Need $400 cash for rent deposit in Toledo to move into a house

(Request from Dawn in Toledo, Ohio) We put a deposit of 600.00 on a house that is 750.00 and 750.00 we have signs a lease and now we can’t move in intelligence we have the rest of the money we have 400.00 more to put with it but now we need 400.00 more

is there anyone out there that can help with the other 400.00 Ian at my wits end we where stay with some friends but everyone has to move they found a place and so did we but can’t move in intelligence we have all the money please help us were going to be homeless around the 11th of December. 2013

Dear Dawn,

If I understand you correctly, your new landlord is requiring a $750 rent deposit in Toledo plus your first month’s rent payment of $750. It looks like you have come up with all but the last $400 needed to move in.

While there are many rental assistance programs serving Toledo and Lucas County, these are primarily reserved for very low income households that needs serious financial assistance to prevent homelessness. There are many qualifications that must be met before you would be eligible for a cash grant or any other emergency financial considerations.

Still I understand that without the $400, you will have nowhere to live. I am assuming that you are employed with the found yourself in a temporary cash crunch due to having to pay the equivalent of two month’s rent while still preparing for the holidays. There is a possibility that your income may exceed the threshold for eligibility through the rental assistance programs that provide rent deposits in Toledo. Most rental aid programs in Ohio only serve very low income households.

For this type of situation a temporary loan may be a reasonable option. There are various ways to qualify for rental loans, with each having interest rates that could vary widely from one to another lender.

If you go to a consumer finance company, expect to pay upwards of 30% interest. Payday lenders could be 10 times that or more.

The best option will probably be a payday style temporary loan through your bank or local credit union. Financial institutions that are community-based have been delving into short-term loans that were previously only available through predatory lenders. Instead of big loans with huge interest rates you might be able to receive a smaller loan with an interest rate of anywhere from 12 to 16%. These products can really be a great option because they help you get the immediate cash that you need to move into your rental home but without the high interest costs they can create their own hardship for you down the road.

I strongly recommend going to your own bank or credit union first since you already have an established banking relationship with them. You should also contact area credit unions that have payday loan style products and inquire about their membership requirements. You could have a reasonably priced loan and cash in your hand within the hour.

This is one situation where you may wish to downplay the emergency nature of your request. Simply state that the extra cash will help with some higher than normal expenses incurred this month during your move and that your income will easily allow you to repay the loan over a few months after the new year. The cash could be used for your rent deposit, first month’s rent and any moving costs that you might incur. Your rental loan does not have to cost you big money.