Who can help with security deposit in NYC?

(Request from Shelly in New York City, New York) Hello. I recently moved to nyc from philadelphia.  I was living with my boyfriend and his family. I got offered a position in ny. I need help moving in my apartment. It is 1500 a month/ brokers fee/ 1 months security.  Who can help with this.

Dear Shelly,

There are two agencies that we recently featured that can help with security deposits for lower income families and individuals that cannot come up with the necessary cash to pay the security deposit on top of the first month’s rent. The New York City Human Resource Association (HRA) and Lower East Side People’s Federal Credit Union (LESPFCU) both can provide loans for security deposits.

Zero-interest loans are provided by the NYC HRA. LESPFCU can provide low-interest loans to members. Both were previously featured in a response to another tenant looking for a loan security deposit in New York City.

LESPFCU may be a more likely option if you are new to the area. The NYC HRA will want to determine if you are an established resident or have recently moved to the area.

Calling 411 to reach the United Way can also provide you with additional referrals to local organizations that provide rental assistance. Keep in mind that established residency is a common requirement, so you may need to call several organizations before you find one that might be a possibility. There are several organizations that do provide help with security deposit in New York City.

Having recently moved to the area, you may be limited to rental loan options. Credit unions like LESPFCU will generally provide lower interest loans for this purpose. Loans may be provided to cover at least the first month’s rent as well as security deposit, thereby allowing you to meet the cash move in requirements of that next apartment that you located.

Each credit union will require that you join prior to applying for a loan. Loan applications can be filed the same day that you open your account, making it possible to join the credit union, open a deposit account and apply for the loan all within a single visit. You just have to meet their eligibility requirements, provide a minimum deposit (usually at least $25) and have a credit score above a 650 or so. Solid employment also helps!

Consider all of your options prior to making a decision. Do yourself a favor though and steer clear of predatory lenders!