Rental Loan -- Borrow Your Full or Partial Rent Amount

by Jim Hughes   June 4, 2019

Pay your rent even you’re a little behind by taking out quick cash from a short-term lender.

Pay your rent and avoid eviction with a rental loan online.

Millions of Americans currently rent their homes or apartments, hoping each month that they can make their rental payment. However, many find themselves late on rent. It’s a lot more common than you might think, and it’s the reason why stipulations on missed rent payments are located in a large number of rental contracts. Landlords have a plan in place just in case you cannot pay your bills.

More and more lenders are offering to help individuals pay part or all of their rent for a period of time. Some of these companies work with the landlord directly, while others provide personal loans to the resident. Both options for a rental loan can help individuals who need temporary help paying off their rent.

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How It Works

The first step in finding loans to help with rent is to contact a lender and make some sort of an appointment to discuss the situation.

Short-term lending is one option that renters use to find quick cash. Payday loans are often easier to acquire than other forms of credit. In exchange for this easy access, payday loan companies may charge high interest and fees. 

A long-term loan to help with rent allows individuals to apply and have their application reviewed by a loan officer. The loan officer looks at a number of factors. Loan officers may look at the job that an individual has and their monthly income relative to their expenses. They may look at any debt an individual has incurred and what they have done with that debt.

A lender may also look at an applicant’s credit score. This score is a reflection of the way that they have handled their credit and paid back their debt in the past. The lender will meet with the applicant and ask them a series of questions about their rental situation. 

Lenders may prefer working with a debtor who has suffered a personal tragedy or has had their hours cut at work. In those instances, it is more likely that the applicant has only had a slight misstep and will bounce back and be able to pay their rent in other months. A lender does not want to help an individual pay their rent every month. In those cases, a better approach is often to find another place to live that has a more manageable rent. These concerns are, of course, mitigated by an individual's credit score and their overall creditworthy nature as determined by their income and assets. 

A lender for rental loans may be worried if an individual borrows $2,000 to pay for rent and only makes $30,000 per year. A lender will review an individual's application and then determine whether or not they qualify for a loan. If they do not qualify for the loan, an individual may be able to go back to the bank later on when their credit improves or head to another bank or lender. If they are accepted, the bank or lender may schedule a meeting either in person or over the phone to offer terms that govern the loan.

These terms involve, among other things, the amortization rate, the overall total of the loan, and the interest rate that an individual will have to pay over a period of time. The individual has to make a determination of whether or not they are going to accept the loan. When they have accepted the loan, they may receive it in their bank account and will begin the process of paying that loan off over time. The individual should not have any problems with their landlord over a loan to pay the rent. The landlord is receiving their payments and often will not inquire further

However, a loan to pay rent is a loan that will appear on the credit scores of practically any individual. There is a possibility that a lender in the future will look poorly on such a loan or will see it as an example of the lengths that a person is willing to go to in order to make sure that the entirety of their rent is paid on time. It only automatically shows up as a negative part of an individual's credit report if that individual does not end up paying the entirety of their loan to help with rent on time. 

Pros of Borrowing Money for Rent

One of the greatest pros of borrowing a long-term loan for rent is the structure of paying back the funding. The first reason is that borrowers who are given more time to pay back a loan often find it easier to manage each payment.

Another benefit is that paying back the loan can help improve your credit score. Lenders use your credit score to determine your creditworthiness and decide your eligibility for a wide variety of loans. A good credit score can mean a better interest rate. There are even some jobs and housing complexes that look at a person's credit score before admitting them. 

Your credit score is calculated using a number of figures, including your credit usage and how long you have been paying bills on time. Rent payments are one of the largest and most consistent payments that any individual will make. A missed rent payment could do a considerable amount of damage to a person's credit score. 

Those who miss a big bill and suffer credit score drop will likely end up paying more for a loan in the future, as the interest rate on loans is often higher for those with lower credit scores. As a result, it can be cost-effective to take out a loan to help with rent to ensure that a rent payment is made on time. The interest that an individual would pay on such a loan will be considerably less than the increased interest payments caused as a result of a lower credit score due to a missed payment.

Another benefit is not getting evicted. Thousands of tenants are evicted from their homes on a monthly basis. Short disruptions in income are one of the leading causes of these evictions. There is a considerable amount of peace and solace from the fact that an individual has paid their rent and will be able to stay in their home. 

Borrowing loans to help with rent can ensure that an individual will be able to make their rental payments. There is also the benefit of forming a relationship with a loan company. This may make it easier to borrow funding again in the future.

Cons of Borrowing Money for Rent

Getting into debt will always have its risks. No matter how safe you play it, there will always be potential for things to go south. Knowing the dangers of borrowing money for rent will help you avoid the most common pitfalls.


One disadvantage of borrowing rent is the interest makes the rent more expensive over time. The amount of interest and fees owed depends on a person's credit-worthiness and the amount of money that they are borrowing. Higher interest rates can make this an expensive solution. 

