New help with a loan for security deposit in Rome, NY

(Request from Jessica in Rome, New York) I need help with a one time loan for a security deposit on an apartment.  I am willing to pay it back I receive SSDI and no longer receive back pay. I’m a recently single mom to a youngster. I hope someone can help.  I am willing to pay back the loan having it automatically debited from my account.  Thank you.

Dear Jessica,

It may be possible for you to get a security deposit loan in Rome to help you move into an apartment. There are a couple of factors that you will need to pay attention to in order to be successful in your loan application.

Income Requirements

Each lender will have certain income requirements that you must meet in order to reasonably be able to repay the loan according to the repayment schedule. Any debt payments that you are currently responsible for will reduce the amount that you can borrow as it would negatively impact your debt to income ratio.

On a positive note, no lender may discriminate against you based on the source of your income. They cannot frown upon SSDI or treat it any differently than any other type of income.

Credit Requirements

Security deposit loans or any other type of rental payment loan will depend on your credit rating. A minimal credit score will be required to borrow money at all, and better rates will become available as your credit score rises above 650.

While payday loans are out of the question, consumer finance loans can be an expensive way to meet your needs if you lack a good credit score. Your bank or credit union can normally provide the lowest rates for unsecured personal loans making them the best choice for most rental loans.

Emergency Rental Assistance

One non-loan option that you may wish to consider is the security deposit assistance through Oneida County. This government agency receives funding which is used to help residents in Rome and the rest of Oneida County.

While some funds are allocated towards tenants who are behind on the rent, the agency also can provide security deposit guarantees to landlords that participate in the program. This can be a great alternative to a loan for security deposit in Rome. Call 315-338-0200 to reach Oneida County Housing Unit in Rome.