How to Catch Up on Late Rent
You can find yourself in the shackles of late rent for different reasons. Maybe you had many emergency expenses this month, or your payday doesn’t align with the rent payment deadline. No one wishes to default on paying for their house, but sometimes it happens.
Not paying your rent on time can lead to a poor relationship with landlords or even evictions. There are tips on what you should do when you find yourself in this unfortunate situation. Most importantly, don’t be afraid to involve an attorney when you feel the charges are inappropriate or your rights are violated.
Suppose you find yourself in this scenario. What will you do to catch up?
Apply for a Payday Loan
One of the most effective ways to catch up on late rent is by applying for payday loans. These are loans acquired to be paid back once you get the salary or finances you’ve been waiting for.
The good thing with these loans is that they are easily accessible as there are not many requirements for qualification. You can get approved quickly, even with a bad credit score, helping you pay the rent before the next bill.
Communicate With the Landlord
There’s no point in hide-and-seek with the landlord when you have late rent. Instead, you should find time to communicate with them adequately, letting them know your current financial situation. You can also state the preferred date of honouring the agreement, which you must adhere to.
Communicating with the landlord helps to prevent the accumulation of penalties. This period is the best opportunity to negotiate a rent deduction from the landlord for that month, depending on how much you have on your plate. You never know. Some are quite understanding and sympathetic.
Borrow From a Friend
Defaulting rent can be frustrating. As you’d do with other financial emergencies, you can borrow money from a friend to be refunded later. This option is viable when your landlord declines a deduction or grace period.
Ensure you reimburse your friend for the finances as promised to avoid ruining great connections. Furthermore, borrow an amount that won’t be devastating to pay back in the future.
Take a Credit Union Loan
If you’re a credit union member, you can apply for a loan with it to pay for late rent. Credit unions offer loans to their members upon application. The requirements usually include credit score and proof of income.
Other documents you may be urged to submit are employment details, identification details (address, phone number, date of birth, or Social Security number), and the purpose of the loan.
It goes unsaid that credit unions often prefer giving loans to esteemed members who have observed exceptional discipline. Therefore, always seek to repay your credit union loans on time and honour other rules.
Cut Off an Expense
You can catch up with late rent by cutting off an expense to substitute the money for rent. Suppose you’ve been paying for your monthly entertainment bill. This does not mean entertainment is not essential, but you may have to prioritize the latter over rent.
It’s a matter of sacrifice, and within a short period, when you’ve cleared all the rent arrears, you can resume your usual bills. If you’ve been experiencing financial hardships for a while, you can consider letting go of some expenses until further notice.
Sell an Item
Yes, you can sell an item in your house to cater for rent. Again, it’s a matter of priorities, whereby you’d rather give up a property than get evicted over rent arrears. However, you have to be keen on the choice of property to sell to ensure you do not regret it right after.
The selling price should be reasonable enough depending on the value and buying price. It’s not wise to agree on quick and low deals out of desperation for a precious property.
Work for Fast Cash
Sometimes, you might have to go out of your usual schedule and lifestyle to cater for late rent. You can find a part-time job to help you raise the cash if your primary salary will be excessively pressed when it comes.
A quick idea: You can also ask the landlord what services you can offer across the apartment to cover a part or whole of the late rent. It could be cleaning, painting, attending to the gardens, or any other service within your qualifications and power.
How to Avoid Late Rent
While the best tips are practical, the best way to catch up on late rent is by not delaying. How can you avoid late rent payments?
- Plan and budget for rent as one of the most prioritized bills.
- Move to a more affordable apartment if the current one has been quite strenuous to pay.
- Consider tagging along a roommate with whom you can share rent alongside other ordinary expenses.
- Establish an emergency fund to help you manage unforeseen financial responsibilities instead of having to spend rent money elsewhere.
Other ways to prevent late rent include tracking expenses, automating rent payments, setting reminders, and seeking financial advice.