I need to borrow $700 to pay my rent

(Request from Louise in Howard Beach, New York) I need to borrow $700 to pay my rent. I am working part time, I got layed off from work, and I had a relative stay with me and they took money from me. I will pay you back.

Dear Louise,

It is unfortunate that you had a relative take money from you–especially since this is money you needed to pay your rent. There is an uncomfortable issue that you may have to deal with before moving forward.

That relative that took your rent money owes you. If they stole it, then you should consider how good of a friend they really are. Sometimes it can be helpful to threaten to get the authorities involved by filing a police report unless they pay you back within 3 days. Other times such a threat can make matters worse.

I have to ask since you are requesting a $700 loan from someone so that you can pay your rent. Are you able to repay $700 based on your current part-time income? Do you anticipate your hours or pay to increase? Are you optimistic that you will regain a full-time position within the next couple of months?

These are all important questions that must be asked before borrowing money to cover living costs. If you do choose to take out a loan, it is recommended that you consider your own bank or credit union as well as loan products from other credit unions prior to making a decision about going into debt.

Before deciding on a loan, there is one other step to consider. Could you qualify for a grant to cover all or part of the $700 you need for your rent payment? It just might be possible if your household income is below a certain level and your hardship (job loss, theft) can be documented.

There are a few organizations that can provide rental assistance grants on behalf of lower income residents who live in Queens. We periodically add new agency features and may have future stories on additional programs that serve your locale. You may also find that an agency partner of United Way of New York City could provide emergency rental assistance if you qualify. A representative can match you with a proper agency if you call 212-251-2500.