Your rent is likely your biggest monthly expense. You may not have the funds to pay it all if it has been a rough month for you. You have options to get money quickly for rent – some are better than others. If you’re short on rent, take a long look at what you might be prepared to do or where you may want to look at acquiring the funds you need.
Here are some of the best ways to pay rent quickly without leading a cycle of debt or trapping yourself in repaying a future debt you can’t afford.
Withdraw From Savings
While it’s not advisable to dip into savings, it makes sense to do it when you need to pay rent quickly. You know what to do if it’s between using your emergency funds and an eviction.
Get a Personal Loan
A renter with steady employment and strong credit may qualify for a personal loan. If you apply, approval isn’t always quick. That said, it can cover any rent gap you have.
Apply for a Loan
Bad credit may mean you can’t borrow from a bank or credit union. You can still apply online, though. Many lenders accept applicants with bad credit; however, the interest rates are steep.
Apply for Payday Loans
Payday loans can be an excellent option for paying rent quickly. There are no hidden fees, and the terms are clear. You borrow what you need based on your next paycheck and receive the money fast. Many have used online payday loans for emergencies, such as covering rent while their finances improve.
Get a Roommate
If you can invite someone else to stay with you for the month and pay their share of rent upfront, this amount can be diverted into paying rent on the 1st. This is a long-term way to drastically cut down on rent and utility expenses.
Do Cash Jobs
Start some side hustles. Pick up cash work where you can, as a driver, handyman, freelancer, or dog walker. Just ensure payment is made on the same day and in cash to help you accumulate what you need for rent.
Sell Your Car
A vehicle or asset of similar value can be sold for more than enough money to cover rent. The downside is that you won’t have these items anymore. You will also be incentivized to sell before rent is due, which may mean accepting a lower offer than usual.
Use Your Car
If you have a decent car, consider signing up as an Uber or Lyft driver instead of selling it. Alternatively, look for cash-only delivery jobs you may be able to take on. DoorDash and similar services may also provide a fast way to earn money for work.
Get a Line of Credit
A credit score above 660 and steady employment can net you a line of credit in 1-2 business days. Interest rates on a line of credit are often high, so it’s easy to overspend when it’s larger than you need.
Ask for a Small Pay Advance
Someone short on rent may want to ask their employer for a pay advance. This isn’t ideal, but it’s one way to potentially receive a few extra hundred dollars to cover rent this month.
Ask Family or Friends
As a renter, you may have a family member or friend who will lend you some money. If you go this route, clarify your expectations. Ensure they know when and how you’ll repay, and do what you can to avoid straining the relationship.
Put It on a Credit Card
Though not ideal, you can use your credit card to cover rent payments. Pay directly. This should be a last resort as credit cards come with ARPs as high as 29%. In addition, there are no credit card processing fees charged by the landlord.
Local Rent Assistance Programs
A low-income renter may want to check if there are local rental assistance programs that can help them pay a portion of their rent this month. However, these programs have a downside, which is common among many ways to pay rent.
Talk to Your Landlord About a Partial Rent Payment
A renter who is able to pay some but not all of their rent may be able to talk to their landlord and make arrangements to spend the rest later. A landlord may be willing to accept such an offer, as uncomfortable as it feels to ask.
Cut Back On Non-Essentials
Refuse to pay for non-essentials and divert this money back to your rent instead. This may involve eliminating streaming services, not eating out, and not paying a few bills to have rent.
