I need to borrow money for rent in Royal Oak, MI
(Request from Julia in Royal Oak, Michigan) I desperately need help in paying this months rent in order to avoid eviction. I am willing to do anything, I will even put any asset I may have on the line to avoid being homeless. I have a job and My rent is $855, however I only need to borrow $430. Please please guide me to any help, I’m so desperate.
Dear Julia,
There are a couple of options that may be available to you, especially since you already have half of your rent payment available. This makes it easier to help you bridge the gap between what you have and what you need, since many rental assistance programs can only provide a limited amount of financial support.
Personal Loan
You may or may not need collateral to borrow such a small amount of money. Your credit score and income will be more important. Of course, you will need to stay away from predatory loan companies such as pawn shops and payday loan companies. Payday loans are legal in Michigan, and they carry high interest rates that average 391% APR. Consumer finance companies can also be prohibitively expensive, although some national providers offer interest rates that start in the low 20% range.
Your best bet for affordable rental loans is to contact your local credit union. We found a seasonal loan special at OUR Credit Union with rates starting at 6.99% APR. That credit union has 3 branches in Royal Oak:
- 3070 Normandy Road
- 2100 Bellaire Avenue
- 726 S. Washington Avenue
As an Oakland or Macomb County resident, you are eligible to join. Just call 248-549-3838 for more information on becoming a member and obtaining a personal loan for rent.
OLHSA
The Oakland Livingston Human Service Agency (OLHSA) serves lower income tenants in Oakland and Livingston County. This agency does administer an emergency eviction prevention program. This means that case managers are authorized to distribute cash grants to landlords of tenants who are at risk of eviction due to late rent.
Eligibility requirements do limit services to those households facing imminent eviction and with a recent financial hardship. Those with chronic financial difficulties are instead referred into the Homeless Assistance Recovery Program with distributes housing choice vouchers. These subsidies provide permanent help with rent in Royal Oak and surrounding communities.
To schedule an appointment with an OLHSA case manager, call 248-542-5860.
Neighbor For Neighbor
Another organization that can provide help with rent in Royal Oak is Neighbor For Neighbor. A single cash grant may be authorized to provide you with emergency rental assistance. Utility bills can also be included.
This organization relies largely on volunteers and community grants. To see if you are eligible for a one-time rental aid grant, call Neighbor For Neighbor at 248-634-0900.