Late On Rent? Here’s 5 Things You Should Know And Do

Missing rent payments might be beyond your control; you could have experienced an injury or illness that kept you from working. When rent is late, you risk lowering your credit score and accruing late fees. Depending on how many months you've missed, you might also face eviction.

This guide from Nevada Title and Payday Loans, Inc. explains rent payment strategies to help you afford your monthly rent. It also covers how those struggling to pay rent can use Nevada payday loans to avoid eviction.

What Are The Drawbacks Of Late Rent Payments?

Missing rent can impact your finances and credit score. Always prioritize paying your rent because missing a payment can affect you in several ways. You might not realize it, but missing a payment can lead to owing even more money. It can also harm your chances of getting approved for bank loans.

Here are some of the drawbacks of missing your rent:

• Late fees - If you are over three days late in paying rent, your landlord can charge you late fees. According to Nevada statutes, you can be charged $20 or 20% of your rent (whichever is greater) for every month you miss. 
• Reduced credit score - Payment history is the most significant factor for your credit score, accounting for 35% of the calculation. If you can make the payment within a few days of the due date, your credit score should remain unaffected. However, if you leave the charge unpaid for 30 days, your credit score can drop if your landlord reports it to the credit bureaus.
• Eviction - If you miss multiple months of rent in a row, your landlord can pursue eviction. Not only can you lose your apartment, but it can also make it harder to secure other housing. You may also have to pay legal fees if they pursue legal action to get the money they are owed. 

5 Rent Payment Strategies For Those Struggling Financially

Although missing rent can be stressful, there's no need to worry. There are many strategies available for those having trouble with rent payments that can help you cover your monthly costs. Use these tips to avoid late fees, damage to your credit, and eviction costs.

Learn more about rent payment strategies below:

1. Take Advantage Of The Grace Period With Your Rent Lease

Most rental contracts include a grace period for overdue rent. This gives tenants a few extra days to pay in full. Landlords usually determine this grace period. Typically, it ranges from 3 to 5 days after the rent is due.

Check your property lease to understand rent payment policies, like whether it offers a grace period. If it does, pay your rent promptly to avoid late fees or other consequences.

2. Cut Expenses To Save Money

If you earned less money this month than usual, focus on cutting expenses to save money for your rent. Everyone has small, unnecessary expenses that can be easily eliminated to save extra cash. While cutting these costs might only save you between $50 and $100, it could make the difference between being able to pay your rent and not. 

Here are some ways to save money by cutting expenses:

• Cancel unnecessary subscriptions
• Shop in bulk and buy generic brands at the grocery store
• Avoid luxury purchases like new clothes, games, or Blu-rays
• Spend the night at home rather than going out
• Reduce energy costs by reducing AC and light usage
• Cook your own meals rather than eating out

3. Work Side Hustles For Extra Cash

If you regularly miss your rent payments, it's probably because you don't earn enough money. While seeking better job opportunities can help, that may take more time than you have. A faster option is taking on side hustles. There are in-person and remote freelance jobs that can help you make quick cash.

The following are some side hustles to help you afford rent:

• Driving for Uber or Lyft
• Dropping off food with Uber Eats, DoorDash, or Grubhub
• Freelance writing on Upwork or Fiverr
• Babysitting
• Graphic design
• Social media management
• Freelance construction

4. Negotiating Rent Payments With Your Landlord Can Go Far

If you think you’ll miss your rent deadline, communication is key. Reach out to your landlord quickly and clearly explain your situation. For example, you might explain that you got hurt and couldn't work, so you won't be able to pay rent until your next paycheck.

Providing a specific plan demonstrates your commitment to resolving the issue and may lead to leniency, such as waiving late fees or adjusting due dates. This approach is much easier if you are a reliable tenant. If you consistently pay your rent on time and cause no problems for your landlord, they might be more willing to help you through this stressful financial period. 

5. Seek Financial Assistance For Rent

If you are close to eviction, you should seek emergency financial help from the state for rent. One option for emergency rent assistance is with Nevada Rural Housing. Those facing eviction who have lived in Nevada for at least two years and meet income requirements can receive emergency rent help. 

You can also call 211 to speak with a representative and learn about your options for help with paying your monthly rent. 

While the rent payment methods we mentioned earlier can be helpful, you might only need assistance for a one-time situation. In an emergency, Nevada Title and Payday Loans, Inc. can assist with our Nevada payday loans.

How To Get Payday Loans In Nevada

Payday loans are emergency rent solutions that let you borrow cash from a future paycheck. You can get approved for up to $500 today after proving your income with your most recent pay stub. The other required items you will need are a state-issued photo ID and a blank check from an active checking account in your name. 

When it comes to obtaining a payday advance, our process begins online before finishing in person in less than 30 minutes. Just follow these steps, and you can have your cash in no time for rent payments – if you meet the required criteria and are approved:

1. Fill out the online form on our homepage. It is essential to note that we also offer title loans and signature installment loans, in addition to payday loans.
2. Wait for a loan associate to give you a call. The loan representative will review the necessary items you need to bring with you and guide you through the remaining steps.
3. Head over to a Nevada store location with your required items for verification. The associate will examine your items and determine the amount for which you qualify.
4. If approved, you can sign the payday loan agreement. You can receive your cash advance later that day or by the next business day.

Handle Late Rent Payments Today With Nevada Payday Loans - Borrow Up To $500 Today!

Paying your rent late to avoid eviction is a stressful situation we’ve probably all faced at one point. When that happens, remember these five rent payment strategies for late rent.

To inquire about emergency cash with a payday loan, simply submit your information through the online form on the Nevada Title and Payday Loans, Inc. homepage. A loan representative will call you with details on how to get approved in person in less than 30 minutes. Apply today to access fast emergency cash through a payday loan!

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.