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Are You Late on Rent? Don’t Panic.

Are You Late on Rent? Don’t Panic.

Maybe you had an unexpected medical expense, or maybe your car died on the side of the road and you had to pay for costly repairs. Whatever the reason, you may already know that you’re going to be late on rent this month. It is normal to feel a sense of panic. After all, if you don’t pay rent your landlord can evict you. But don’t worry, you have options, including getting an installment loan to get you through the month. Take a deep breath and read more below!  

Talk to Your Landlord

I know it may seem like the last thing you want to do when you aren’t going to be late on rent, but talking to your landlord can be one of the best things you can do. You may be surprised at how accommodating they can be. They generally don’t want to evict you as much as you don’t want to be evicted. If you know ahead of time that you aren’t going to be able to make rent, giving them a heads up can be better than waiting until the day of. The sooner you tell them, the better. If you can explain to them how you got in this situation and a date when you will be able to make the full payment, they will be more willing to work something out with you. They may be able to offer you a partial or delayed rent payment. Expect a possible late fee when you can pay the whole amount. The worst thing you can do is not say anything and wait for them to confront you about it. They will be less likely to work out any sort of deal or forgive you if it happens again.

Get an Installment Loan

If you are facing eviction from paying your rent late consistently, it may be time to consider getting an installment loan. You can get approved with CreditBox for loans up to $4,000 depending on which state you live in. You can rest easy knowing your rent is due for the month and worry about other things you have on your plate.

Overdraft your Credit Card

Depending on what your bank policies are, if you are paying your rent without enough money in your line of credit, it may go through anyway. The plus side is that you paid rent on time. The negative is that you will incur overdraft fees. These fees can often be worse than payday loan fees. It is up to you to decide if over-drafting your account is worth it.

Eviction

If you have exhausted all of your options and consistently are late on rent, then it may be time to give up your current living situation for something cheaper. If your landlord evicts you, you usually have a grace period where you can plan for where you will live next. Worried you won’t get approved for a new place? Check out our blog where you can find out about getting an apartment with bad credit.

If you need an installment loan to make rent this month, apply now with CreditBox! Use our easy application to get next day funding and instant pre-approval online for loans up to $4,000.

CreditBox and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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