Coming into money but I have to move now

(Request from Chris in Murrieta, California) I need to move ASAP and I don’t have the deposit or 1st months rent to give. I am coming into money in Feb. but I have to move now. I work hard and just have had some bad luck. I went through two divorces In two years. One was twenty two years and the other annulled.

Can you help? I found some places but need help with move in costs for my daughter and I. She is ten years old.

Thank you

Dear Chris,

If you are looking simply for a short-term solution, then selling an asset might be one option. You could potentially come up with enough money to cover all or a portion of the security deposit.

A loan can be a potential solution but it must be conducted carefully. No payday loan is worth the cost. Rates are simply too high.

Have you considered checking into a temporary loan through a credit union? These lenders offer competing products yet charge a mere fraction of what other high cost lenders demand. California Coast Credit Union, Visterra Credit Union and Altura Credit Union are just three potential choices that you may have in Murrieta.

Remember that the rate you should expect is no greater than 18% APR. Stay away from for-profit payday loan firms that want to charge upwards of 400%.

Lastly, you may wish to consider whether your income is low enough to justify a grant. This can help cover a deposit or first month’s rent, but rarely both due to budgetary constraints. It is exceedingly difficult to qualify for full assistance yet still earn enough to easily afford ongoing rent payments. For this reason, I did not mention this potential option first.

To inquire about grant funding, you are probably best contacting a few United Way partners who sometimes match grants to needy families. United Way of the Inland Valleys supports many nonprofit organizations who are committed to eliminating homelessness in Murrieta. You may simply dial 211 in order to request information on some likely sources of housing assistance.

Regardless of which option you choose, make sure that you have considered all of the options and are comfortable with your choice. Borrowing money is unwise if there is a chance that it will go unpaid. Such credit snafus can create additional problems with qualifying to rent an apartment in the future.

It sounds like you have had a string of bad luck in the past. This is your chance to take a new path that will lead to financial success. It can be worth it to take advantage of housing programs that allow you to save for a future apartment while still enjoying safe housing now. Look for transitional housing as a tool to help with both immediate and ongoing housing needs!

Good luck with your transition back to regular self-sufficient living. I hope this gives you a bit of insight on options that could help.