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Can’t Afford Rent? Here’s How to Get an Emergency Loan

Tom Hartford, Senior Editor

June 17th, 2020

Affected by COVID-19? Here are a few resources to help during this unprecedented situation.

CARES Act

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law to aid individuals and businesses impacted by the COVID-19 pandemic. This bill is the largest of its kind in U.S. history.

Direct Stimulus

Individuals will receive tax credits in the form of a check or direct deposit. No action is required to receive this benefit. This includes $1,200 per adult and $500 per child to individual filers earning less than $75,000 annually, along with other stipulations. Track your Stimulus Check here.

Unemployment Assistance

This CARES Act also includes expanded unemployment benefits. Requirements now include self-employed, independent contractors, gig economy workers, and more. To apply, contact your state unemployment office. Find their contact information on the U.S. Department of Labor website.

Mortgage Assistance

At this time, mortgage lenders and servicers can provide payment deferral of up to 180 days on federally backed loans. If needed, contact your mortgage provider to discuss deferring mortgage payments.

Rent Assistance

If you cannot pay rent, talk with your housing provider, as you may be protected under the CARES Act. Read more about COVID rent relief here.

Life is full of unexpected financial impacts. And even the most responsible people with soundly structured budgets get tested— especially during these uncertain times.

The best way to combat unexpected financial hardships is to have a safety net. Many people rely on their hard-earned savings, emergency credit solutions, or alternate forms of income to get them through life’s unexpected expenses.

But what happens when your savings or safety net isn’t enough? You may find yourself with rent due soon and you need funds urgently. If so, here are your options to receive an emergency loan for paying rent.

 

COVID-19: The Great Unexpected

As you know, COVID-19 has affected employment, finances, and the global economy in unprecedented ways. Unemployment in the U.S. has already risen to the high end of the natural unemployment rate.

In fact, U.S. analysts and the Federal Reserve Bank predict that unemployment could rise to 30% or more, comparable to the Great Depression and worse than any other recession in history. With so many social distancing and stay-at-home orders, it’s likely that you or someone you know has felt the impact of this crisis. Sometimes, the unexpected is too big for a safety net.

 

What to Do if I Can’t Pay Rent?

 

COVID-19 CARES Act

When President Trump signed the CARES Act on March 27, 2020, part of the Act contained protections for renters who live in buildings backed by federally insured mortgages. In these cases, there is a 120-day eviction moratorium for those unable to pay rent. As of now, this moratorium lasts until the end of July.

This means you should not be charged late fees, penalties, or face eviction if you are unable to pay your rent at this time. You can learn more about COVID-related rental relief here.

 

Consider Rent Assistance

There are a few different options when you can’t afford rent and seek assistance. For example, the National Council of State Housing Agencies has a state directory for housing help. Also, the U.S. Department of Housing and Urban Development (HUD) helps to connect consumers with affordable housing here.

 

Talk to Your Landlord

Finally, you may want to talk to your landlord or property manager if you don’t think you’ll be able to pay your rent this month. For example, As a way to keep good renters, most landlords have rental agreements that include a grace period. Learn more about how to avoid being late on your rent payment here.

 

How to Prioritize Bills When Money Is Tight

We can’t exactly advise you on which bills to pay when, since each situation is different from the next. However, here is some general knowledge that may help during this unprecedented time:

A good motto for paying your bills is to “Pay Yourself First”. No, this doesn’t mean you should go out and splurge on personal desires. Rather, you should take care of those bills that are closest to your daily needs.

As a result, your home is high priority. Housing expenses, rent, utilities, and food should dominate your financial plans. When these are taken care of, you have a little room to breathe knowing you and your family have a roof over your heads.

After that, think about your work expenses. If you have a job, you’ll want to keep it. So, any bill that preserves your employment should be a high priority, such as a car payment, money for gas, and probably your phone bill. When you are working, you have more money coming, which means you can negotiate the path out of the crisis.

Things may be rough right now, but try to be smart with the money you have as this crisis passes.

 

Find Emergency Funds

Unfortunately, many folks find themselves in a financial crisis and don’t know how to navigate the situation. Without the right guidance, people sometimes find themselves without funds for essentials like food, rent, and utilities.

Scrambling for extra funds may feel terrifying, but it doesn’t have to be. Paycheck advances and short-term personal loans are designed to span the gap between paychecks and keep people afloat through unexpected financial needs.

 

Introducing Check Into Cash

As a pioneer in the short-term, direct lending industry, Check Into Cash has provided everyday people with the emergency loans for rent and other credit solutions they need for over 25 years.

 

Look Into Payday Loans

Need a small, quick loan? A Payday Loan is a small-dollar, short-term personal loan used to help a person with unexpected expenses. Payday Loans generally range from $50–$500, depending on your state, and are not intended to be used on large purchases.

Payday Loans are a safe and convenient way to cover small, unplanned expenses, like paying your rent, for example. Built to help with life’s small emergencies, Payday Loans offer quick cash when payday is a little too far away.

 

Learn About Installment Loans

Need a little more cash? An Installment Loan is a longer term loan that offers higher dollar amounts of up to $5,000, depending on your area. You can pay it back over a longer period of time with bi-weekly or monthly payments over terms ranging a few weeks to a few months.

Also, you will have lower monthly payments. And, there is no penalty for early payment. Installment Loans can cover emergency expenses during extended times of financial need and uncertainty.

 

Try Title Loans

Do you own your car? If so, you have available cash sitting in your driveway. Depending on the vehicle and other factors, you could access loan amounts up to $25,000 with a Title Loan.

Simply bring the clear title of your vehicle and a few other documents, like proof of income and photo ID, depending on your state. Check Into Cash keeps you on the road with an easy emergency loan process and fast cash for your lien-free, titled vehicle.

We’re Here to Help

Despite the long-lasting effects of the current pandemic, Check Into Cash is here to help you make it through. We have a wide variety of loan products available, so your emergency loan choice should match your financial needs.

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