Security Deposit Loan from LoanNow: Faster, Easier, Better!

After weeks of searching, you’ve found the ideal apartment. You passed the credit check and the landlord is ready to offer you a lease.  Then a monkey wrench gets thrown into the works. In addition to paying first month’s rent in advance, the landlord also demands a security deposit of an equal amount.  There’s no way you can come up with that kind of money immediately, but if you don’t, you could lose the apartment. Don’t panic. A security deposit loan from LoanNow may be just the solution you’re seeking.

The Purpose of Security Deposits

When you rent an apartment, you’re essentially contracting for temporary occupancy of a residential space.  Once you move out, landlords must often repaint walls or correct other aspects of normal wear and tear. However, sometimes tenants inflict serious damage on their units. That’s where security deposits come in. Security deposits protect landlords from being stuck with the expense of broken windows, torn carpet or other unusual damage tenants sometimes leave behind.

In most cases, tenants receive their security deposits back after the landlord determines that no major damage has been done to the unit. In some jurisdictions, tenants also receive interest along with their security deposits. Nonetheless, the requirement to pay security deposits in advance obliges many tenants to seek a security deposit loan so that they can actually move in to their apartments.

The LoanNow Solutions

If you’re passed a landlord’s credit check, your FICO score is probably decent. As a result, obtaining a security deposit loan from a bank probably won’t be a problem. However, bank loan applications often require weeks to process, which could be a problem if you’re hoping to move in your new apartment right away.

Some desperate would-be tenants turn to quick money lenders for a security deposit loan. But the convenience associated with such lenders is overshadowed by sky-high interest rates and unrealistically short repayment periods.  That’s not a solution; it’s a trap. You can do better.

With LoanNow, you won’t wait weeks for a decision.  Our online-only^** application process allows you to submit your information in the privacy of your own home, on your own schedule, and receive a response within 24 hours^†.  And our loans feature manageable repayment terms measured in months, just like banks. We’re the better than a bank solution. With a security deposit loan from LoanNow, you could be moving into your dream apartment before you know it!