Get Help with a Rental Deposit Loan
It can be hard enough finding an apartment in the San Francisco Bay Area. Countless hours searching listings on Craigslist, interviewing with potential roommates, competing against the dozens of other interested applicants.
When you finally find the right place (and you will!), you’ll probably be asked to pay first and last month’s rent up front. And that’s not cheap.
According to apartmentlist.com, the average rent in San Francisco as of August, 2020, is $2,492. Which means, in order to move in, you could have to put up $4,984.
If you’re on a month-to-month rental agreement like a lot of people in the Bay Area, or you just find yourself suddenly needing to move, you might not have that kind of cash on hand.
Some people are tempted to put the first and last month’s deposit on a credit card, but that can wind up costing a lot in interest. According to creditcards.com, the average interest rate as of August, 2020 is 16.03%.
For example, if you put $5,000 on a credit card at 16.03%, and you paid it off in 24 months, you’d wind up paying a total of $5,877.36.
We believe we have a better option. With our Rental Deposit Loans, you can borrow what you need at terms up to 24 months, all while avoiding the high-interest credit card.
For example, if you took out a $5,000 rental deposit loan at 7.24% interest, you’d only wind up paying $5,385.84. Which means you’d save $491.52.
That’s just one example, though. We offer flexible terms and loan amounts ranging from $1,000 to $10,000.
Moving into a new apartment can be exciting, but it can also be stressful. Don’t let first and last month’s rent add to that stress.
Get a Rental Deposit Loan today. Stop worrying. Start moving in.
As a local credit union, we want to get to know you and help you achieve your goals. Come into a branch or call us today. Our people are happy to serve you.