How to Take a Personal Loan to Rent an Apartment in the U.S.

Posted by in Loans | Updated on November 15, 2022
At a Glance: In the US, borrowers may apply for a loan to cover the rent on an apartment, but borrowers that show difficulty keeping up with rent payments may have a more difficult time being approved. That said, there are a number of benefits to take a loan for rent as well.

Moving into a new apartment is always a challenge, especially considering the United States is one of the more expensive countries in the world to live in.

On top of the moving costs of getting your belonging to a new apartment, many landlords require a security deposit, the first month’s rent, and sometimes even the last month’s rent.

This can be tricky to manage and wondering how you’ll afford your decision or manage your cash flow can cause a lot of stress. Let us show you how you can work your way around this by getting personal loans for apartment rent.

Can You Get a Loan for Apartment Rent?

Yes, you can get a loan to pay rent for your apartment.

Essentially you’ll be applying for a personal loan and using the money to help float your rent and other costs until you’re able to pay it off.

The great thing is, a personal loan is usually an unsecured loan so you won’t need to provide an asset as collateral and security to the lender.

It’s important to remember that loans come with interest. This rate determines the extra amount you have to pay back on top of the amount you borrowed.

Before taking out a personal loan for rent, you should calculate how much it will cost you in total based on the amount borrowed, interest rate, and repayment term. Be sure you can afford the monthly payments or you may find yourself falling into more debt.

How to Get a Personal Loan for Rent in the U.S.

There are a variety of lenders that offer loans that you can use for rent and other moving expenses. These include online lenders as well as more-traditional banks.

Let’s take a look at how to get personal loans for apartment rent:

1. Research & Compare Apartment Loan Lenders

Assuming you’ve already decided that you want to take out a personal loan to pay rent and can afford repayment, the first step is to research and compare lenders.

Using your credit score is a good way to narrow down your search right off the bat. Different lenders offer loans for different credit score bands, so searching for “good credit personal loans” or “fair credit personal loans”, for example, can help you find lenders that you’re likely eligible for.

Other things to consider when comparing lenders include:

  • Interest rates – The lower the rate the better. Make sure to also see if it’s a fixed or variable interest rate.
  • Repayment terms – These are often also called “term lengths.” These determine how long you will repay the loan for.
  • Fees – Such as application, origination, late payment, and prepayment fees. Loans with no fees or low fees are the best.
  • Secured vs unsecured – Secured loans require collateral in case you do not repay your loan. Unsecured loans do not.

2. Apply for a Loan

Most lenders and banks now let you apply online for a loan.

This cuts out a lot of the frustrations of paperwork and branch visits that usually come with loan applications. After applying, you will typically get feedback within 24 hours.

These are the basic criteria that lenders look at when you apply for a loan for apartment rent:

  • Credit score & credit history
  • Current employment
  • Education
  • Financial behavior
  • Defaults, collections, or bankruptcies

If you’re not from the United States, you may be able to apply for a loan for apartment rent if you have one of the following visas:

  • F-1 – International Students
  • OPT – Optional Practical Training
  • O-1 – Extraordinary Ability
  • L-1 Intracompany Transfer
  • TN – NAFTA Professionals
  • J-1 Cultural Exchange
  • DACA – Childhood Arrivals

3. Receive your Offer

If you’re eligible for a loan, you’ll receive an offer with a promissory note to sign. The funds will be transferred to you once the signed note is received.

Please note it may take 2 to 3 business days or longer for the money to reflect in your account. But after that, you’ll be able to utilize your loan and pay your apartment rent.

4. Start Repaying Your Loan

Then it’s as simple as repaying your loan.

We recommend setting up automatic payments online so you don’t have to worry about forgetting them each month. With autopay, your monthly repayment will automatically be deducted from your bank account.

So go get that apartment and own your new job!

Personal Loans for Rent
Loans for up to $25,000. No cosigner required. No prepayment penalty.

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Benefits of Taking a Loan for Apartment Rent

Reduces the Financial Burden of Moving

Relocating is stressful. Not only do you have to pack up your whole life and adapt to a new environment, but there are always a lot of costs involved. Even worse, many times, it’s costs that you did not expect or plan for.

