Many tenants and prospective renters need rent assistance to be able to afford a decent place to live. While it’s possible to obtain rent assistance from nonprofit agencies and governmental entities, the competition for this type of financial assistance is fierce. But savvy renters are willing to think outside the box. In many cases, LoanNow can provide the rent assistance needed to get you into that great apartment.
Applying for rent assistance from nonprofit agencies is lengthy and tedious as well as competitive. Applicants must often provide detailed personal and financial information including tax returns, bank account statements and pay stubs. Even then, the answer is often “no.” Even when applicants are successful, they can wait weeks, or even months, to receive the money they’ve been awarded.
This lengthy, demanding process is challenging enough for people seeking apartments. But individuals and households facing the prospect of eviction often cannot afford to wait weeks, let alone months for nonprofit rent assistance. Bank loans are usually not an option, either. Unfortunately, they frequently turn to less than desirable options out of sheer desperation – like pawn shops and payday lenders.
The High Cost of Fast Cash
Payday loan stores provide money immediately; online payday lenders usually process approved loan applications overnight. But payday loans carry unrealistically short repayment periods – sometimes as short as a few days. Borrowers who are unable to repay their loans in full are caught in the payday loan trap of rollovers and partial payments that transform a small loan into a huge debt after only a few rollover cycles.
Pawn shops lend money on the spot with no questions asked. The catch is that pawnbrokers require collateral in the form of valuable personal property such as high end electronics and jewelry, which must be surrendered on the spot. Pawn shop loans only cover a portion of the value of the property surrendered by borrowers, and require payment in full – with hefty interest charges added – usually within 30 to 60 days. Borrowers who fail to repay their loans forfeit their belongings.
The LoanNow Difference
LoanNow provides rent assistance without the need to jump through hoops and without lengthy waits. Our online-only** loan application provides responses to nearly all applicants within 24 hours†. Our loans carry realistic repayment periods measured in months – not days or weeks. And we never require collateral. Why not try the better than a bank alternative for rent assistance – LoanNow!