Late on Rent? Here's Five Things You Should Know
November 5, 2020 | Emma Frost
Being late on rent can be both scary and overwhelming, but most of us have been there before at some point in our lives. We only have so much control over the circumstances in our lives, and if you find yourself late on rent, it’s important not to panic.
These are the five important things you must know if you find yourself late on your rent.
Remember These Things If Your Rent Is Late This Month
There Is Usually A Grace Period
If you’re only one day past the rent deadline, don’t worry too much- there’s often a grace period that landlords provide tenants in case they are late with rent. The grace period deadline often lasts for a few days past the rent due date.
If you’re in a situation in which your paycheck is simply delayed, check your leasing agreement or reach out to your landlord to ask about a grace period. Communicate with them how long you may think you’ll need to make the payment in full, and they may even be open to extending the grace period for you depending on your circumstance.
There Is Often A Late Fee
While this isn’t necessarily a cause for panic, it is important to know about the existence of a late fee so you can prepare accordingly.
Your leasing contract will contain details about a late fee if your landlord includes that. Sometimes the late fee will increase, like interest, depending on how long it takes you to pay your rent back. Late fees for rent are also often more expensive than late fees on other types of payments, due to the size of monthly rent costs.
Make sure you check your individual leasing agreement or reach out to your landlord for late fee details.
You May Have Difficulty Renewing Your Lease
Depending on how often you are late with your rent payments, your landlord may decide they don’t want you as a tenant, and may not approve a request for a lease renewal. So if you want to stay in the same apartment or home for the next leasing period, it’s even more important to build a trustworthy relationship with your landlord by ensuring payments are due on time.
This is why it’s especially important to reach out to your landlord if your late rent is due to an extenuating circumstance so they don’t see it as a regular occurrence.
Late Rent Can Impact Your Credit Score
Missing payments on rent is a common occurrence, but you want to make sure you repay these fees as soon as possible. If you wait too long after your rent due date, it can significantly impact your credit score. This makes it harder to secure a lease or any other type of contract in the future.
How do credit companies know, you ask? If tenants are late on rent payments and don’t pay their late fees, landlords will report late payments to credit agencies. They usually report these after the payment is past due for thirty days. This makes it all the more important to make sure you have open communication with your landlord and are paying rent back in a timely manner.
You Can Set Up Automatic Payment Plans
Many tenant portals have options for paying rent individually each month. However, you could sign up for an automatic plan that will take rent out of your account every month. If your rent is often late just due to disorganization, look into whether an automatic payment plan is available to you.
Fund Your Missing Rent Payment with Illinois Title Loans
If you’re missing a rent payment due to an emergency circumstance, an Illinois title loan could be the right option for you.
A title loan, also known as a title cash loan, is a type of short-term secured loan wherein borrowers put up their car title as collateral for cash.
Benefits Of Title Loans
The biggest benefit of taking out a title loan is how quickly you receive the money. The processing time takes between 30 minutes or less from the time you walk into an Illinois Title Loans.
If you’re looking for an Illinois Title Loan and you’re missing a rent payment because of an emergency or unexpected circumstance, look into Illinois Title Loan to help with your emergency or to help cover rent in the short-term.
Compared to traditional loans, title loans are much easier to obtain. Title lenders don't demand much from borrowers. You don't need to have a great credit history to be eligible for a title loan. And the best part of it all is that you don't have to surrender your car, just the title!
How To Get Online Title Loans In Illinois
Our process is simple to follow. For a quick step-by-step, our process is as follows:
- Start by filling out our short online form. Just head to our homepage and you’ll find it right there at the very top;
- You’ll then receive a phone call from a loan associate. They will walk you through the process and tell you what required items you need;
- Please bring your state-issued ID, your lien-free vehicle title, and your vehicle to one of our title loans near me locations in Illinois;
- Once you arrive, you will sit with one of our loan representatives to complete the application. They will look over your items, conduct a vehicle inspection, and let you know if you’ve been approved;
- Once you’ve been approved you will receive the amount you were approved for. The whole process could take 30 minutes or less.