When moving into a new apartment, you always have to pay a security deposit. The landlord usually rents two to three months or sets another amount that is related to the apartment. However, because moving itself is very expensive and you often even have to pay a broker, money is running out. A loan for the rental deposit is a convenient solution and alleviates the initial difficulties when moving.
The loan for the rental deposit is not a risk
Some landlords allow themselves to pay the deposit in installments. This is of course the ideal alternative to a loan. However, they are not obliged to do so and as soon as they want the full amount from the tenant, a loan must be applied for. This is significantly cheaper than opening your checking account or charging your credit card with several hundred USD. Because a loan for the rental deposit does not have to be expensive and the interest is significantly cheaper than that of a disposable.
Because this is a maximum of 1000 to 1500 USD, the loan amount is really manageable and the bank will hardly ask for any collateral. Depending on how high the monthly budget is, this small loan can even be paid off within 6 to 12 months. The shorter the term, the cheaper the interest that a bank can offer.
Give yourself security
A loan for the rental deposit is not a big drama and you also give yourself a certain amount of security. Borrowing money from friends or acquaintances is never a particularly good idea and endangers friendships. If you apply for the loan from a bank, it is also ensured that the money actually comes. Of course, this is important when moving and nothing can go wrong with the payment. A bank also enables a loan for a small amount without any great problems. However, if the move is pending very soon and is possibly a more spontaneous action, the bank must be informed that the payment must be accelerated.
In the best case, the amount can be paid 3 to 4 weeks after the application. There should be no delays here, because only a few landlords accept it if the deposit is long in coming. The alternative is to apply for the loan online. Many offers there relate to the urgent need and promise – with the necessary conditions – an immediate payment.