If you’re short on rent this month, you may be thinking of taking out a loan. While it’s possible to get an emergency loan for rent, it’s not ideal as it could lead to a cycle of debt. Before applying for one, consider the different options available to you. In this guide, we break down the 13 ways to cover rent in an emergency, including fast rent loans and other alternatives.
Best for: Renters with steady employment income who temporarily can’t afford rent.
How fast you can get it: As soon as the same day.
If you decide that applying for rent loans is the right step for you, below are online lenders that offer quick approval and funding. It’s possible to get your money as soon as today.
Personal loans allow you to borrow as little as $500 for almost any purpose, like covering the gap if you need money for rent. If you have good to excellent credit, you can score a low interest rate. If you have bad credit, you can get a rent loan from an online lender, but be prepared for steep interest rates.
While paying interest on your rent isn’t ideal, this is a good option for borrowers experiencing temporary financial hardship—especially if you don’t qualify for local rental assistance programs.
We currently don't have that product, but here are others to consider:
How we picked theseTo make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
You can easily apply for rent loans by following these steps:
To qualify for rent loans, you may need to meet the following eligibility requirements:
Best for: Renters in between jobs but have other sources of regular income like disability benefits, employment insurance (EI) or Canada child benefit (CCB).
How fast you can get it: As soon as the same day.
Alternative lenders of online installment loans have easier eligibility criteria than traditional lenders. You can get a loan even if you’re not employed full time. The catch? They charge higher interest rates.
We currently don't have that product, but here are others to consider:
How we picked theseTo make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
Best for: Renters who are a little short on the full rent payment.
How fast you can get it: Instant for an extra fee (otherwise it’s up to three business days).
If you’re only a couple of hundred dollars short on the amount you need for rent, a cash advance app is worth considering. These apps let you borrow up to $500. You pay no interest on these cash loans, but you may pay a monthly fee.
If you only need that little extra top-up to be able to pay your rent, this is one of the more affordable options. You won’t need to go through a credit check, so if you have bad credit, you can still apply.
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance apps are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
Best for: Renters who can pay some but not all of their rent.
Instead of going into debt and taking out a loan for rent, your landlord may be willing to accept a partial payment if you can prove you’ll be able to make up the rest of your rent later in the month. Although it may feel uncomfortable to talk to your landlord about something like that, landlords are often quite willing to work with their tenants. You might also want to ask whether a modified payment plan is an option if you expect your financial hardship to last for a few months.
If they agree to accept a partial payment or adjust your contract, get it in writing to avoid any issues down the road.
Best for: Renters who are experiencing long-term financial hardship.
How fast you can get it: The process can take weeks.
Every Canadian province and territory, and many cities, offer rent subsidy programs to help low- to moderate-income individual households with short-term rental assistance for emergencies. This could cover part or all of your rent, or it could provide temporary relief from rent payments.
Visit your local housing authority or rent subsidy program in your province to go over your options and apply for aid. Click on your province or territory below to start your search for housing and rental assistance programs:
Depending on the program, you might be asked to provide some or all of the following:
Best for: Renters who don’t meet the standards for government-based aid.
How fast you can get it: The process can take weeks, especially if you miss the deadline for the month.
Charities and faith-based organizations may offer housing assistance if you’re unable to qualify for a government voucher program or need additional aid. This can include help paying rent or temporary housing if you can’t afford rent and are facing eviction.
To find options available where you live, reach out to your local housing authority, as well as homeless ministries and charities in your area.
If you’re having trouble making ends meet and you’re looking for assistance, visit 211.ca to get connected to the right support you need. 211 is a team of real people with expertise in social services and community programs throughout Canada. Their helpline runs 24/7. Call 2-1-1, text 2-1-1 or email them. The service is free and confidential.
Best for: Renters who need ongoing, quick access to funds.
How fast you can get it: As soon as the same day.
If you have a good relationship with your bank, you can apply to open a line of credit. You typically need a good credit score above 660 and steady employment to be approved. If you can’t get approved by a bank, online lenders can help, and they can approve you within one to two business days. However, their lines of credit have much higher rates than banks, so it’s important to pay off the balance as soon as possible and avoid overspending.
We currently don't have that product, but here are others to consider:
How we picked theseTo make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
Best for: Renters with a strong support system who might be willing to help.
