Paying rent can be one of your biggest financial burdens. It’s possible that every month you spend more on rent than you do on everything else combined.
While this is fine most of the time, if you fall into any financial hardship your rent isn’t flexible and it can be hard to manage.
After losing your job or getting injured, it can feel impossible to handle rent for a month or two while you get back on your feet. That added pressure can make it even harder to get back to work sometimes too. What if there was a better way to handle falling behind on rent payments?
Till is a financial services platform that has a solution. If you don’t think you’ll be able to come up with rent, Till offers rental loans that help make sure you pay on time.
The loan application takes five minutes to fill out, and you’ll get approved within a day. They’ll help you cover one month’s rent, and you’ll pay them back in smaller increments bi-weekly.
What’s The Benefit of Using Till?
Above all else, the point of Till is to help make sure you pay your rent on time. That means you also avoid any late fees or the potential of eviction that might come with late or missed payments.
Till also handles your rent payment by working directly with your landlord. The only thing you have to do is set up automated repayment for your loan.
Your finances can change drastically at any time, and Till can help you get through those hardships. If you total your car and need to get it repaired or get sick and need to cover the price of antibiotics, Till can help fill in the rest.
Till also offers a loyalty program that pays you cash for making rent payments on time. This is separate from the loan process, but it is another incentive for tenants to keep up with rent.
Are There Any Drawbacks?
Till can be an incredibly helpful resource. The additional flexibility gained from taking out a loan for your rent is only meant to be short term, however, and it can’t be your answer to pay rent every month.
If you take out a loan and your income doesn’t improve in the next month, you run the risk of falling behind on your rent and repayments. To avoid falling into debt like this, it’s important to plan ahead and make sure you’ll be able to repay your loan.
Should I Use Till?
If you need a short term solution to come up with rent money in a pinch, a Till rental loan could be very useful. Look at it as more of a band-aid than a cure though: it can fix small issues, but won’t help with big problems.
On the other hand, if you’re worried about your long term financial health, Till might not be the answer for you. However, if you do pay off your loan as scheduled, you’ll likely see a bump in your credit score.