Phoenix rental loans for security deposits and rent payments

Forget about those late fees, eviction notices or sky-high move-in cash requirements. Phoenix rental loans can help you through a cash crunch so that you and your family can have safe and stable housing.

Sometimes when you are desperate to get quick cash for rent you might be tempted to look at payday loans. However these predatory loan products are unaffordable and should be avoided no matter what your situation. Instead you have several options that can provide you with the cash that you need at a reasonable cost.

Most tenants who experience recent financial troubles wrongfully believe that they cannot borrow money. The truth is that as long as you can prove income and you will have loan options. The better your income and credit situation the better the terms of your loan.

Cash Time Loan Centers

One of the popular rental loan options in Phoenix is Cash Time Loan Centers. The company specializes in loans of up to $1500 which could be enough to cover your rent payment.

The problem with these loans is that interest rates typically range from 182% to 216% APR. Rental loans with rates this steep are just too pricey. You should be able to find a better rate.

Springleaf Financial

Springleaf Financial is a national consumer finance company with offices in Phoenix. Instead of the 200% APR charged by many short-term lenders, you should be able to get a rental loan through Springleaf Financial with a much lower interest rate.

Your actual interest rate will depend largely on your employment history and income as well as your credit rating. If you have any collateral then it may be possible to negotiate a lower interest rate as well as a higher loan amount.

SunWest Federal Credit Union

One pretty sweet option is an unsecured personal rental loan Through SunWest Federal Credit Union. These loans have interest rates similar to prime rate credit cards.

Rates were as low as 13.5% APR in 2013 for standard loans. Open-ended lines of credit are generally available for a couple points more.

These rental loans may be among the cheapest available in the Metro Phoenix area. Membership in the credit union requires only that you live, work or worship in Maricopa County. A small opening deposit can be made to open a checking or savings account and then you are free to apply for a personal loan to pay rent or utilities. This is one of the cheapest options to borrow money to cover rental costs or to come up with your security deposit. For more information call SunWest Federal Credit Union at 602-866-1100.

Always check the APR of any loan option and compare with at least two other providers before making your decision. Phoenix is host to a high number of predatory lenders and title loan companies that charge oppressive finance charges as a cost to borrowing from them. These Phoenix rental loan providers are an indication of how widely the interest charges can vary from one lender to another.

Even if you are late on your rent payments, your credit report likely shows no damage related to your current deficiency. Landlords generally do not report negative information to the credit bureaus. Most negative information related to evictions originates from court judgments lost by tenants who still owe money to the landlord. What this means is that you are able to apply for a rental loan without fear of your existing late payments from showing up on your credit report.