This interest may not seem like much at the time that a loan is taken out. It is often expressed in percentage points or a few dollars added onto a monthly loan bill's principal. However, the power of compounded interest is such that a monthly interest rate can cause the amount of money that an individual owes to skyrocket quickly. Having to pay off a loan can make it even harder to make rent payments in the future.

Loan Programs

Loan programs to help with rent, like those offered by non-profit, community-based centers, often fall short. Until the borrower pays back the loan, the debt will be a strain on their finances.

Using a loan program can be even more dangerous when working with a for-profit company. Commercial loans that do not come from a government agency or a non-profit will often have higher interest rates, making it harder to pay back the money borrowed. 

Inescapable Debt

Another con is the potential for compounding an individual's debt problems. For some consumers, having debt is something they live with for their entire lives. It’s much better to use loans sparingly so as to avoid the expensive interest payments. Taking out a loan for rent may make it much harder to pay off all of one’s debt.

Loans to help with rent can result in taking on more debt instead of a temporary stopgap measure. Companies specializing in loans to help with rent do not always control their loans in order to only serve as a small bridge in cases of emergencies. More debt increases the chance that an individual will be unable to make a payment and will be forced into eventual insolvency and bankruptcy. 

Added Stress

Another issue is the stress that debt can sometimes place on an individual. Loans to help with rent are a way of increasing debt. This can add to a person’s stress level. Some borrowers worry about even a few hundred dollars worth of debt. When you owe money, you may be concerned about the possibility of not being able to pay back funds and eventually going insolvent. The stress of extra debt makes up for any of the benefits of being able to handle rental payments. 

A loan to help with rent will simply add to the stress and debt for those individuals who cannot easily handle it. The reaction to debt needs to be considered before taking out these kinds of loans. Stress can be felt for those who are able to pay their loans off on time and are not about to default or become insolvent.

Best Companies that Offer Loans for Rent

Best online loan rental loan companies.

There are a few companies out there that offer specialized funding meant to help with rent. Others offer general loans for a wider range of financial responsibilities. It can be better for the borrower to work with a specialized company, as the funding might fit a little better.

It may seem easier to borrow from the banks or credit unions you already know.  However, many of these institutions require a considerable amount of money in a down payment or property in the form of collateral that can be seized if you cannot meet their obligations.

The financial world has been revolutionized by new companies that have used the Internet to simplify loans. There are businesses specifically organized to help people find and receive loans to help with rent.

Here are a couple of companies that shine a little brighter than the rest.


Domuso is an online payment system that allows for individuals to take out loans to help with rent. 

It is specifically targeted to those who need loans to help with rent or who believe that they may need such loans in the future. One of the major benefits of Domuso is that it is a total online rental client instead of just a company that handles rental loans. This company has an interface that both individuals and their landlords can use. 

Connecting landlords and renters together in one interface helps the landlord know that an individual's rent will be paid. They may be less likely to respond negatively to the loan or push for eviction if the rent is already late.

The company offers a flexible payment plan. The company pays the landlord and then can set up a system for payments directly with the borrower. The landlord is taken completely out of the repayment process at that point. 

Domuso is connected with financial institutions. Borrowers can make payments and contribute to their rental single-family loans in a wide variety of ways. They can use online payment systems and set up direct transfers between their bank and the company's interface. This flexibility makes it easier for an individual to pay off their loan and meet all of their obligations as quickly as possible. 


Competition in this field is greatly beneficial for the average customer interested in a loan to help with rent. New companies have to compete with each other and with traditional competitors in order to provide the best possible service at the lowest rates. Hellotill is a company that is similar to Domuso in many ways. Both companies allow an individual to take short-term loans in order to pay off their debts. These companies also set up payment systems where they pay a landlord directly and wait for an individual to pay off their loan. Hellotill offers a set of payback plans and an established list of penalties for individuals who go beyond their limits.

Perhaps the clearest benefit of Hellotill is its cash rewards program. Landlords almost never offer rewards programs. Sometimes, individuals can gain some amount of rewards if they pay their rent with a credit card through a payment process, but the landlord or property manager will likely add a processing fee that will negate any rewards gained.

The vast majority of landlords do not want to accommodate such payment processing companies. Residents need to work with a company such as Till if they hope to earn rewards on the rent that they pay. The rewards are beneficial to everyone involved. A reward will give the borrower an extra incentive to pay off their rent and pay it on time. Landlords may hand out fewer evictions as a result. The company gains goodwill and greater customer loyalty through this cash reward system.

Don’t be overly optimistic about how far those cash rewards will go. You will not be able to pay off months of rent with a cash reward. However, you may be able to earn a few extra dollars to go toward gas, groceries, or other purchases. At the same time, you will be paying off your loan and getting your finances in order. 

What to Do Now

As you prepare for a loan for rent, it can help to make the following preparations ahead of time.

