How can I get a loan for rent and security deposit in Miramar, FL?

(Request from Jenny in Miramar, Florida): How to get a loan for rent? To cover security deposit, first month and down payment.Dear Jenny,

In order to get a loan to cover your first month’s rent payment plus a full month’s rent for a security deposit, you will need to show that you can be reasonable able to repay the loan according to your lender’s terms. Each lender is different in terms of their eligibility requirements and rates charged based on your creditworthiness.

Assuming that you have at least a 640 credit score and have steady income, you have many possibilities by utilizing mainstream financial institutions. Any of the big banks and community banks serving Miramar can help you out with a rental loan. Chase, BB&T, SunTrust and Citibank all have local branches in Miramar.

There are also some nonprofit options that could provide you with better interest rates. Credit unions serving Miramar with low cost rental loans (often labeled personal loans) include Tropical Telco Federal Credit Union, Space Coast Credit Union, First Florida Credit Union and Eastern Financial Florida Credit Union.

Interest rates vary between the credit unions, as do the eligibility requirements. You will find that some credit unions, like the local Tropical Telco Federal Credit Union, have strict eligibility requirements that include working for a local telecom provider, or being in the same household of one such employee. Some of the credit unions only require that you either live, work or worship in Broward County in order to become a member. These can often be some of your best options, especially if you need access to cheaper banking services.

We have featured some additional options in a previous article about rental assistance organizations that serve nearby Fort Lauderdale and Broward County. These are local charities and community organizations that provide help with rent payments, and sometimes even security deposits for residents of Miramar and Broward County.

While you may be considering a loan, you may want to investigate any of the rental assistance grants that are frequently offered to tenants who meet eligibility requirements of these charities. Lower income households may be granted help with their rent payments that does not have to be repaid as a loan would. This can be a great alternative. Funding is limited, so it is important to talk with a case manager at the local organization of your choice to determine if you are a possible candidate for rental assistance. Advise that you are looking for help in meeting the cash move-in requirements for the apartment or rental home you are trying to move in to. Make sure that your preferred rental unit is clean, safe and reasonably priced in order for your request to be considered.

Whether you qualify for a grant or select to take out a rental loan, either option can give you the cash you need in a pinch to move into your next rental unit. You will generally be in good shape as long as you stay away from predatory loan options of payday lenders and consumer finance companies, since these companies tend to offer unaffordable loans.