We all struggle with finances from time to time — but even when you’re in a tough spot, you still need to find a way to make your rent payments. Paying your rent can be one of the biggest burdens when it comes to losing a job, dealing with unexpected repairs or expenses, or experiencing a major life change. If you’re searching for a way to help pay rent while in a financial rut, we’ve got you covered by providing information to help you find emergency loans for rent. The information presented in this article has been found directly from the source websites, after reviewing the terms and conditions. Whether you’re looking for rent loans for possible future events or you need to find emergency eviction loans right away, this article has you covered.

Included in this article:

  • A List of Options for Emergency Rent Loans and Assistance

  • Application Requirements (Beyond Basic Personal Information)

  • Length of Time for Application Processing

  • Whether a Credit Check Is Required

  • Credit Score Minimum

  • Interest Rate and Fees

  • And More…

What to Know About Emergency Loans for Rent

Although emergency loans may be the fastest option for receiving assistance on your rent payment, they can come with drawbacks including high interest rates, lowered credit scores, and the added difficulty of repaying the loan. In addition to emergency loans, there are many options available from the state government and local non-profits to provide grants or loan assistance so that you can pay your rent without worrying about high interest rates. In some cases, you won’t have to pay back the money at all. This type of assistance is usually based upon need rather than on your credit score, so they can be good options to pursue before requesting a loan from another source. Check out this directory of the federal rental assistance programs available by state.

Online Lending vs. Traditional Lending: What’s the Difference?

You’ll notice that we’ve separated the options for emergency loans into categories for Online Lending and Traditional Lending Options. How do these categories differ? Traditional bank lending often requires a higher credit score along with a better credit history than online lending options.

Some of the benefits of getting a loan from a traditional bank are lower fixed interest rates, better repayment times, and a more secure loan source. But if your credit score is not as high as you’d like it to be, and you do not have a stellar credit history, pursuing online lending may be the route for you. Be wary of abnormally high interest rates and keep in mind that those rates may make repaying the loan difficult in the long run.

The lenders in the final category, which includes payday loans, may not require a credit check at all or may have very low credit requirements. Loans from this category will typically have the highest interest rates among the available options.

Online Emergency Loans for Rent

LendingClub

  • Application requirements: Income verification, credit usage and history
  • Length of time for application processing and payment: Depends upon crowd-sourcing as people invest in your loan.
  • Credit check required? Yes
  • Credit score minimum: Varies
  • Interest rate/fees: Ranges from 5.99% to 35.89% APR
  • Loan amount possible: Up to $40,000
  • Learn more about LendingClub’s loan options.

PersonalLoans

  • Application requirements: Income verification, valid bank account, and strong credit history
  • Length of time for application processing and payment: Application can be processed and funds disbursed in one day.
  • Credit check required? Yes
  • Credit score minimum: 600+
  • Interest rate/fees: Ranges from 5.99% and 35.99% APR
  • Loan amount possible: $4,000 to $35,000 for a peer-to-peer loan
  • Learn how to use PersonalLoans.

LoanNow

  • Application requirements: Income verification, driver’s license or state ID
  • Length of time for application processing and payment: Most applications processed in 24 hours
  • Credit check required? Yes
  • Credit score minimum: None specified; may vary based on other factors
  • Interest rate/fees: Ranges from 29.99% to nearly 300% APR
  • Loan amount possible: $1,000 to $10,000
  • Check out LoanNow’s Emergency Rental Assistance Program.

BetterLoansMutual

  • Application requirements: Income verification and credit history
  • Length of time for application processing and payment: Most applications processed by the next day.
  • Credit check required? Yes
  • Credit score minimum: Credit score minimums are dependent upon lender
  • Interest rate/fees: Rates and fees depend upon specific lender. More on that here. 
  • Loan amount possible: $100 to $5,000
  • Check out BetterLoansMutual for more information.

Banks That Offer Loans Which Can Act as Emergency Rent Loans

Wells Fargo

  • Application requirements: Employment information, income verification, credit history, utility bills, copy of driver’s license or social security card
  • Length of time for application processing and payment: Usually within one day
  • Credit check required? Yes
  • Credit score minimum: Varies
  • Interest rate/fees: Ranges from 6.49% to 23.99% APR
  • Loan amount possible: $3,000 to $100,000
  • Learn more about Wells Fargo personal loans.

PNC

  • Application requirements: Employment information, income verification, credit history, and one form of photo ID
  • Length of time for application processing and payment: Usually within one day
  • Credit check required? Yes
  • Credit score minimum: Varies
  • Interest rate/fees: Varies based upon location and credit history
  • Loan amount possible: $1,000 to $25,000
  • Learn more about PNC personal loans.

Citizens Bank

  • Application requirements: Employment information, income verification, credit history, and social security card or proof of ID
  • Length of time for application processing and payment: Usually within one day
  • Credit check required? Yes
  • Credit score minimum: Reasonably strong credit history
  • Interest rate/fees: Ranges from 5.99% to 15.99% APR
  • Loan amount possible: $5,000 to $50,000
  • Learn more about Citizens Bank personal loans.