You might have someone in your corner willing to help cover rent. While not a long-term solution, it can help you make it through a financial rough patch without accruing late fees from multiple missed rent payments. Just clarify expectations first: determine when and how you’ll be able to repay your friend or family member to avoid straining your relationship.
You can read our full guide to getting a loan from family and friends here to get some tips on how to successfully borrow money from loved ones.
Best for: Renters with a high credit limit whose landlords accept credit card payments.
You can use your credit card to cover your rent payment if your landlord allows it. This is especially helpful if you have a card that’s still under a low-interest intro period. If you pay off the balance before the promotion is up, you won’t pay interest on your rent payment.
Otherwise, if you can’t afford rent you might want to save this as a last resort, since most credit cards come with APRs that range anywhere from 16% to 29% — not to mention the credit card processing fee many landlords or management companies charge.
Best for: Renters with a high credit limit whose landlords don’t accept credit card payments.
How fast you can get it: Instant at an ATM.
Although not ideal, a cash advance is typically less expensive than a short-term loan. If you have a credit card with a high enough balance, you may be able to pay your rent with money withdrawn through a cash advance.
Just keep in mind this typically comes with a cash advance fee which is a percentage of the amount withdrawn, on top of the interest you’ll pay each month. And most credit card issuers limit the amount you can withdraw per day — typically anywhere from $100 to $1,000.
Best for: Renters who have items to sell.
How fast you can get the money: It depends on whether your item is in demand or not. Fast-moving items, such as popular electronics, children’s clothing, furniture in good condition and other home goods take about one to seven days.
Rather than taking on more debt, search your place for any items of value that you can sell on Facebook Marketplace, Kijiji or Craigslist. Make sure to meet up with the buyer at a police station (some stations have designated areas for this) and accept cash only.
Best for: Renters who have time on their side.
How fast you can get the money: It depends on the side hustle and how much you need. Side hustles take time, from days to weeks to months.
There are plenty of ways to earn extra income on the side, and sometimes all you need is a laptop or smartphone. While it might not be enough to cover your full rent right away, it can help you make a meaningful dent or at least cover part of the payment. Examples of side hustles include playing games, filling out surveys, grocery shopping for a customer, pet sitting and user testing. Learn more in our guide to making money fast.
Best for: Renters with a steady source of income who’ve exhausted all other options.
How fast you can get it: Instant.
If you’ve hit dead ends with every other option listed above, emergency payday loans can help you cover rent as a last resort. You’ll need to have a steady source of income to qualify — whether that’s through a job or government benefits — but generally, payday loans are the fastest and easiest type of loan to get approved for. You can get a payday loan with poor credit because lenders focus on your income instead.
But keep in mind this is also the most expensive type of loan, with APRs in the triple digits that can make repayments difficult to afford. Only take out a payday loan if you’re certain you can pay it back in full by your next payday, and you’re also sure you won’t need to get another payday loan to cover your everyday bills and expenses for the rest of the month.
Although emergencies can feel inevitable, here are a few measures you can take to avoid needing a loan for rent in the future:
Yes, you can use a loan to help cover rent if you’re facing eviction — but you might want to reach out to a lawyer to discuss your options first. They can help you determine whether your landlord violated any of your tenant rights during the eviction process. And they might be able to help you find an alternative way to cover your rent so you don’t need to borrow.
Yes, you can get rent loans with bad credit in the form of installment loans. Be prepared to pay high interest rates. Lenders charge higher rates to people with low credit scores because of the higher risk of loan defaults.
To get approved for an installment loan, you’ll need to show the lender that you have enough income to repay your loan, even with your existing debt and bill payments.
Yes, it’s possible to get rent loans if you’re unemployed and don’t want a credit check from certain installment and payday loan lenders. Those lenders tend to focus more on your ability to repay the loan instead of your credit score. As long as you can show some steady source of regular income, like Employment Insurance (EI) or Canada child benefit (CCB), you may be able to qualify for a rent loan.
If you’re facing an emergency and find that you can’t afford rent, you might want to first look into housing assistance offered by government agencies and local charities, then start exploring loans for rent. Still short on funds? Look into more payday loan alternatives before turning to more expensive financing options like payday loans.
Find out about the loan fees, features, and pros and cons of Fig Financial.
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Before you apply with instantfunding.ca, read this review to help you make an informed decision.
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