Rent's Due and Money's Tied Up: Quick Solutions to Footing the Bill

Rent’s Due and Money’s Tied Up: Quick Solutions to Footing the Bill

By admin, September 18, 2018

For some people, renting is a lot more affordable and easier than owning a home. There’s no property taxes, homeowners insurance, maintenance, or repairs that you have to cover. Though it can be convenient to simply pay rent, there are months where footing the bill is easier said than done. A car repair, high utility bill, medical emergency, family emergency, or a mix up with your paycheck can exhaust your funds leaving you in a bit of a jam.

There’s a lot of programs that help homeowners struggling to afford their mortgage payments, but what can you do as a tenant? With only a few weeks before the first and the threat of eviction for nonpayment, you may feel like you’re back is against the wall. Before you throw in the towel and wave your white flag, here are some quick solutions to getting that rent paid.

Work Something Out with Your Landlord

First and foremost, let your landlord know that you’re going to be a bit late on the rent this month. This prepares them financially and could stop them from starting the eviction process. Ask for an extension on the rental payment if possible. If you’re usually good on paying, they may be willing to work out an arrangement with you where you break the past due amount up into smaller amounts and add them onto the regular rental payments until you’re caught up.

Move Some Things Around

Now, take a look at your personal finances. Are there bills that you were due to pay on or around the same time your rent was due? Can these bills be paid at a later date? This can free up some cash you need now and give you more time to pay the other bills later. If another bill is going to be late, reach out to the service provider to inform them to try and avoid fees or collection efforts.

Sell Some Things

When things get down to the nitty gritty sometimes the only way it can be handled is to sacrifice. Perhaps you can clean out your rental property and sell some things for cash. You can get a quick response by taking photos and using an online app to sell to interested parties nearby.

Installment Loans

If your rent payment is due and the deadline is only a few days away, you probably won’t have time to earn enough to pay the balance in full. If you’re simply dealing with a temporary setback (a higher energy bill) and not a serious financial crisis (loss of employment), there are installment loan direct lenders that will lend you a helping hand. If you meet the minimal eligibility criteria, you could have several hundred or thousand dollars deposited into your account within a few business days. Then, you can pay the loan off with conveniently monthly payments.

Get a Roommate

If you’re dealing with an ongoing financial problem like the loss of a job or a decrease in pay, you may want to consider finding a roommate to move in with you. This can be a friend or family member who is in need of a place to stay. You might also offer a room to college students or single individuals who don’t mind a small space. Make sure this is alright with your landlord prior to offering your space. Having someone else in the place with you cuts down on all costs ensuring you can pay your rent on time.

Try Ridesharing

If you can’t get enough to pay your rent from your income, perhaps the solution is to boost your income. Ridesharing has become increasingly popular. Many companies even offer a sign-on bonus of a few hundred dollars. You can get paid a decent amount each day depending on how frequently you drive and where you live.

Government or Private Assistance

Lastly, there are some options for renters who have fallen on hard times. Check with your city, state, and county to find out about government and/or private programs that help tenants with back rent. You may need to meet certain criteria, but if eligible you could have your rent paid for you and even reduced in the month’s ahead.

As cost-effective as renting can be for some individuals, there are times when paying the rent each month is impossible. If your funds are all tied up or you’re going through something that will change your finances temporarily or permanently, there are still resolutions to getting your rent paid. Remember, start by talking with your landlord to avoid eviction procedures and then consider the tips listed above to accumulate the cash you need.