Emergency eviction loans are designed for those who need money to pay rent tomorrow or within a few next days.
Unexpected situations can happen to any of us, such as losing a job, having to pay large medical bills, paying to repair your car, etc.
This may lead to your inability to pay your rent on time, which may result in eviction.
This does not mean that you should start packing your stuff right away because it is possible to find additional financial sources to pay to your landlord, and you should read this article to find out what they are.
An emergency rent loan is offered by some lenders and organizations for people who are at the risk of eviction.
Usually, it is a one-time financial solution that can help you to cover your monthly payment.
It is possible to apply for such a loan with land-based lending businesses or those operating online.
Where to Apply?
There are different options that you can consider if you are looking for the money to pay you rent.
First of all, you can think of applying for Emergency Rental Assistance.
This program allows families to manage their financial problems during difficult times.
In this case, a borrower should prove that one is moving in the right direction to sort out temporary financial difficulties.
If you qualify, you will get a loan in the amount of up to $900.
Also, it is possible to apply with different online lenders for loans for rent.
In this case, you just need to get either a payday loan or an installment loan.
Those are unsecured loans, which means that no collateral is required.
How to Apply?
Usually, if you apply for emergency loans for rent, you will have to provide the following documents:
- A driver’s license or another document that can be used for identification;
- Copy of lease. You need to provide it to prove that you pay rental payments;
- Proof of income. It will allow seeing your monthly salary;
- Bank statement. It is needed to inform the lender of how much you currently have on your account;
- Copy of eviction notice. You will have it in case if eviction procedure has already been initiated, but providing this document is optional;
- Information proving financial problems. You can provide some documents showing that there have been serious reasons not to pay the rent. For instance, it could be medical bills.
If you apply with online lenders, you may just need to provide the information about your salary, job, and some other details.
The thing is that, usually, payday or installment loans are provided regardless of the purpose.
You may face problems with getting eviction loans due to bad credit.
In this case, you can either agree to pay a higher interest rate or opt for a secured loan.
In the latter case, you will have to provide something for your lender as collateral.
Also, if you do not need much money, you can think of applying for an allotment loan, which means that payments will be taken from your account automatically.
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Representative Repayment Examples
1. A 2 year loan of $5,000 with a max Annual Percentage Rate (APR) of 12.99% would result in 24 scheduled monthly payments of $238. Total amount of loan re-paid would be $5,704. Total Interest paid would be $704.
2. If you borrowed $2,000 over a 12 month period and the loan had a 3% origination fee ($60), your monthly repayments would be $189.12, with a total payback amount of $2269.44 which including the 3% fee paid from the loan amount, would have a total cost of $329.44. Representative 29.82% APR.
3. Loan amount $2,500, Interest rate 16.00%, Term 36 months, Fee 10.00%, Payment $87.89, APR 22.93%, TOTAL PAYMENTS $3,164.13, $914.13
Texas46bbq.com is not a lender – as such, we do not have control over the APR you will be offered. We display a Representative APR only as it is based on data offered from multiple lenders. The following represents sample rates, is for informational purposes only, and may not reflect the actual APRs offered by your lender or lending partner.