. Plus, since you’ll be renting a property, you’re not building equity, so use this type of loan wisely. Additionally, know that the loan offer may differ based on the loan purpose, term length, and your credit score.

Rent Loans for the Unemployed

If you lost your job and can’t make rent, don’t worry. There are still some lenders that will provide a loan even if you’re unemployed. However, these loans are funded as payday loans, so you’ll have to repay them in just a few weeks. This means you’ll likely have to have at least a part-time income.

Check out the following options to see whether you can get help while you’re unemployed:

Housing Choice Voucher Program (Section 8)
Emergency Solutions Grants (ESG) Program Rent Assistance
Unemployment Benefits

Still, it may happen that you’re not eligible for any of these assistance programs. If you believe you could land a job soon, one of the simplest ways to cover the month’s rent is to look for a lender. Some of our lenders will provide a loan even if you have a bad credit score.

Like with many other loan requests, you can file an online form and see what lenders you have access to through our network.

Emergency Rent Loan For Bad Credit

Most lenders will fund a loan for a credit score of over 600, but some will help you with bad credit rental loans. Keep in mind that most lenders will run some form of credit check, so be prepared for it. These are the minimum qualifications for a loan if you have bad credit:

Be at least 18 years old
Have an active US bank account
Have a permanent US address
Provide a social security number
Receive some minimum amount of income each month

When it comes to bad credit loans, these usually don’t require collateral. Still, a lender will accept one if you otherwise don’t qualify. You’ll also likely have to pass an affordability assessment, meaning you’ll have to prove that you have enough income to repay the loan. Plus, your credit score report will have to show that the issue that caused your low credit score has been solved. Finally, you might be able to receive a loan with a co-applicant, but the loan would still be in your name. Still, fill out the online form today to get started and see whether there’s a lender that will help you make ends meet.

Single-Family Rental Loan

There are multiple options to check out if you’re looking for single-family rental loans. However, know that these loans are slightly different from others. They’re used to finance a rental property, and may require a larger down payment (about 25%) and a higher credit score.

Vacation Rental Loan

When it comes to vacation rental loans, it’s basically the same as the short-term rental loan. You may use these loans to rent a house for a short time while you find another (long-term) place to stay. On the other hand, some vacation rental lenders will help you if you wish to purchase a vacation home. However, vacation rental loans also come with higher rates. Plus, you’ll likely need a good credit score to be able to finance your vacation home, so renting one out might be a better temporary solution.

Start Your Loan Request

Rental Loans Near Me vs. Online Loans

In today’s day and age, there’s no need to visit the lender’s office. Instead, you can manage all your documentation online. Submitting your request online often doesn’t impact your credit score. Still, the biggest benefit of finding a lender online is the quick approval process.
The time frame to get approved is usually up to 48 hours during business days. In some cases, you may get approved as fast as five minutes – ideal for when you need a quick financing option to pay a missing rent. On the other hand, offline loan approval may take several days or more.
If you submit a request online, you won’t have to deal with driving back and forth to collect all the documentation before finally heading to the bank. All is done from the comfort of your home.

If you’re worried about sharing information with the online platform, know that your data is safe and secure. We use industry-leading security to keep you protected, so there’s no need to stress about submitting your information on the form.

Rental Loans Near Me vs. Online Loans

Renting an Apartment With Student Loans — Is It Possible?

Wondering whether you can use student loans for rent? The general answer is yes, you can use your student loan to pay monthly rent, on and off-campus. However, keep in mind that the apartment you select and its location may affect the cost of your education.

Selecting on-campus housing may help you save money, as the dorms usually come with some furniture you won’t have to purchase. Additionally, you have utilities covered, and there’s no need for any deposit. Some dorms may also offer meals to students.

While living on-campus might cost up to $10,000, with these things included, a one-bedroom apartment costs on average $959 per month. Still, off-campus housing requires a security deposit, and you’ll be responsible for paying the utility bills, groceries, and other housing expenses.

If you decide to use a student loan to pay rent, follow these steps:

Fill out the necessary forms, either through Free Application for Student Aid (federally-backed loans) or via your bank (private loans).
Review the loan rewards letters to see what you’re eligible for.
Pick the loans that pay tuition plus living expenses.
Find an apartment, and fill out a rental application.
Sign the lease agreement, and pay rent in time to avoid issues.

If you decide to use a student loan to pay rent, follow these steps:

Fill out the necessary forms, either through Free Application for Student Aid (federally-backed loans) or via your bank (private loans).
Review the loan rewards letters to see what you’re eligible for.
Pick the loans that pay tuition plus living expenses.
Find an apartment, and fill out a rental application.
Sign the lease agreement, and pay rent in time to avoid issues.

FAQ

Can I get a loan to pay rent if I’m not a US citizen?

Yes, you can get an emergency rent loan from online lenders as long as you are a legal resident and have a Social Security number.

What is the interest rate for emergency rent loans?

Your interest rate will depend on each lender’s individual policy, the loan amount, and your credit history. You’ll get a detailed loan offer from a lender that you can always decline if you don’t like the terms.

How fast can I get a crisis loan to pay rent?

With GetCash, it will only take a few moments to find a lender. Once you accept the loan offer, the lender will be able to start processing your application. In some cases, you can get the money deposited into your bank account as soon as the next business day.

I’ve already been declined a loan once. Can I send a new application?

Yes, a lot of lenders work with second-chance loans, i.e., they provide loans to those who have already had their applications declined.