LOAN REQUEST

Payday Loans
Get up to $5000

Start your online loan
application today!
By submitting your information you agree to Privacy Policy, Terms of Use and Responsible Lending Practices
 
 

Applying does NOT affect your FICO® credit score!

SECURITY DEPOSIT ASSISTANCE FOR RENTAL

At last, you have made a decision to move from your old apartment to a new one. Despite the fact that you may have the one month rent required, most landlords demand a security deposit.

As rules go, your old landlord can hold your previous deposit for at least a month, while he ascertains any damages to his property once you make a move. In a nutshell, you cannot rely on your old security deposit, so you will have to come up with a quick solution to remedy the situation in the form of security deposit assistance.

Applying does NOT affect

your FICO® credit score!


What is a security deposit?

This is a monetary consideration given to a landlord as proof of intent; it can either be refundable or not. It is intended to be a security measure for the landlord.

There are various options for obtaining security deposit assistance; having realized that moving is an expensive undertaking no matter your set of circumstances.

However, a security deposit loan is different from other loans because it is held in escrow by the landlord to protect against any property damage; it is also refundable within 30 days of vacating the property. Whether in full or in part will depend on the state of the property you had occupied.


Banks and credit unions

Banks and credit unions offer loans with the lowest credit interest rates – an APR of 18% and below. However, they come with intrusive credit checks beyond the simple checks your landlord is mandated to perform.

Your credit score must be near perfect to qualify, and in the event that you are approved for the secured loan, you may have to wait for weeks before the approved funds can hit your account. This delay is what creates hardship when moving from one apartment house to another.

Peer to peer

These are lending clubs that operate from a pool of resources that have been contributed by members to be lent out to deserving cases.

There are no guaranteed approvals with peer to peer lending because you would have to present with very compelling circumstances, such as a disaster recovery situation.

In addition, the process is lengthy and apart from their intrusive inquiries on your creditworthiness, they also research on possible past evictions.

Applying does NOT affect

your FICO® credit score!


Online Lenders for Assistance with Rent and Security Deposit

Knowing full well that your landlord will not wait another day before give away your intended apartment, it becomes necessary to find a lender that will sort you within the shortest time possible with the security deposit.

Here at Nation 21, we strive to hook you up with a lender who matches your profile. Moreover, when you use our matching company, you limit the number of applications you make to get approved.

With no perfect - credit score requirement, all you need to have is a reliable recurring income, be resident in the state you are licensed and have a valid checking account that is not overdrawn.

Interest rates and fees vary from lender to lender, although store location is not a concern since we have nationwide coverage.

Repayment amounts are directly withdrawn from your account on the agreed due date. Additionally, late and missed repayments will attract penalties. On the other hand, early repayments are not penalized.

At all times use a reputable lender who has Better Business Bureau (BBB) accreditation. This mark should be displayed on the lender’s website.

Avoid bad terms. If the loan terms are full of impossible fees and penalties, you are not obligated to use that lender.

Understand all the terms and conditions of the lender. Avoid skimming through the loan document. Read the contract document carefully before appending that e–signature.

By all means, avoid borrowing more than you need at any one time.

Conclusion

Moving is an expensive affair, the interest and fees you pay on your security deposit loan may end up being more than the refund you will get from your previous landlord.

Therefore, you may need to weigh the urgency of your move against the source of the funds you need. In the end, time is money and an online lender will save you time so that you can seamlessly move to other activities in your life.

Applying does NOT affect

your FICO® credit score!


Do you have any further questions?