How To Pay Your Rent And Other Bills When You’re Low on Cash
You work a full-time job, or maybe you’re in college, and you try to be responsible with your money, but this month you came up short on your rent and bill payments.
It can be scary to feel financially stuck, but there are several ways that you can troubleshoot your financial issues for a single month.
If you are short on rent or behind on bills, but you have decent credit, then opening up an emergency credit card may be the right choice.
There are a lot of credit card options out there, and some are easier to be approved for than others. Certain companies approve people with average credit when other companies may deny them.
You should look for these companies when you need an emergency credit card to pay rent.
Once you are approved for a credit card, setting up your account is quick and easy. You can use the credit line almost immediately with the information credit card companies often give you online-before the physical card gets to you in the mail.
As long as you remember to make on-time payments on the card, this is a great option to help you out when you are short on rent.
If your credit is not stellar, don’t worry too much because there are other ways to get money quickly.
If you have a close relationship with your employer, you can ask for a personal cash advance. Your employer should give you money from your upcoming paycheck immediately instead of making you wait.
If your employer is not willing to do this, or if you are not comfortable asking, you can always take out a payday loan.
A payday loan is a small loan that is dispersed quickly. Payday loan will allow you to get cash fast with the expectation that you will pay the loan back when you receive your next paycheck.
Essentially, payday loans are cash advances that save you from having to borrow from your employer and save you even if you have poor credit.
Whether you are taking a cash advance from your employer or via a payday loan, you will only be borrowing a small amount. These funds should be just enough to pay your bills on time, and these advances are easy to pay back within one paycheck.
Ask a Friend
While this is not ideal, it is always possible for you to ask a friend for help. If you can’t get a credit card or you are no longer employed, you may need to borrow money from a close friend to pay your rent or other bills for a month.
Navigating loan terms and agreements between friends can be tricky, but it is possible to come up with a mutual agreement and repayment schedule.
The perks of borrowing from a friend are the flexibility and the understanding that comes with having a close and personal relationship with someone, as opposed to dealing with strict formal repayment policies.
Talk to Your Landlord
If worse comes to worst and none of the other options work out, the best thing you can do is talk to your landlord.
Talking to your landlord is not as scary as it may seem. Communication is critical in any business relationship, and the relationship between a landlord and a tenant is a business transaction.
If this is your first time getting behind on rent, your landlord will likely be forgiving. It is best to be transparent and fully explain the details of the events that led up to you being short on rent.
Having an open and candid conversation with your landlord can help form a more personal relationship, and this can facilitate some kind of agreement between the two of you.
You can ask to pay both months of rent at the beginning of the following month, or you can ask to pay half of the rent now and half later. You can also request to start a payment plan that spans several months.
The goal is to convince your landlord to excuse your shortcoming while making sure they still view you as a reliable and responsible tenant.
Being short on rent can be scary, but there are several avenues you can take to help get you through a tough month. From opening up new credit cards to getting a cash advance, payday loan, or loan from a friend, you can find a way to pay your rent on time. If all else fails, talk to your landlord to reach a solution.