4 Ways To Pay Your Rent When You Have No Money
You have only a week before rent is due but you already know there isn’t enough money to pay it. You have cut spending, eating cheap or free food, not going out, etc. But even with all that you still won’t be able to pay your rent this month.
What can you do? Do you try to negotiate with the landlord? Or just pay a late fee? Here is 4 ways to pay your rent when you have no money.
Get A Pay Day Loan
If you get paid just a few days after your rent is due then this may be the best option for you. It doesn’t require a credit check typically and can provide cash within just a few minutes to a few hours.
The negative side of this that the interest can be pretty expensive especially when you consider how short term the loan is. You’ll have to do the math to figure out if the interest will be less then the late fee of paying to make sure this is worth it.
Borrow From Your Friends And Family
If you don’t have a payday loan around you, or you really don’t want to pay the interest then asking a friend or family member for some money could be your best option. Many of us have people we know that have money and care enough to loan us the money.
Word of caution here, make sure your able to pay them back when you say you will. To many relationships are ruined because of money. It took me close to 5 years to pay my brother back when I borrowed money from him because I didn’t have it and just forgot about it. Though our relationship is fine now, it did take some time to fix.
Start A Quick Side Hustle
If you have a few days it’s possible to earn the money. If you already have a side hustle it makes it easier, email your clients see if they have a quick gig that you could do, or try to find a new client. Most likely though you won’t be able to get money from clients right away as most of the time it takes time to get paid.
However you could do something like rideshare driving (Uber/Lyft) and you can get paid daily. If you drive over $50 worth you can cash out and have it deposited into your bank account in the same day. Need $200 go out and drive till you have enough money and then cash out. You will lose a portion of your pay however if you need money now it may be the best option.
Use Your Credit Card For Cash
If you can’t borrow from someone, or go rideshare driving for cash then transferring money from your credit card could be the best option. Depending on your credit card it could be easy and done completely online, or you may have to call and do the transfer online.
Your week goes by and you use one of the options here to get your rent paid. Maybe your payday loan is paid a few days later, or you pay back your Dad. Maybe you went without sleep and side hustled your way to pay rent, or used your credit card cash. Whatever the case you solved the problem and can rest easy now knowing you have a place to live for another month.