#RentDue #Budgeting #CreditScore #FinancialTips
Evaluate Your Options Before Taking Out a Loan
Before rushing into taking out a loan to pay your rent, it’s important to carefully consider all your options and weigh the pros and cons. Taking on debt should be a last resort, especially if you have other ways to cover your rent without borrowing money.
Assess Your Current Financial Situation
Take a close look at your bank balance, upcoming paychecks, and credit score. With $200 in your bank account and a $900 rent due, it’s clear that you are short on funds. However, with a credit score of 659, you may not be eligible for the best loan options with favorable terms and interest rates.
Explore Alternative Solutions
While you mentioned that you don’t have family or friends to borrow money from, consider other possibilities such as negotiating with your landlord for an extension, finding additional sources of income, or selling items you no longer need to raise cash quickly.
Consider a Loan as a Last Resort
If you decide that a loan is your best option, make sure to research and compare different lenders to find the most suitable terms for your financial situation. While you mentioned considering a $700 loan, be cautious of high interest rates and fees associated with short-term loans.
Seek Financial Advice and Assistance
It’s always a good idea to consult with a financial advisor or counselor to get personalized advice on managing your finances and making sound decisions. They can provide guidance on budgeting, debt management, and improving your credit score for future financial stability.
In conclusion, carefully assess your options, explore alternative solutions, and seek professional advice before making any hasty decisions about taking out a loan to pay your rent. Prioritize your financial well-being and take proactive steps to secure your financial future.
The best thing is to ask your landlord for more time. Waiting 4 more days is cheaper than evicting you and finding a new tenant.
What’s the penalty for late rent?
just tell your LL youll be late (tell them you get paid on friday)
they will absolutely work with you because if you just plain refuse to pay or leave it is a pain for them to deal with.
Inform your landlord of the situation and say you will have payment in full on Friday. Ask if you should make a partial payment today and that you’ll accept paying the late fee. The landlord may wave if for you for just this one time – unless you rent at a complex then they will definitely not wave the fee.
Do you have a grace period for rent?
If not and you’ve never been late before, I would call your landlord to ask if you can pay $200 today and the rest on Friday. They may be willing to do it as a one time courtesy.
You know payday loans have predatory interest rates, right? You’re going to owe way more than $700 even if you pay it back right away.
Like the others have said, speak to your landlord. Speak, don’t email, for God sake don’t text. Call them and admit you’re short. Offer to give a good faith payment now. Don’t give them all your money, you gotta eat, maybe half with the promise of the rest in 4 days.
Don’t make a habit of it.
Edit: your credit score is meaningless in this context
I think you are way over stressing the situation, payday loans are terrible. No need to even consider in my opinion. Like everyone else has said, reach out to the landlord and explain the situation, if you’ve been living there 4 years and only paid late a handful of times you sound like a great tenant to me, and the idea of eviction shouldn’t even be on the table for them
JFC just call the landlord & explain the situation, communication is key! Or don’t, and continue asking everyone if that’s the best course of action instead of doing anything 🙄
Ask landlord for more time. Say you’ll hand deliver on Friday. Don’t get a loan. Always keep as much money in your account as you can. Never put bills above your wellbeing. Took me a long time to understand that. A few days will not make a difference. Short term loan will cost you hundreds in fees. Just let your landlord know it will be late.
*edited due to insufficient funds, call landlord and apologize that you made a mistake and will bring cash payment on Friday.
The avg payday loan is EXTREMELY predatory, with 400%-900% interest! You could literally end up paying thousands of dollars for a small payday loan, originallyless than a thousand dollars.
I used to have to call and old landlord occasionally to remind him to cash my checks because he hadn’t 3 weeks after I paid. As others have said, call him. Some may be strict but as long as you’ve paid on time in the past I think you will be fine. We all run into life at one time or another. Maybe give him the $100 in good faith first so it shows you are offering something and not just trying to run out. Chances he’ll just wait and take the full amount.
That and man, $900 rent. Cheapest I could find was $2200 in my area before I bought my house last year.
Talk to your landlord. Being a few days late isn’t going to kill him and it’s less hassle for him to accept than to kick you out. Don’t get trapped into a cycle of debt with short term lenders who charge outrageous fees and interest rates.
