OMAHA, Neb. — Rent is due for millions of Americans this week. With April being a full month of Coronavirus pandemic stress, experts offer tips on how to get through rent and stay on track financially.
"If you can afford to pay your rent, you need to and it seems like folks are getting that," National Multifamily Housing Council (NMHC) Vice President of Research Caitlin Walter said.
According to the NMHC, as of April Americans are still paying their rent for the most part. But April was a full month of Coronavirus pandemic strain, and things may be getting tough. Some are looking for quick cash to cover rent and are considering a payday loan. These loans however, can sometimes do more harm than good.
"They really need to dig in and look at the details of the agreement to understand that the interest rates can be extremely high and that the longer that the loan lingers the higher those interest rates can go. They can be as high as over 400%," Better Business Bureau (BBB) president Jim Hegarty said.
If you have to takeout cash, the BBB recommends small, short-term traditional brick and mortar loans. But the best thing to do could just be talking to your landlord to discuss payment plan and delayment options.
"Tell them your situation and see if they've been given guidance from corporate of how to help you," Walter said.
For more information on a specific payday loan or financial institution contact the BBB at 402-391-7612.