Understand Your Finances

The first step to looking for a loan is to look at your financial situation. Potential borrowers should decide the nature of their problem. Applicants should bring together all of their records and accounts. They should look at a copy of their credit report, as well as their income over the past five years. 

Talk to Friends

Do you know anyone who has been through this before? You can learn a lot talking to friends who have taken out this type of credit in the past.

Study Your Debt

A loan to help with rent should not be a decision that is made lightly. It is important to look at the debt you already have and decide if it will be manageable after taking on more debt.

If your house or apartment is too expensive, then it might be better to find a cheaper place to live rather than get into debt to pay rent for your current residence. A close analysis of earnings and debt will make this fact clear. If you cannot afford your rent, then borrowing money will only make your situation worse. You should start to try and find another place to live.

You may still need a loan to pay off the last month or so of their rent. But in most instances, if you will be unable to pay your rent again in the near future, then taking out loan after loan is a bad solution. You will have a higher chance of default and will most likely receive a considerable interest rate from the lending institution.

If you decide that your inability to pay rent is temporary, there is no need to move to a cheaper location. Moving would be too much of an expense and a hassle. Instead, you may consider a loan to help with eviction and its prevention. An individual should decide on the amount that they need and their current financial situation.

Decide on a Loan Amount

You should know how much you need before talking with a lender. This is for two reasons. First, most lenders will ask for your desired loan amount. More importantly, you don’t want to borrow more than you can afford to pay back.

Choose a Lender

It helps to work with a lender who knows what you need and how to help you get it. It’s easier to get this when you look for a loan service focused on rent instead of a traditional loan institution. 

These services have much more experience making loans to help with rent and make it easier for an individual to bring their landlord into the process of providing money to pay rent. Individuals who are interested in one of these loans may consider Till if they are looking for a simple loan that they can use and then pay back quickly. Till is also helpful for anyone who knows that they will be able to pay off their debts and wants cash rewards for their troubles. 

Cash rewards will not be as helpful for individuals who have at least somewhat of a chance of not paying their loan off on time. Individuals who need a greater degree of flexibility in paying back their loan should use Domuso. They should send in their application and then talk to a trained customer service representative. 

Reevaluate Your Plan

Your plan will need adjusting after you receive your loan offer, as lenders rarely offer exactly what you were expecting. Consider what you will do with the money from the loan and how you will use it to avoid a similar instance in the future.

The Nation's Rental Crisis

Avoid a rental crisis and borrow the money you need to pay your rent or mortgage.

Americans are in a rental crisis. One reason is the lack of housing. There are fewer houses in many areas and higher housing prices. Banks are still wary of lending to individuals for houses after the subprime mortgage crisis. People have less of the stability of home ownership where they can make home equity loans and other short loans to handle disruptions in income. Fewer houses mean that more people are being pushed into renting apartments faster than those new apartments are being built. As a result, rent has increased substantially in a large number of cities across the country. 

At the same time, there are a number of problems that have emerged with how individuals make money. Wages have remained stagnant or even occasionally dropped in the past few years. Individuals make less than they used to while working more hours. Due to the lack of unions and a global workforce, individuals are often laid off or replaced much more frequently than they were in years past. An individual who is fired or laid off often cannot quickly find employment and may miss a rent payment. There are also jobs in the gig economy that make regular rent payments difficult. 

Gig economy jobs include working for ride-hailing services, delivering packages, or helping individuals on the Internet with small tasks. These jobs provide income that will ebb and flow depending on demand over time, causing problems when the money is not there. Rent payments are standard every month and do not change depending on the surge pricing for taxis after an event.

These factors have led to a considerable rental crisis where tenants are unable to live in places where they would like to live. They are forced to spend more of their time in food deserts and areas without much opportunity. More and more people are living many miles away from their place of work and are having to deal with massive commutes that decrease their quality of life. Individuals who do stay in relatively pricey apartments and homes have to deal with missed rent payments and evictions. 

In many cases, the law is on the side of landlords when they choose to evict. Landlords know that there may be liability and eviction-related issues if they start to take partial rent payments or refuse to evict over a long period of time. An eviction could lead to a person also losing their job or having to move into a transitory hotel. Some individuals are even forced into homelessness because they only missed one rent payment over a short period of time. Such a mistake can end up derailing an individual's entire career and livelihood.


A rental loan program is yet another addition to a person's debt load. It may be a helpful addition that can help that person avoid losing a place to live. Avoiding an eviction notice may have the added benefit of protecting the individual's credit score. A temporary setback should not keep you from living in your home. When you need money to fund a small cash flow gap, working with a specialized rental loan company can be a smart choice.

Jim Hughes   OpenCashAdvance Marketing Manager
Personal Finance
Jim Hughes remembers checking his first email on the original BlackBerry 850 nearly 20 years ago. It was spam, and he fell for it. Even so, he’s been on the beat every day since, following the ebbs and flows of financial technology. Look to Jim for insider exclusives on shorter-duration loans, installment loans, and other popular products in fintech today.
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