Other Options for Paying Rent: Credit Card Cash Advance and Payday Loans

These choices are typically for smaller loan amounts (less than $1,000 in most cases) and can incur some of the highest interest rates of any emergency loan option. Generally, you’ll want to utilize these services only as a last resort.

Cash Advance Through Your Current Credit Card

Certain credit card issuers allow cardholders to obtain a cash advance, typically by running a cash-back transaction at a store. Interest for these transactions will usually begin to accrue immediately. Specific rates, fees, and limits vary by credit card issuer. Contact your credit card company for further information.

  • Application requirements: If you already have a credit card, no requirements. If you are applying for a card, credit history and income will be taken into account.
  • Length of time for application processing and payment: Immediate
  • Credit check required? Yes
  • Credit score minimum: Varies
  • Interest rate/fees: Typically 3 to 5 percent fee of cash amount withdrawn, plus an average of 24 percent APR. Rates and fees vary widely by credit card issuer.
  • Loan amount possible: Depends on your credit card issuer.
  • To learn more about cash advance, visit your credit card issuer’s website or contact customer service for your credit card company.

ACE Check Express

  • Application requirements: Source of income, banking information, and social security number (for online applications) or government ID (for in-store applications)
  • Length of time for application processing and payment: Customers will receive a decision within minutes of applying. Funds can be picked up at the nearest ACE Check Express or deposited electronically overnight.
  • Credit check required? Yes
  • Credit score minimum: Varies
  • Interest rate/fees: Ranges from 214.62 percent to 661.69 percent APR depending on the state and the length of the loan.
  • Loan amount possible: Typically $200 to $1,500, but varies by state.
  • Learn more about ACE Check Express payday loans.

Check Into Cash

  • Application requirements: Social security number, pay stub or other proof of income, a valid government-issued ID (like a driver’s license), and a valid checking account that has been open for at least 90 days.
  • Length of time for application processing and payment: Most applications are approved or denied within 30 seconds. For online loans, electronic funds will be deposited into your account the following business day.
  • Credit check required? Yes
  • Credit score minimum: Not specified, but those with bad credit are encouraged to apply.
  • Interest rate/fees: Varies by state. May range from 382.38 percent to 664.21 percent APR.
  • Loan amount possible: $50 to $1,000, but varies by state.
  • Learn more about Check Into Cash payday loans.

Money Mart

  • Application requirements: Proof of income, a valid checking account, and a valid government ID
  • Length of time for application processing and payment: For in-store applications, customers can walk out with cash in hand within one hour.
  • Credit check required? No, not for payday loans. Other types of loans at Money Mart will require a credit check.
  • Credit score minimum: NA
  • Interest rate/fees: May range from 391.1 percent to 622.1 percent APR, but varies by state and loan amount.
  • Loan amount possible: $50 to $700, but varies by state
  • Learn more about Money Mart payday loans.

Speedy Cash

  • Application requirements: Valid ID, proof of income, an open and active checking account, and a working phone number. A social security number is required for online applications.
  • Length of time for application processing and payment: For online loans, applications are typically approved and funds disbursed within 24 hours. In-store loans will typically provide cash immediately.
  • Credit check required? Yes
  • Credit score minimum: Varies by type of lender
  • Interest rate/fees: Varies by type of lender
  • Loan amount possible: Varies by type of lender, but typically the maximum amount is $1,000 or less.
  • Learn more about Speedy Cash payday loans.

A Note About Interest Rates on Loans to Pay Rent

You’ll notice in our list that the interest rates for each option vary considerably. This has to do with a variety of influences. Primarily, interest rates fluctuate based upon your credit score and history. If you have a generally good credit history and a good credit score, you can usually get better interest rates on your loans. On the other hand, if you don’t have good credit, your interest rate is typically higher. Loans that are not from traditional banks and are based in the online lending sphere tend to be higher, as they usually accept worse credit than traditional lenders.

Not sure about your credit history? You can receive one free credit report from all three credit bureaus (TransUnion, Experian, and Equifax) each year from AnnualCreditReport.com. This will help you anticipate your odds for being approved for or denied a loan, and where your interest rate is likely to fall on the range of possible percentages.

Emergency Loans for Rent: Conclusion

Loans to pay rent are available. Financial difficulties or life changes can make paying your rent a daunting task, but before you take out an emergency loan, be sure to check out all of your options. Remember to research the federal and non-profit grants that may be available to you. If you have decent credit, it’s a good idea to try traditional bank options before opting for online lending. If your credit is not as high as you’d like and you cannot secure a loan from a traditional source, online lending is an option for you. Be sure to keep an eye on the interest rates when you apply, and keep your overall personal finances in mind any time you take out a loan. Always have a plan for paying back a loan before you apply for it.