Personal Loans for Rent or Mortgage Payments
Talk to your landlord or mortgage servicer, review available support, and check how a new loan would affect next month's housing payment.
Using a Personal Loan for a Housing Payment
Make sure to check your lender's terms and conditions before using a personal loan for rent or a mortgage payment. Remember that there will be a new debt and a housing payment due next month. Think about whether you can afford to make both payments and if this is a short-term situation before borrowing the money.
Personal loans used to pay rent or mortgage do not impact your rental or mortgage agreement. They are different from mortgage refinancing or rental assistance.
If Rent Is Due, Contact Your Landlord First
Explain the shortfall and state what payment date or partial payment your budget supports. Ask if a written payment arrangement is possible, and if so, if it changes the terms of the late fees or next steps. Do not assume sending part of the rent automatically resolves the overdue balance.
USAGov offers state and local routes to emergency help paying rent. Check your options and your eligibility. If you get an eviction notice or are served with court papers, contact local legal help as soon as you can. A pending loan or assistance application does not, by itself, stop a deadline or a proceeding.
If a Mortgage Payment Is at Risk, Call the Servicer
Your mortgage servicer takes your mortgage payments. Contact it before a missed payment to tell them what has happened to your income or expenses. Ask what hardship options you have, e.g., a repayment plan, forbearance, or a loan modification.
During forbearance, servicers can allow for paused or reduced payments for a time. The amount that has not been paid is not automatically forgiven. Ask your servicer how you would repay the amount later and get the terms in writing.
Look at the CFPB's mortgage payment help before borrowing to cover a mortgage payment. It has resources to help you get in touch with your mortgage servicer and find HUD-approved housing counselors. Compare those resources to taking on another loan.
Check Whether the Next Month Will Be Affordable
Dependable take-home pay, as opposed to money that might arrive too late, is what should be put next to your bills. The bills should include rent or mortgage payments, utilities, food, transportation, insurance, existing debts, and the proposed loan payment. A possible settlement, tax refund, or overtime pay is not something that can be assumed to be paid before a bill is due.
Imagine you already find it difficult to pay rent of $1,400. Now, you have a new $100 monthly loan payment. So, that's rent and loan payment totaling $1,500 a month, while you repay the loan. That's before other expenses. Paying this month's rent with borrowed money does not make next month's rent smaller. The amounts shown are for illustration and do not describe a real loan offer.
Moving a due date around doesn't close the gap that occurs every month. Even if your income is back to normal, further borrowing for housing can make that gap even worse. Look for hardship help and see if there's a way to get a housing budget you can afford to pay.
Compare Any Offer With the Alternative Arrangement
| Detail | What to Confirm |
|---|---|
| Amount received | Ensure the amount you receive after deductions is enough for the payment you have agreed to make. |
| Funding and payment timing | Check processing times with the lender. When will your bank be able to make the money available? How does your landlord/ servicer accept payment? |
| Full cost | Set the loan's APR, fees, and total repayment next to the actual terms of any payment arrangement. |
| Ongoing affordability | Make sure you can afford the new loan payment as well as all of the following rent or mortgage payments. |
| Collateral and default | Would you have to pledge an asset for the loan, and what would happen if you did not repay? |
Estimate what you will owe using a loan calculator, then check your lender's disclosures to see what your total charges and payment dates will be. One late fee may not be worth choosing a loan; consider what borrowing costs will be overall. Will your loan put you in a financial position to make your housing payments?
How a Request Through SlickCashLoan Works
A request to lenders may be submitted for review. This does not mean that you will be approved or that you will have access to the money prior to the due date for your housing payment.
Make sure to review the authorizations for credit checks before you send a request. Not all service providers use the same type of inquiry, and some may do an inquiry at a different time. Always consider any offer against what you agreed to with your landlord or mortgage servicer before accepting it.
Frequently Asked Questions
Will getting a loan stop an eviction or foreclosure?
The process of completing a loan application, or getting that loan approved, will not, on its own, stop a legal process. Whether a payment can cure a default depends on the amount paid, the timing of the payment, applicable rules, and the state of the case. Get help with notices you receive rather than wait for an expected payment to be made.
What if the loan will arrive after rent is due?
A written agreement with your landlord about delayed rent payments may be requested if money is delayed. Only confirm a deposit date with your lender or bank and give it to your landlord. Decide for yourself whether money paid after the housing deadline would be of any help to you, before accepting the loan.
Can I use a personal loan for several mortgage payments?
The lender would need to agree to that use case. You would still owe the mortgage and need to repay the new loan. See what hardship options are available from the mortgage servicer first. Figure out how you would repay both debts after the money is spent.