Help with security deposit in Jersey City, NJ

Many loan applicants are often surprised to hear that they may actually be eligible for grant funding or other arrangements that can help them raise the cash required for a move. Those who need help with a security deposit and first month’s rent may qualify to tap into alternative arrangements that are far easier on the budget than a high-interest loan.

Possible methods for obtaining the necessary cash for a security deposit, and possibly the first month’s rent can include some of the following options:

Garden State Episcopal Community Development Corporation

GSECDC administers a supportive housing program that helps homeless individuals quickly find and obtain access to affordable rental housing. To help accomplish this feat, a one-time cash grant may be authorized to cover the security deposit plus a portion of the first month’s rent.

Applicants must generally be considered homeless in order to gain access to the funds. There is not currently a requirement that the person be living in a homeless shelter. In fact, quite the opposite is true. Great efforts are made to help each applicant who may be about to enter a homeless shelter to instead be given the opportunity to rent a private apartment. If approved, funds will be provided to cover the deposit and rent costs.

Those who would like to take advantage of this Rapid Re-Housing program should contact GSECDC at 201-209-9301.

North Hudson Community Action Corporation

NHCAC is a major proponent of safe and affordable housing assistance for those who are classified as homeless. Aid is provided through the Homeless Prevention Assistance program.

Many of the applicants are currently delinquent on rent. Case managers do have discretion to help an applicant move to a more affordable location. They can help match each applicant with available funding to cover rent and the deposit.

To schedule an appointment with NHCAC, clients may call 201-210-0333.

Lower Interest Loans

Tenants with credit scores above 650 and who are earning at least $800 per month are typically eligible for rental loans through a local credit union. While these loans are not as desirable as the grants provided by aid agencies, they are substantially cheaper than the high finance fees charged by finance companies and payday loan operators. Those who earn too much to qualify for grants may find that these loans from community nonprofit credit unions can still be a viable option.

  • Liberty Savings Federal Credit Union: LSFCU offers the Liberty Savings Paycheck Advance Loan to members who need to come up with cash for a move. A $1,000 loan carries a rate comparable to a credit card. Best of all, repayment can be spread out over the course of a full year.
  • XCEL Federal Credit Union: Unsecured loans are available to a wide variety of government workers.
  • Credit Union of New Jersey: While most government workers and some private employees are eligible, reps will go out of your way to find a way for you to qualify for membership as well as three personal loan options to put towards your landlord’s move in cash requirements.
  • Path Federal Credit Union and Financial Assurance FCU: Membership is restrictive and therefore not an option for most residents.

These are the primary local options for gaining access to rent funds. Other lenders in New Jersey may also be able to provide funding.

Local Requests:

(Request from Rahshan in Jersey City, New Jersey) Hi, my name is Rahshan, and I’m practically homeless. I am currently staying at my girlfriend’s studio apartment, but this isn’t going to last long. Her landlord is asking for more money because I am there. I won’t be able to save up for a new place if I give money to the landlord. I have a job, and I am promised 40 hrs a week. I can get a 1 bedroom apartment, but coming up with the first months rent and security will be so difficult. I don’t know what to do, I need help as soon as possible. I don’t need my girlfriend to get in to trouble with her landlord because of me. Please help me, I would be so deeply grateful. Thank You.

Dear Rahshan,

Even though you have a place to live currently, you would be classified as homeless. Depending on your income, it is possible that you will be able to receive some assistance from GSECDC’s Rapid Re-Housing program. NHCAC is also recommended. If traveling beyond Jersey City, consider BEOF in nearby Bayonne.

If your girlfriend’s lease does not restrict multiple guests, then her landlord may not be able to charge a higher amount if you stay there. A case manager with one of the above agencies can help you determine your rights to live there with your girlfriend. They can review the existing lease with you to see what her rights are as a tenant. Still, if you believe that you are ready to live in your own apartment, then they can help you make the transition out of your temporary arrangement and into a permanent lease.