I am days away from being evicted in New Jersey

(Request from Anthony in New Jersey) Good Morning,

My name is Anthony and I am emailing you in hopes that you can assist me with a matter that I am having I understand that this maybe a long shot and very unlikely in my favor but I was hoping to find out if your bank offer loans to those in a hardship situations I am days away from being evicted from my home due to nonpayment of rent. I am a full time college student as well as a single father with no other family to depend on in this time of need. I have recently received a job offer that will allow me to afford the rent I do pay currently but by the time I receive my very first paycheck it will be too late.

I was just hoping some how some way if you at all offer personal loans I have a credit score of 540 but I can show proof I am able to afford the repayment of a loan please I understand this is a shot in the dark but I am in very desperate need of help if this is at all possible please email or give me a call I thank you for taking the time to read this email and I pray to hear back from you thank you so much for your time once again.

Anthony

Dear Anthony,

I can appreciate your commitment to being a good father. I realize it can be very difficult when you are trying to improve your situation without the help of family.

It appears that you are looking for a personal loan for rent through a bank. Banks and credit unions can be a great place to start. However, your personal credit score of 540 will not be sufficient to borrow money at a reasonable interest rate.

Your only loan options will be through payday loan companies (average 391% APR) and some consumer finance companies (average 27% APR). Neither is an affordable option, but at least the finance loan can be an interim solution. You just have to be very diligent about repaying the loan at an accelerated rate. Before you borrow, be sure that you are aware of the eviction process in New Jersey, as you may be able to get through this situation by negotiating an extension or workout arrangement with your landlord.

A better option may be to obtain either a low interest need-based loan or a rental aid grant. Hardship may be defined as a job loss, so it is possible that you would qualify. Furthermore, you have already started a new job, so you would pass the feasibility test required by many rental assistance programs. Since I am not sure which part of New Jersey you live in, I will provide you with some general programs that serve multiple counties, and you may still review all of the New Jersey programs.

Some organizations provide security deposits. Others focus on back rent as a means of helping those about to be evicted in New Jersey.

  • The Affordable Housing Alliance (AHA) is one organization that provides eviction prevention through rental aid programs. This agency serves residents of Mercer, Monmouth and Ocean Counties.
  • NORWESCAP offers a family loan option with single digit interest rates. This community action agency assists tenants currently living in  Hunterdon, Morris, Somerset, Sussex, and Warren counties.
  • Greater Bergen Community Action can offer rental aid to families living in Bergen and Passaic Counties.

These are just some of the programs that are available to New Jersey residents. I encourage you to make contact with one or more of the organizations that serve your community. Each organization has different funding levels and eligibility requirements, but all can provide referrals to programs that they believe would best give you the funds you need to make it through your next 2 paydays. Those experienced case managers know what it is like to be evicted in New Jersey and they can help you find the necessary resources to get through this tough time.