Need help to find a loan to pay my rent in Silver Spring MD
(Request from Christela in Silver Spring, Maryland) I’m about to evicted for my rent payment I’m a single mom with two kids , i lost my job, i need help to find a loan to pay my rent please.
Dear Christela,
I’m sorry to hear about your recent job loss. An eviction can be very traumatic for a young family. I can help you review some of your options.
Loan to Pay your Rent
There are a few situations where obtaining a loan to pay your rent can be a reasonable option. This is not one of those situations.
Qualifying for a loan requires that you demonstrate that you have the income necessary to be able to repay the loan proceeds. Any lender that completes their due diligence will deny any loan application that references zero income.
Even if you were to obtain a loan, you cannot expect to be able to repay that loan according to the loan repayment schedule without income. A more feasible option may be to look at rental assistance programs in Silver Spring, Maryland.
Silver Spring Rental Assistance Programs
Montgomery County’s 311 program is a feature of the Housing Opportunities Commission of Montgomery County (HOC). The program provides emergency financial assistance in certain situations where a family is facing eviction from the rental home.
One option for aid may be to help you with your back rents. By helping you catch up on your payments, perhaps you can avert the eviction long enough to restore your income.
Alternatively, you may need help moving into a more affordable apartment. HOC could help you with your security deposit. To find out if you qualify, simply call 311.
Subsidized Housing in Silver Spring
HOC also provides subsidized rent opportunities for lower-income households that experienced recurring problems in being able to afford their rent payments. Subsidized rent could be provided through one of the public housing projects administered by HOC. The agency also administers the housing choice voucher program for Montgomery County. A wait list may apply so it is important to call 240-627-9400 to request information on qualifications and vacancies.
The Montgomery County Housing Authority (MCHA) administers some 228 apartments plus 60 rent-controlled homes that provide cheaper rent options for lower income households that cannot afford to pay market rents. Call MCHA at 217-532-3672. Funding is provided through the Maryland Department of Housing and Community Development.
In addition to helping you find ways to pay your rent these agencies provide case management services to give you the support that you need for training opportunities and job search assistance. Let your case manager help you afford your rent through options other than obtaining a loan. These options would be much better for most households in transition, especially those with bad credit.