Late on Rent? Here’s 5 Things You Should Know and Do
While paying your rent late may not seem like much of a big deal, it can actually pose grave consequences for you in the future. From late fees to a bad credit score, being late with paying your rent has consequences that are best avoided.
If you've been late in paying your rent, or you think you won't make your due date, check out our top 5 tips on what you can do.
Check Out These Tips The Next Time You Are Late Paying Rent
1. You Might Have A Grace Period
Many, if not most rental contracts, have a grace period. This period offers tenants a few extra days of leeway to pay their rent. Landlords usually set this grace period themselves. A typical grace period can be between 3-5 days after the rental due date.
Check your rental contract to find out if it includes a grace period. If you do, pay your rent immediately to avoid facing further consequences.
2. You May Be Charged A Late Fee
Most rental contracts also have a clause for late rental payments. This usually involves a late fee to be paid by the tenant. Late fees are considered a form of compensation for the inconvenience caused to the landlord by the late payment.
The amount of the fee differs between landlords and is usually either a percentage of the rent or a fixed price.
3. Paying Your Rent Late Can Affect Your Credit Score
One of the biggest consequences of late rent is the effect it can have on your credit score. If your late payment is reported to credit bureaus, it will weaken your credit score.
This can negatively impact future rental opportunities, loan opportunities, and even future career opportunities, among other things. For this reason, paying your rent on time should be a priority.
4. Negotiating Can Go Far
Sometimes communicating and negotiating with your landlord can prove fruitful. If you think you're going to be late in paying your rent, let your landlord know beforehand. Explain your situation. In some cases, landlords may be understanding and may offer you some extra time to make the payment. You may even be able to negotiate your way out of paying a late fee. You'll never know unless you try!
5. Title Loans Are Available For Help With Rent
The consequences of paying late rent are far from minor. Which is why it's important to find the financial assistance available to you.
Whether it is due to an emergency or something else, when you need help covering rent, you can turn to payday loans. Then you can repay the loan on your next payday. Payday loans are a great option for people in need of immediate cash because they're quick and easy to obtain, making them a valid option for tenants struggling to make rent.
The Easy Process Of Getting Payday Loans in Nevada
When it comes to getting a payday loan, our process starts online! Just follow these steps and you can have your cash in no time – if we approve you:
- Fill out the online form on our homepage. It is important to mark payday loans because we also offer title loans and signature installment loans.
- Wait for a loan associate to give you a call. The loan rep will go over the necessary items you have to bring with you and walk you through the rest of the steps.
- Head over to a payday loan center in Nevada to finish.
- You will have to bring your state-issued photo ID, your most recent bank statement, your most recent pay stub, and a blank check from an active checking account in your name.
- The associate will examine your items and determine how much you qualify for. If we can approve you, you can walk out with the cash the same day.
Paying your rent late is a stressful situation we’ve probably all faced at one point. When that does happen to you, just remember these five facts about late rent.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.