The best emergency loans for rent are personal loans from providers that offer quick approval and funding, such as Avant. An Avant personal loan can give a renter $2,000 or more for rent payments and other emergency expenses, with approval and funding as quickly as two business days after they apply. Other options for an emergency rent loan include LendingPoint and FreedomPlus.
Emergency loans for rent help renters pay their landlords on time, avoiding penalties such as late fees or even possible eviction. Paying late can also affect a renter’s chances of renting a different property in the future, as potential landlords may inquire into an applicant’s past rental history. Late payments may damage the renter’s credit score, too, if the landlord reports them to the major credit bureaus. Emergency loans for rent help to prevent those unfavorable situations, but come with costs of their own, such as interest and origination fees.
Best Emergency Loans for Rent:
Avant: Approval and funding often within 2 business days. Up to 4.75% origination fee. APRs of 9.95% - 35.99%. 600 credit score required.
LendingPoint: Approval and funding often within 2 business days. 0% - 6% origination fee. APRs of 9.99% - 35.99%. 585 credit score required.
FreedomPlus: Approval and funding within 2 - 3 business days. 0% - 5% origination fee. APRs of 5.99% - 29.99%. 620 credit score required.
Note: Credit score requirements come from the lenders or several third-party sources.
Personal loans aren’t the only option when it comes to emergency loans for rent. However, other choices tend to be much more expensive. You could take out a small, short-term loan from a payday lender, for example, but you would have to pay enormous fees in return (which can be equal to a 400%+ APR). That would take a big chunk out of your next paycheck and leave you in a bad situation by the time your next rent payment comes around.
Instead of a loan, you may want to seek out other ways to get extra cash for rent. Those include working longer hours, asking for an advance on your paycheck or asking your family for assistance. You might also want to simply talk to your landlord to see if they’ll offer you an extension on paying.
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