Can You Take Out A Loan To Pay Rent?

Yes, it is possible to borrow money to pay for rent, also known as rent assistance loans. If you are worried about paying your rent on time but want to stay in your apartment or home, Pheabs can help you to secure a rent loan by finding you the best rate. We work with a network of over 50 reputable lenders so that we can source the most affordable loans for you.

We understand that not every loan for rent will work for every borrower – and that you may have certain circumstances that have made borrowing more difficult in the past (e.g. a poor credit rating). So if you need a loan to pay for rent, Pheabs will connect you to the lender that is the most likely to approve you – with bad credit considered.

What Is the Eligibility Criteria to Borrow Money For Rent?

The eligibility criteria to borrow money to pay rent includes:

  • Being at least 18 years of age
  • Being a US resident
  • Having a Driver’s License number or State ID
  • Having a regular income
  • Earning at least $800 each month

What Are The Ways To Borrow Money To Pay Rent?

Personal Loans

This is an unsecured loan used for personal purchases and expenses. You can borrow $50 to $35,000 with rates starting from 6% for good credit or 36% for bad credit and no collateral needed.

Payday Loans

This is a way to get fast cash, with funding available within 1 to 24 hours and ideal for those with fair or bad credit. However, the rates are high, usually around 200% to 400% APR and may only last 2 to 4 weeks.

Installment Loans

This gives you the flexibility to repay over monthly installments in case you wish spread repayment over a longer period. We have options that range from 1 to 60 months in equal repayments, with installment loans for bad credit available too.

Cash Advances

Get an advance on your rent so you can pay it ASAP and then repay your loan over several weeks and months. This is unsecured and not reliant on any collateral.

What To Consider Before I Get a Rent Assistance Loan

Before you apply for a loan for renters, it is worth considering whether you actually need to borrow money and if you will be able to afford to repay it back once you receive your next paycheck.

It is also worth considering alternative options to a rental loan, such as borrowing money from family or friends or boosting your funds through activities such as selling items that you no longer need. If you still believe that a rental loan is right for you or you need money quick for rent, then Pheabs can help you secure fast cash today.

What Is The Repayment Period On A Rental Loan?

You can repay loans for rent in as little as 2 weeks or as long as 5 years. Repayments depend on whether you opt for a payday loan which may just last a few weeks or months, or an installment loan which can be stretched out to several years.

Payments are made in equal installments and will be automatically withdrawn from your bank account on a date that will be agreed upon with the lender. There is also usually the option to repay back your rental loan early – simply get in touch with the lender to arrange this and check there are no extra charges for doing so.


Can I Borrow A Rent Loan With Bad Credit?

Yes, you can borrow rent loans for bad credit. At Pheabs, we work with reputable lenders who are willing to consider customers with all different types of credit histories, including those with a poor rating. We do not let our customers financial past get in the way of their future borrowing.

Those in need of bad credit rent loans could even potentially increase their credit score through a loan for rent –  however, this is only possible if they keep up with the loan repayments and do not default. Failing to keep up with rental loan repayments could have the opposite effect and damage the credit rating.

Find Rent Assistance Loans Through Pheabs

If you are thinking “i need a loan to pay my rent”, then look no further! At Pheabs, we endeavour to help our customers find affordable loans for rent at the most competitive rates. We are passionate about helping people by meeting their borrowing needs and so offer a simple and easy online application form that can be completed in less than 5 minutes.

Simply select the “Get Started” button to be taken to our online form. Here, you’ll have to provide a few key details and you will receive an instant loan offer once it has been submitted.

Some of the information you will have to provide on the online loan request reform is detailed below:

  • How much you wish to borrow to pay for rent
  • How long you would like to borrow rent money for
  • Your email address
  • Your phone number
  • Your employment status
  • Your Driver’s License number or State ID

Successful applicants will have rent money sent to them within minutes, hours or by the next business day. So why not apply now with Pheabs to get a loan for rent today!

Do You Charge Any Fees For Your Service?

No, Pheabs does not charge any fees for using our online loan platform. We may just earn a commission from the lender if your application is approved. But you can be rest assured that enquiring through Pheabs is completely free of charge.

How Long Does It Take to Make a Loan Enquiry?

An online loan request takes just 5 minutes and you will receive an instant decision once matched with one of our lenders. You can choose if you wish to proceed and the full process should be approved and funded within 24 hours.

How Quickly Can I Get A Rent Loan?

We offer an instant decision and can fund loans within 24 hours or the next business day. We have been able to transfer funds within 15 minutes to 1 hour of approval too. To make sure you get your money quickly, be sure to apply on a work day and within working hours.

Will Applying For A Rent Loan Affect My Credit Score?

No, we run a soft credit search and this will not impact your credit score in anyway nor will it affect you applying for other loans or being approved for any other financial products. A soft search disappears shortly after the initial loan decision has been provided. If there are further checks carried out by the lender, this may stay on your credit report for longer but it will not cause it to fall.

Can I Get A Loan For Rent If I Am Self Employed?

Yes, absolutely. We consider people who are self-employed to be like any other employee, provided that they have a regular and stable income. Your lender may request proof of income, but we regularly fund people who are self employed so this should not make an impact.

Where Can I Get Rental Loans Near Me?

You can borrow a loan to pay rent in any of the 37 US states where payday loans are legal.

Pheabs can facilitate poor credit loans across the entire US and we can match your application with a lender who is near you and can offer the best terms possible, with funding available in 1 hour, 24 hours or the next business day.

Can I Get a Payday Loan To Pay My Rent?

Do Payday Loans Affect Buying a Car or House?

How To Improve Your Credit Score?

How Does a Credit Check Work?

Ways To Borrow Money Fast