OP will do anything to not talk with the landlord
You won’t be getting evicted if your payment is late once. Eviction is expensive and a huge headache so they won’t want to do that.
Everyone telling you to talk to your LL is right. Do that. DO NOT even consider payday loans. Literally never consider a payday loan for any reason. Credit cards are better than those.
Yes. Ask to post late.
Make A good plan for how to pay the July rent….
How much CC debt are you carrying that you can only pay $100 on the card?
Like others have said, talk to your landlord.
Long term, consider if you can afford this place, or if you need to downgrade to a less expensive place, if you can find one, and if your landlord would let you out early without penalty because of your finances.
Note: I’m making assumptions based on current bank account, paycheck, and rent due.
Give him $150 as a goodwill gesture with thr promise to pay off on Friday when check hits. Don’t get a payday loan. The interest will kill you. Also, and it’s not a joke, look into selling plasma. I know lots of people that do and make a good size of extra cash.
Never ever get a payday loan.
Best option: Communicate with your landlord that you’ll have the funds friday and ask what you’ll owe with the late fee. If it is a property management company then there will be a late fee. Make sure this ok with them.
A possible option if they want the money today or they will start eviction proceedings is a credit card. Some property management places allow you to pay rent with a credit card. There is an additional fee for this option. Not sure if that is an option here and I would not recommend regularly paying rent with a credit card. Another is credit card cash advance.
Another option is to see city/county has a eviction prevention program if they want the money sooner than Friday. I would be surprised though if they don’t let you pay on Friday. I would be surprised they would be able to legally evict you this quickly too. It’s only the 10th.
Really you should call them and tell them what’s going on.
Increase income
Decrease spending
Those are your two options. The 2nd is almost always easier, even though people tend to focus on #1. Good luck pal!
I would not recommend getting a loan (interest rates). Just ask for a few days. That’s usually not an issue for them as long as it doesn’t become habitual.
Upstart will pay out quickly and was decent enough deal 6 years ago when I did it. Last payment is this month.
Just call your landlord and tell them you are having a bank issue and will make payment on Friday. No need to provide additional detail. Unless they have given you a “5 days pay or quit” notice prior to today you should be fine. In most states eviction is also a fairly lengthy process, that doesn’t start until after the notice period, with a number of stages where you can remedy the situation by paying amounts owed plus late fees. It’s not like the sheriff is going to show up and kick you out the day after the rent was due. In VA, for example, it’s a 2 to 4 month process.
There are apps like Dave, Empower, Brigit and Earnin that are advance paycheck loans with zero % interest rates (they just have fees between $1-$10). Between the 3, you may be able to get the $700. They just pull the full amount you borrowed back out of your bank account on your next payday.
I would recommend the advice of just calling your landlord and explaining the situation first, if that doesn’t work, then you can try those apps. I wouldn’t take a traditional payday loan because those usually have crazy interest rates.
Payday loan is the beginning of downward spiral and will cost you WAY more even in the short run. Call your landlord, on the phone like a human being, tell them exactly what you told us. Offer $100 now and get the rest next Friday. Put a little away this month to get ahead of next month and go lean this month to catch up. Things will get better.
Sneak on out the back. Head to the bar. Order 1 bourbon. 1 scotch. And 1 beer.
Ever donated plasma? A lot of places have bonuses for first few times donating, could help if you find yourself in the situation with checks hitting after rent is due. Helps me get groceries and gas when waiting to get paid.
Talk to your landlord. A $700 loan you get today will be a $900 or more loan by the time Friday comes.
Beg your landlord to take your rent on Friday.
Pay her and thank her profusely right away on Friday. Tell her you’ll never be late again.
Don’t be late again.
Relax! You cannot get evicted for paying your rent a few days late. You can get charged a late fee, but thats it.
Let your landlord know as a courtesy and pay it as soon as possible.
I dont understand? So you submitted your rent payment even though the money was not in there? you say in another comment you account went positive and it rejected the payment. Your post says you have $200 in the bank. So where did the rent money go? Or were you expecting your bank to cover a $700 overdraft?
Landlord here – “talk to your landlord” should always be your first move. They might let the date slip without penalty, just don’t make it a habit.
Your lease states your late fees. Good to communicate that you will pay on Friday with the total due.