Where can I find a rental loan in Henderson KY to prevent an eviction?

(Request from Shauna in Henderson, Kentucky) After writing a long letter, Friday to please ask my landlord to give me to the end of the month to catch my rent up, and offering post dated checks for payment, I was told they are filing an eviction notice. I now have have until 5/10/14 to find $1178.50 for rent. If I don’t get it, I have to go to court on Tuesday and have 7 days to vacate my apartment. I am a single mom, my son is four, and I receive no assistance at all. I hit 3 deer with my car on 4/11. Finally after getting it back, I have no choice but to run over something in the road. I am without a car again and work full time nights. I’m terrified, I need to find a loan to catch up by Friday. I get paid on 5/16 and 5/30 this month. Where can I find a loan that I can get quickly with lower repayments in order to get the car sorted too.

Dear Shauna,

When it rains it pours! You have certainly endured much hardship over the past month. We will want to move very quickly in order to line up a suitable action plan to address the impending eviction.

The good news is it sounds like you can ordinarily make your rent payments and afford to pay all of your other monthly living costs based on your normal income. For this reason we will exclude subsidized rent programs as an option since your income would likely disqualify you from those programs.

Instead of immediately assuming that you need to borrow money, I want to first look at the possibility of alternatives to obtaining a rental loan in Henderson. There are organizations that provide emergency assistance in Henderson County if you qualify.

Emergency Rental Assistance

What emergency rental assistance may be able to do for you is to intervene on your behalf to at least postpone the eviction. There are a couple of ways to do this.

First it may be possible for a case manager to negotiate a temporary workaround solution that could serve to delay eviction proceedings for at least one month. Often these negotiations can include a repayment schedule that can allow you to catch up on your delinquent rent over the course of two or three months.

A second option may be an outright grant to cover your delinquent rent. Emergency rental assistance can occasionally catch up late rent payments that resulted from a temporary hardship. This can allow you to remain in the home without the added burden of having to repay a rental loan.

Finally a third option could focus more on helping you transition out of your current lease and into a new, more affordable rental property. Some emergency assistance programs provide help with security deposits and upfront cash requirements that you might need in order to make a move.

  • The Audubon Area Community Action Agency may be able to help with related costs (utility payments), thereby allowing you to use that cash towards your rent. Call 270-826-6071.
  • OASIS may be able to help in cases of domestic violence. Call 270-826-6212.
  • The Salvation Army can help with emergency rental assistance in cases of crisis. Call 270-826-4472 to see if your situation qualifies as a hardship.
  • St. Vincent De Paul has some emergency assistance, but it tends to focus on non-rent aid. Call 270-827-4138.

Rental Loan Providers

Local credit unions may be a preferred option for rental loans in Henderson. If you must take out a rental loan, these nonprofit lenders tend to have lower interest rates than many of the banks and finance companies.

  • Green River Area Federal Credit Union has locations in Henderson and Owensboro. Call 270-826-0927 for information on membership as well as current loan rates (7-12% APR at press time) on signature loans.
  • Evansville Federal Credit Union does not have branches in Henderson, but you may still be eligible for membership with a deposit of as little as $5. Call 812-424-2621 to ask for current rates on unsecured loans (9.25% on loans of under $5,000 at press time).

If you must apply for a loan for your rent payments through a for-profit lender, make sure that you consider all of your options. Rates on rental loans in Henderson, Kentucky can vary widely depending on the lender, even if you have acceptable credit and income.