Latest news with #rentloan
Associated Press
11-08-2025
- Business
- Associated Press
Repairing Your Finances After Repaying a Rent Loan
NEW YORK CITY, NY / ACCESS Newswire / August 11, 2025 / Paying off a rent loan can feel like a huge relief. You may have taken out the loan during a difficult time when you needed to make sure there was a roof over your head, and now that challenge is behind you. But once you're done making your rent loan payments, it's time to look at the bigger picture - repairing your finances. Rent loans might be helpful in a tough spot, but taking on any kind of debt could come with a high cost to your finances. If you feel unsure how to rebuild, there are steps you could take to get back on track, feel more in control and avoid needing another loan again soon. Review your financial habits First off, be clear about where you stand. Taking a close look at where you are financially might be the hardest step, but it's also the most important. Sit down and make a list of how much money you have on hand, any incoming payments or money owed to you, your monthly bills and any other money you owe. Even if it's messy, seeing it all written down can help. Monthly costs might include: Once you've faced the facts, take a deep breath. You're off to a great start. Next, think about how you might want to make changes, cut costs or allocate funds differently. Create a budget Creating a budget could be a helpful next step. A budget isn't meant to feel like a punishment - it's a way to track and organize your money for the weeks, months and years ahead. Here are a few simple budgeting options to try: It's okay to test a few budget systems before settling on one. What matters most is finding a method that helps you better manage your money. Check your credit If your rent loan showed up on your credit report, it could have affected your credit score. Your credit score is a number that tells lenders how good you are at handling money. A lower score could make it harder to get approved for credit cards, car loans or even a new apartment. To rebuild your credit score, start by checking your credit report. You should be able to get a free copy from Look for any errors or late payments that might be lowering your score. If something looks wrong, you can contact the credit bureau to work on correcting the error or finding a solution. Next, focus on building good credit habits: Over time, these steps can raise your score and help you qualify for better loan terms in the future. Rebuild your savings After using the rent loan to stay afloat, your savings might be low - or completely gone. You can rebuild slowly by setting small goals, like saving $5 to $10 a week. It doesn't have to be a lot at first because what matters most is building a savings habit. A simple way to do this is to set up automatic transfers from your checking account to your savings account every time you are paid. With auto-transfers, the money is moved before you see it, so you can treat it like any other bill - except this time, you're paying yourself. Keep moving forward Paying off a rent loan is a big win. Fixing your finances after paying off a rent loan takes time, but it's completely doable. You don't need to make big changes all at once. Instead, focus on taking small, steady steps forward. With a solid plan, smart habits and clear goals, you'll be in a better position to rebuild your finances and prepare for the future. SPONSORED CONTENT CONTACT: Sonakshi Murze Manager [email protected] SOURCE: OneMain Financial press release
Associated Press
10-08-2025
- Business
- Associated Press
OneMain Financial: What to Know Before Taking Out a Rent Loan
NEW YORK CITY, NY / ACCESS Newswire / August 9, 2025 / When money is tight, and rent is due, some people may look for quick solutions to stay in their homes. Rent loans are one option that could help in tough times. A rent loan provides a borrower with a lump sum of money to cover rent when they don't have enough money saved up. While rent loans might offer quick help, it's important to understand how they work and what to expect before applying. Understand the ins and outs of a rent loan A rent loan is a type of personal loan that helps a renter pay their housing costs if they don't have enough money in the bank. First, the consumer borrows a predetermined amount of money and will then typically pay it back over a set period of time by making fixed monthly payments. Each payment covers two parts of the loan. First is the loan principal, which is the original amount that's borrowed, and second is interest, which is the cost of borrowing. Qualified borrowers can apply for rent loans through different types of lenders, including online lenders, banks or credit unions. To get approved, the borrower typically needs a steady income and a favorable credit score - though eligibility requirements vary by lender. Consider a rent loan a quick fix, not a long-term solution A rent loan may help someone when money is tight, but it's not meant to solve long-term financial problems. A rent loan is a temporary solution that should only be used when there's a clear plan to repay it. For example, if someone is between jobs and has new employment starting soon, a rent loan might help bridge the gap. Similarly, if they're waiting on a delayed paycheck or emergency funds, the loan could help them stay on track. But if they don't know when they'll have a steady income again, taking out a loan could cause more harm than good. If a renter ends up needing to take out a rent loan every month just to stay afloat, it may be time to look for other types of help. Different types of financial support could include government assistance or even working out a payment plan with their landlord. Be mindful of any additional fees attached to the loan When taking out a rent loan, the interest rate isn't the only cost. There might be extra fees that result in making the loan more expensive. These might include: All these charges can increase the total cost of the loan. That's why it's important to ask questions and consider all the financial obligations before signing any loan agreement documents. Budgeting for monthly repayments is key It's important for someone to make sure they can repay a rent loan with interest in the given repayment period before they sign on the dotted line. Taking the time to calculate all monthly bills, including groceries, utilities, commuting costs and other regular expenses, and figuring out how a loan repayment fits in, could go a long way to helping someone avoid coming up short and worrying they will never catch up. Making monthly rent loan payments on time and in full may protect the borrower's credit score - but only as long as their other bills stay current too, because late or missed payments could damage the credit score. While a rent loan can help lower financial stress in the short term, it's important to make sure taking on debt doesn't add stress in the long term. Extra debt can be hard to manage without a clear plan for how it fits into someone's overall budget. A renter should make the best choice for their situation Rent loans can help in a tight spot, but they come with real costs. Before taking out a loan, it's important to look at the full picture - how much it will cost, how it will be repaid, how long it will take to be repaid, and whether other options are available. With careful planning and smart choices, it may be possible to stay on top of rent without falling deeper into debt. About OneMain Financial View Website OneMain Financial is the leader in offering nonprime customers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans. CONTACT: Sonakshi Murze Manager [email protected] SOURCE: OneMain Financial press release
