If you’re falling behind on your rent payments, it could eventually turn into a severe problem. Not all landlords are cooperative even when a tenant is faced with a serious financial crisis. Such landlords may hand out an evacuation notice instead of the extension their tenants so desperately need. To prevent this from happening, you can request an emergency rent loan.
An emergency loan for rent can temporarily help you maintain a roof over your head. With its straightforward online process, you can temporarily avoid the dreaded eviction. In many cases, you can request a rent loan both online and via a lender’s physical establishment.
Required Documents for an Emergency Rent Loan
Usually, the process is very straightforward. For most lenders, you must make sure you have the following documentation on hand when requesting emergency cash for rent.
- Identification Document: Your driver’s license, passport, or state-issued ID all work as an acceptable form of identification. Ensure that you carry at least two of these with you at the time of request.
- Proof of Income: Lenders, make sure you’ll be able to repay the loan plus interest in full. Proof of regular income is required for a loan request.
- Bank Statement: Rent is a monthly expenditure, and most lenders make sure that you have enough financial stability to make payments on your own. Your bank statements are a testament to your financial stability or lack thereof. Some lenders may require it.
- Copy of Lease: Because emergency loans for rent help you out with one month’s rent, some lending agencies ask for a copy of the lease to determine the correct amount.
- Eviction Notice: Not all lenders will ask for one, but if you require a significant amount to pay your rent, they may ask you to bring the eviction notice.
With most lenders, making a loan request is relatively straightforward. Many lenders allow you to file a loan request online. You have to fill out a loan request form with the following details:
- Loan amount
- Bank account details
- Proof of income
- Loan term
With the form submission, you also need to upload all the required documents mentioned above. Once you send in your request, your loan request will be reviewed. Your profile will be assessed based on your income and your credit score. A lender may then make you an offer if you meet the relevant criteria that are often less stringent than those of mainstream financial institutions.
With an online loan request, you have a higher chance of getting your loan approved even if you have bad credit. Despite your poor credit score, there is always some chance that a lender may approve your emergency rent loan request.
The downside to crisis loans for emergency rent is that the interest rates are high. Tenants who have a good credit record and are certain that their financial crisis is temporary may choose to request a loan through a bank or credit union.
Banks have lower approval rates, but they also have lower interest rates. Since a loan for rent payment requires much shorter processing time, it is better than many other forms of credit. Banks and credit unions often take a few days to process requests. In case of an emergency, an online loan is the best solution.
Why Request Emergency Loans for Rent Online?
There are multiple advantages to an online loan request. Usually, the most significant advantage is that the process is quick. It provides you with the instant cash that you need without advance notice.
It is a short-term, unsecured personal loan, which makes the tenant's life much easier. Not everybody has a valuable item they can put on the line in times of financial emergencies.
The payment plan may be flexible. You may have the option of paying off the loan all at once or in fixed monthly installments to make it more affordable.
Even those with bad credit have a fair chance that their loan request may be granted. Those with a subpar credit score cannot request a loan through traditional channels, making an online loan the only suitable option for them. Since such a loan is urgently required, they may not have the option of exploring other routes besides an online request for emergency cash for rent.
We at GetCash connect you with a lender from our network, make a request for an emergency rent loan if you qualify, you may get an offer.
*federalreserve.gov data for Q3 2019