Need help paying rent in Chesterfield VA, who offers loans?

(Request from Tiffany in Chesterfield, Virginia) Need help with paying my rent up to date, where can I go? Who offers loans?Dear Tiffany,

It sounds like you are behind on your rent and need a little bit of help to get caught back up again. Your late rent payments generally do not show up on your credit report unless you are evicted or skip out on your lease. Therefore if you are able to obtain a loan and catch back up on your rent you will be able to preserve your credit rating, avoid any future late fees and avoid an eviction.

There are a few lenders that provide unsecured personal loans that can be used to catch up on your rent. You should skip the payday lenders and title loan companies since those ones tend to be predatory in nature and are generally unaffordable. Even the consumer finance companies can be expensive.

Chesterfield Federal Credit Union is a pretty sweet alternative to the higher priced lenders in Chesterfield County. Unsecured personal loans currently have interest rates of around 8% or less as long as you have reasonable credit and set up an automatic payment. If you have any collateral then the secured loan options are really cheap. Membership generally requires that you are affiliated with one of the participating companies or governmental agencies in Chesterfield County. You may call 804-748-1417 to inquire about membership criteria with Chesterfield FCU.

Call Federal Credit Union offers personal loans for your rent and can provide repayment term of up to 84 months. Your actual interest rate may be from 7.5% to around 18% depending on your credit rating. The nearest branch for you would likely be in Midlothian. You may contact Call Federal Credit Union at 804-276-2666.

Argent Credit Union provides membership to almost anyone in Chesterfield County. Rental loans can be obtained without collateral with very reasonable interest rates. A quick check showed a current rate of 8.5% APR. You may even get up to five years to repay the balance making this a much more affordable rental loan than the typical for-profit lender. Contact Argent Credit Union at 804-748-9488.

Peoples Advantage Federal Credit Union also offers membership to just about anyone in Chesterfield County. You will need to contact the credit union directly at 804-748-2988 to ask about their current interest rates on unsecured personal loans that may be used to fund your back rent payments. Peoples Advantage Federal Credit Union generally uses a sliding scale for interest rates based on your creditworthiness.

As you can see these rental loan providers are going to be much cheaper than commercial lenders that specialize in fast cash for desperate tenants. Credit unions are generally the best option since they are nonprofits that are owned by their members. Your best option would be to contact one or more of these credit unions to determine membership requirements and then make arrangements to borrow money for your back rent payments.