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How to cover your rent when you change jobs

By John Brown

According to the latest labor trends, a growing number of employees are considering changing jobs once the pandemic loosens its grip in the United States. Priorities have changed. Some people feel like they are stuck in their career and would like to develop new skills. Others are looking for new internships because their current company no longer offers them remote options. Improving work-life balance is also a crucial factor in jumping ship.

Whatever the reason for your new job search, it’s a big step forward. However, finding a job when you haven’t said goodbye to your current position is easier said than done. Financially, having a job gap can be quite difficult, especially if you have to pay your rent and have exhausted all your savings. Should you ask the landlord to let you pay late, borrow money from family members, or take out a quick loan? Let’s consider your best options.

Take a loan

This is probably the easiest way, as it takes a few minutes to complete the form from the comfort of your home. You can get approved within 24 hours and get the money straight to your bank account as soon as possible.

There is, however, a crucial nuance. Time off between jobs can be a problem when trying to get a loan, even if it’s a short-term loan. Most lenders want you to be employed for a while or have a source of income that can be called predictable.

That’s why you might want to consider lending platforms such as Money ASAP, where your chances of finding the lender willing to lend you the amount needed (usually up to $5,000) are much higher. You will see the list of search results within minutes of submitting your loan application.

Payment policy and interest rates vary from lender to lender. It would be reasonable to double check your loan documents before signing on the dotted line. It’s a serious commitment that could affect your credit score. This option should be skipped if you are not sure that you can repay the loan on time.

Talk to the owner

Many landlords never allow late payments for a variety of reasons, from paying the mortgage to covering property taxes and maintenance costs. Unless you have what it takes to land a decent job in a matter of weeks, dodging the landlord would be bad. Have you been a good tenant with no eviction record so far? Is this the first time you have encountered financial difficulties? If the answer is yes, the landlord might be very understanding and give you a chance to pay later. The rule of thumb is to tell the landlord about your short-term situation before your rent is due.

Borrow from friends or family members

Think about all the pros and cons of this option. You know how it goes. On the one hand, borrowing money from your friends can lead to a lot of embarrassment and cause a huge headache even if you repay quickly. On the other hand, you will probably avoid high interest rates. Although tempting, borrowing from loved ones could damage your relationship and evoke a wide range of negative feelings. How can you make it work? Forget permanent personal loans. Specify when you are expected to repay and if you are obligated to pay interest.

Find a temporary gig

From freelance writing to dog walking to becoming an Uber driver, it could be anything. Such jobs give you ultimate flexibility and freedom while earning you quick cash. You can enjoy being your own boss and controlling your workload. Jobs like these can provide a smooth transition from one full-time job to another. But be aware that if you commit too much to temporary work like this, getting your dream job might be more difficult. You need sufficient internal resources to pass the interviews. Either way, trying out a short-term gig is always worth it for plenty of reasons other than money. You might be surprised, but such a side job might just turn out to be your dream job.

The bottom line

Consider quitting if you think your current job isn’t exactly what you want. The decision to change jobs or even careers can invite fundamental changes in your life. Once you have decided which money borrowing option is right for you, go ahead and just focus on your job search. Don’t let temporary money problems keep you from getting the job that matches your skills, principles and values. That’s what matters most.

Authors biography :

John is a financial analyst but also a man with different interests. He enjoys writing about money and giving financial advice, but he can also dive into relationships, sports, games and other topics. Lives in New York with his wife and a cat.