How to Pay Rent When You’re Short on Funds

Consumer prices rose at a record pace in 2022, and many people seem to be a little short on funds. Higher interest rates aren’t helping. For some people, that’s a minor inconvenience, while others are struggling to pay their rent and keep food on the table. Thankfully, there’s help available for people who find themselves in that position. Here are some ways you can get extra cash quickly:

How to Pay Rent When You’re Short on Funds

1. Apply for a payday loan

Payday loans are small dollar loans that can give you fast funds to cover expenses before your paycheck. Many people who get paid on a bi-weekly or monthly cycle use these loans to pay bills that are due between their paydays.

There are retail locations and online lending websites where you can apply for a payday loan to make your rent payment on time. You’ll need to provide identification like a driver’s license or State ID card, proof of income, and your bank account and routing numbers to apply.

2. Apply for an installment loan

Installment loans are short-term loans that you can pay back over a period of several months or years instead of in one single payment. The monthly payments are called installments, and interest rates are typically fixed. Many lenders offer unsecured installment loans that have less strict credit score requirements and can give you same-day funds. This loan could solve your rent problem and help you get back on track financially, so you don’t run into the same issue next month.

3. Negotiate with your landlord

Negotiations with the landlord should only commence after you’ve exhausted your lending options. Many landlords will ask if you’re able to borrow the money before they’ll work out other arrangements with you. These may include taking partial payments until the overdue balance is paid or raising future rent payments to cover what’s in arrears. Landlords are experiencing the same price pressures you are, which could work in your favor during negotiations.

4. Ask for government or non-profit assistance

There are government programs and non-profit organizations that were formed specifically to help people in your situation. If negotiations with your landlord fail, you may be faced with an eviction notice. Your state or local government may have eviction bans in place or at least some protections to buy you more time. Certain non-profits may be able to pay what you owe if you meet their criteria. But keep in mind that you’ll likely need to prove financial hardship for them to help.

5. Sell unused or unwanted items

Selling unused or unwanted items on eBay or Amazon has become a popular way to make money and can help you get extra cash online. Start with the items in your home that are no longer useful. There could be someone else out there willing to pay you for them. Once those are sold, hit some yard sales or flea markets to find other items you can buy at a low cost and sell for a profit.

The bottom line

The cost of living is high right now, and you are not alone if you’re struggling to pay rent. You can apply for a payday loan or an installment loan to get quick cash. If that doesn’t work, try negotiating with your landlord or search for government and non-profit agencies that assist renters in need. You could also sell some used items that are lying around in your home. Many people have started eBay and Amazon businesses to offset rising costs. Using one or more of these methods can help you cover your rent this month.