There are a lot of reasons you might need a new place. It could be your first job, or your first apartment. The company you work for may want to relocate you to a different office. You can be graduating university, and may decide to forgo the pitstop with the parents.
Whatever the reason, there are a lot of costs associated with your next apartment. Up front, you need to come up with the first month's rent, a security deposit that amounts to one month's rent, along with moving expenses. It can cost up to $10,000 before you spend your first night.
But just because it costs that much doesn't mean you have to pay that much.
Taking out a personal loan solves all your problems. At Compare First, we can pre-qualify you for a series of different loans within minutes. You choose the one that is best for you in terms of lowest interest, and most convenient timetable. The approval is instant and in as fast as a week you can get funded, and the money will be transferred to your account. This is perfect for those situations where you find the ultimate apartment being offered for a song, as long as you get them a deposit ASAP.
Once you have settled into your new pad, you pay off the loan gradually, in manageable installments over time. When the last installment is made, you can enjoy a greater level of debt freedom, along with a higher credit score, lowering the costs for anything financing you may need going forward.
Finding the Best Financing Option
An unsecured personal loan is a great option. You put up no collateral, and if you have trouble later on, they cannot take anything away from you. It requires some credit history and a decent credit score. If you have poor or no credit history, the interest might be higher, or you may have trouble getting the loan, but you do have other options. At Compare First, we look into all your options and present to you several choices.
Cosigning is also an option. Ask a parent, sibling, or close friend with good credit to cosign the loan. If you fail to pay, they will take on the obligation. This reduces risk to the lender, so your interest costs will be lower, minimizing your monthly payments. Through Backed, Inc, you can find the right loan which you can cosign with someone else.
Enjoy Greater Savings for Financial Flexibility
The best way to minimize rent expenses is to get a roommate. You can sublet part of your apartment to someone, enter a lease with them, or sublet yourself. Subletting is great for people with little to no credit history. Once you are written onto the lease, you establish a history of paying rent which will appear on your credit report. Be sure to register to vote. Establishing yourself as a permanent resident in any place goes on your credit report as well.
You can also recruit Uncle Sam to help. If you are relocating because of your job, the Federal government lets you deduct the moving expenses. You can save some money in taxes and use it to pay off debt. If you are relocating for work, these expenses may be tax deductible also, along with the interest you pay on your personal loans.
If you are moving to a city, it is a good idea to consider selling your car. Parking a car in a large city can cost more than gas. Most cities have great public transportation.
The best way to reduce your expenses is to know your options. There are lots of banks and online lenders competing for your business. It's a hassle to go over all of them one by one, so we made it easy. At Compare First, you tell us a little about yourself, and we will do the research for you. We will present you with multiple options for getting cash, and you pick the one you want.
- "I just got out of college and needed help to cover my rent down payment and security deposit. It took 2 minutes to apply with CompareFirst and I got a few great options to choose from." - Michael, PA
- "It was so helpful to get a list of competitive offers that was already approved for. I just chose the offer with best APR and soon will fully pay off my debt." - Mia, CA
- "Thanks CompareFirst! Everyone was super attentive and professional I helping me get my refinancing loan to pay off my debt faster. I’m really pleased with the process." - Ethan, MO