In June 2020, more renters than ever before are struggling to pay their rents following Coronavirus since many people were unable to work during the lock down.
With temporary unemployment expiring for some people, and the end of the eviction moratorium on the horizon for California, the reality is that millions of tenants in the state of California are searching for ways to cover their next rent payment.
Thankfully, there are a variety of options that renters can choose from to cover all or a portion of their rent payments including the following:
PayPal Credit
With PayPal Credit, qualifying users will start off with a minimum credit line of $250 but this credit line will be boosted over time.
The current variable purchase rate APR with PayPal Credit is 25.49% as of 3/01/2020 and the good thing is that many landlords, including property management companies accept PayPal payments so tenants who need a “stopgap” to cover their next rent payment can use PayPal.
Warning – PayPal’s late fees can be expensive ($39) so it’s important to focus on making your payments on time with PayPal because those late fees can add up.
To get started with PayPal credit click here.
Rent Loans
Another option that renters can utilize for covering their next rent payments is a rent loan.
These loans are for the specific purpose of paying rent and should only be utilized if the renter is working, or resuming their job because a rent loan obviously comes with a monthly payment and the renter who takes on that loan must be ready for the monthly payment.
After researching current rent loans, we’ve found that interest rates can be as high as 35.99% so it’s important that renters do their research and choose a rent loan with the lowest interest rate possible.
You should also thoroughly research the company that you get your loan through because some company don’t have the best reputations so it’s best to do your research before taking a loan to help pay your rent.
Community Rent Assistance Programs
Across the State of California there are a wide variety of state, community and federal programs that renters can tap into for assistance with paying rent. To learn more about programs in the Salinas, CA area please click here.
For more information about government grants that can be used to cover rent please click here https://www.usa.gov/benefits-grants-loans
Contact 36 North Property Management
For questions regarding the resources mentioned in this article, or to speak with us about our property management services, contact us today at (831) 484-4604 or click here.