In many respects, renting a home can be a less of a financial burden than buying one. Even so, renting comes with several fees, and your security deposit will be one of the largest. However, obtaining the required funds can be difficult for low-income families - but several organizations may be able to assist you. Below we list some resources you can use to find assistance paying your security deposit.
The Federal Government
The government can provide grants for qualifying low-income families, although many states will only offer assistance if you’re homeless or facing immediate eviction. There’s also a possibility that, if you’re approved for a grant, only a portion of your deposit will be covered. Any amount helps, however, so check with your local government to see what you may be eligible for.Nonprofit Organizations
Several nonprofit organizations offer financial aid to families in need, including deposit and rent assistance. The Salvation Army is a popular option, and many religious organizations such as Catholic Charities USA also provide help with housing support. Seek out nonprofits near you to see if a local charity would be willing to help.Loans
Although we often associate loans with property or vehicle purchases, some companies offer installment loans you can put toward your deposit. This may be an attractive option if you think you’ll have enough money to pay back your loan in a few months.Paying for housing can be a daunting task. Trying to find assistance paying your security deposit without much success can be discouraging, but perseverance is the key to receiving the help you need. Remain on the lookout for any available options. If none of the ones above will work for you, you can call your local 2-1-1 and ask how they can help. These professionals will work with you to find nearby programs that can help with your financial needs.
