Paying your rent on time can be a huge burden especially if you are in financial distress. COVID-19 has exasperated the situation. According to a US Census Bureau survey in August 2020, nearly 9.3 million Americans were unable to pay next month's rent while another 14 million had little chance of paying it.
The landscape of rent prices has seen a noticeable shift from March 2023 to March 2024, with a rise of approximately 0.77 percent, translating to an increase of $15 compared to the previous year. Despite a slowdown in the rental markets, the asking rents have not only surpassed the levels seen before the pandemic but have also led to the worst recorded affordability conditions.
If you are also in a tight spot finding it hard to pay for your next month's rent, here is a list of programs you can apply for and information on how Delaware Title Loans, Inc. can help you during an emergency.
Rent Assistance Program
If you need rent money, you should first check with The U.S. Department of Housing and Urban Development (HUD). Their rental assistance program is available in all 50 states and helps people find affordable rental housing. You can either opt for HUD run public apartment units or get a Housing Choice Voucher and use it to pay for a rental house of your own choice.
211 Assistance
If you are close to being evicted or need other basic supplies for living, you can call 211 call centers. This service is available to virtually every American and connects you to services and agencies that can help with rent. 211 call centers will also help you with food, utilities, and other basic necessities.
Unemployment Benefits
If you have recently lost your job, then you should immediately apply for unemployment benefits. Depending on the state you live in you can get a check for $500 per week although in some states you can get as much as $1,200. Unemployment benefits are also considered as alternative income when you apply for a loan.
Credit Union Personal Loans
If you have poor credit and need an emergency loan for rent, you can also consider credit union personal loans. Credit unions are not-for-profit organizations for people who live, work, or study in a specific area. They offer both secured and unsecured personal loans and consider people with bad credit. One disadvantage of credit union loans is that they can sometimes be time-consuming.
Get an Installment Loan
Another emergency loan for rent option is a personal installment loan. Installment loans can be paid back over a longer period of time in pre-decided, fixed installments. Most installment loans have a minimum credit score threshold, and you can qualify even if you have a bad credit history. Though, improving your score can lower your interest rate.
Payday Loan
If you are facing a temporary financial crunch, then you can also get a payday loan. Payday loans are short term, unsecured debt, and can also be used as emergency loans for rent. Essentially when you get a payday loan, you are getting a paycheck advance, and you are expected to payback from your next salary. Payday loans are generally meant to be paid back after a fortnight or a month.
The main advantage of payday loans is that lenders will not take into consideration your credit history. With most payday loans, you'll be able to get a maximum of $1,000.
Get a Title Loan
If you own a car and need urgent rent money, then you can opt for a title loan. Basically, title loans are short to medium-term loans that you can get in return for your car title held as collateral. Title loans are easy to acquire and ensure quick payment. A title loan can also be used for emergencies such as urgent home repairs, medical expenses, or urgent travels.
Benefits of Title Loans
1. Easy and Fast
The main advantage of title loans is that they are easy to acquire and ensure fast payment. If you live in Delaware, then check out an auto title loan center in Delaware. The process takes just 30 minutes and you can get between $300-$15,000.
All you need to do is to fill out an online application. Once your loan has been approved, the cash will be transferred to your account on the same or next day.
2. Bad Credit Accepted
Another advantage of title loans is that you do not require a strong credit history. No credit history at all is accepted as well.
3. Keep Driving Your Car
If you get a title loan, you will be free to use your car as long as you keep on making your payments. You will have to ensure that the car is in your name and lien-free, meaning there is no outstanding claim against it.
How to Acquire Title Loans Near Me
To acquire a title loan in Delaware, you can either visit a store in an old-fashioned way or go online. This is the step-by-step process for acquiring car title loans:
- If you live in Delaware, go to our home page.
- Fill out the online form on the website
- Once you are finished, you will get a call from a representative who will ask you to visit a location near you (use the store locator on the website to find one near you)
- You will have to bring the car’s title and your driver’s license or State ID
- The representative will check your car and let you know of the loan amount you are eligible for
- Once it is done you will get the amount deposited in your account the same or next business day
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
