Rent is a renter's biggest expense. Many people may struggle to cover this payment every month, especially since the economy's still reeling from the pandemic.
If you're worried about covering rent this month, you've probably looked at your options for loans. Traditional loans can take a few days to apply for and fund. By the time you get the money, your landlord may already be charging late fees or worse.
Instant cash advances provide a possible alternative. These are simply short-term loans you can apply for and get within a day. Thus, they could help you cover a rent bill coming due within a couple of days — helping you avoid late fees or eviction.
Here's how to get yourself an instant cash advance.
1. Do Your Research
There are many instant cash advance lenders out there. Make sure you shop around for the right lender and research each one. Check out websites like the Better Business Bureau and Trustpilot. If they have an A+ the former and high star ratings on the latter, you may have found a suitable lender.
Additionally, see if each lender has a website and if they have Google or Yelp reviews. These can help as well.
2. Determine How Much You Can Get
Once you've narrowed your choices down to a few lenders, try to find out how much they can get you. Make sure they can extend to you enough money to pay your rent or cover whatever portion of the rent you can't.
3. Look at the Advance's Other Terms
You may receive a compelling offer or two from some of these lenders, but don't take the first one you see. Look at the other terms of the loan, such as interest, fees, and penalties.
Doing this will help you know exactly what you have to pay and when to pay it. It'll also help you screen offers further. For example, one lender might provide you with a slightly smaller advance than another lender but charge significantly less interest as well.
4. Apply For Your Cash Advance
After doing your research, seeing how much your chosen lender can give you, and examining the other terms of the advance, fill out the lender's application.
Most instant cash advance lenders provide simple online applications that you can complete in a few minutes. You'll need to provide basic information like your name, email address, Social Security number, and how much you'd like to borrow.
5. Get Approved and Funded
If the lender approves you, you'll provide your preferred funding method. Many lenders can send same-day funds either through direct deposit or directly in person as cash.
6. Pay Rent and Begin Advance Repayment
Once the lender sends you the money, pay your rent bill. Make sure to follow through on your strategy to repay the advance and pay back the full amount plus any interest and fees agreed upon to avoid late fees and other penalties.
Notice: Information provided in this article is for informational purposes only. Consult your financial advisor about your financial circumstances.
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Original Source: How to Get an Instant Cash Advance Before Rent is Due
