How to Get a Personal Loan to Rent an Apartment

How to Get a Personal Loan to Rent an Apartment
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Things You'll Need

  • Government-issued identification

  • References

  • Proof of financial viability (bank statements or pay stubs)

Tip

Credit unions may be able to offer you a more competitive interest rate on your personal loan.

Warning

Personal loans used to rent an apartment may charge a higher APR than a home mortgage loan.

Personal loans can help individuals meet their goals, even when their finances are not satisfactorily sized. Moving into an apartment can take quite a bit of money in the form of security deposits, pet deposits and first and last month's rent, all required up front. But you can get a personal loan to rent an apartment even if your current financial situation does not allow you to do so solely on your current savings.

Step 1

Draft a categorical list of any financial expenses you expect to encounter when renting the apartment. For example, you will need to determine your monthly rental fee, as well as any applicable utility bills or security deposits. Additionally, you may need loan assistance for some of your moving and living expenses.

Step 2

Contact a local bank or similar financial institution. Ask for its mortgage and loan department and request to speak to a customer service representative. Ask for the details regarding personal loans, and explain that you wish to get a personal loan to rent an apartment. Important details to obtain include the loan's annual percentage rate (APR), length of the loan and any possible payback plans. Request that the representative send you the full application and all relevant information.

Step 3

Repeat Step 2 with all local financial institutions, including credit unions and private lenders. Compare the loan offers from each institution and select the personal loan that offers you the funding you need at a competitive interest rate.

Step 4

Fill out the personal loan application with the financial institution or bank of your choosing. You will need government-issued identification (a state driver's license or a U.S. passport). You will also need to supply your Social Security Number, contact information and personal references. You may also need to provide proof of financial viability (bank statements or past pay stubs), though the practices of each financial institution vary.

Step 5

Wait for your personal loan application to be processed. Upon processing, a loan agent at the financial institution or bank will contact you to give you all important details. You will need to sign the loan before it is delivered to you. The loan money may be given to you through a lump-sum check or via direct deposit into your bank account. You may use the personal loan to rent an apartment upon receiving the loan funds.