If you take out loans for apartment rent, you don’t have to worry about working those costs into your monthly budget. You also don’t have to worry if your paycheck only pays in after your first rent is due. Your loans for apartment rent will help you absorb the cash flow timing.

Just be sure that you can afford the monthly payments that come with your loan.

Helps Build Credit

Generally, paying your rent each month won’t build your credit score. You’ll need to make use of rent reporting services to do that.

But, if you get loans for apartment rent and repay them faithfully, it will build your credit score. Having a good credit score makes a lot of things easier when you go to get more loans in the future such as auto loans or a mortgage.

If you’re not a U.S. resident, making payments on an apartment loan here will help you build a credit history and help in securing future forms of credit in America. As it can generally be challenging for visa holders to build a proper credit score in the U.S., securing loans for apartment rent can be a great way to start building your credit score.

Downsides of Taking Out a Loan for Rent

Have to Repay Your Rent Loan with Interest

Like almost all types of loans, you’ll have to repay your apartment rent loan with interest which means you’ll end up paying back more than you took out.

How much you’ll have to pay in interest determines how big of a downside it is—which leads us to our next point.

Can Be Expensive Depending on Your Rate

While a loan with a rate under 10% won’t burn too much of a hole in your wallet, some personal loans have rates that are anywhere from 2x to 20x that.

Be sure to avoid payday loans and other loans with extraordinarily high interest rates. These can be nearly impossible to repay and can lead to a debt spiral that can be hard to get out of.

Before signing the promissory note on any loan, be sure to use a loan calculator to see what your monthly payments will be and how much interest you’ll pay over the life of the loan.

Can Damage Your Credit Score if You Miss Payments

If you miss payments on your loan for rent, your credit score can be negatively affected since lenders report missed payments to the credit bureaus.

Having a poor credit score or a history of missed payments can make it harder to get a loan in the future.

If you do take out a loan to pay rent, just be sure to make your payments! Most lenders allow you to set up automatic payments which is always helpful in making sure you don’t miss any.

5 Tips for Finding an Apartment Quickly

It can be tough to find a new apartment—especially if you’re moving to a new city or country.

Here are some tips on how to find an apartment that fits your budget and needs quickly:

1. Set a Realistic Budget

You have to remember that your cash flow might be difficult for the first few months as you’ll probably be required to make lots of once-off purchases at the start. Most people need to buy furniture and decorate from scratch.

So, set up a proper budget and make sure you’ll have enough cash on hand after you’ve paid your first and last months’ rent to deal with the unexpected costs that come with moving.

2. Check Roommate Listings

Renting an apartment with roommates can be a great idea. Generally, shared apartments are cheaper per person when compared to other apartments such as bachelor apartments. There are helpful services you can use that connect people looking for a roommate and people in need of an apartment.

3. Reach Out

Make a move. Put some feet to your search efforts. Contact people and agents for apartments that you are interested in renting. An apartment is not going to come to you. You’ll need to go find your best option. Also, climb into the network you’ve built so far and ask your colleagues at your new job if they know about places opening up.

4. Work with a Professional

Making use of professional help is no shame, it can actually be a great idea. People who know the area you are interested in will give you great advice on where to look and what to expect. They’ll be able to point you in the right direction. Even though you’ll probably have to pay a small fee for their services, this may save you lots of time, and maybe even money, in the long run.

5. Stay Organized

Find an efficient and productive way to keep track of your different options. Make pros and cons lists that can help you to eliminate the apartments you want to avoid. It will also help your budgeting efforts. If you do this, you’ll be able to keep proper track of your prospective apartments’ rent and possible utility bills and weigh your options much easier.

Personal Loans
 for Visa Holders!
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Loans for up to $35,000. No cosigner required. No prepayment penalty.

Happy Apartment Hunting

Moving into your new apartment on your new life journey shouldn’t be a burden. Sure, it comes with a lot of stress, but you’ll be able to take care of at least the financial stress by taking out a loan for apartment rent. This exciting new season of your life awaits. Don’t take the unnecessary stress with you. Get a loan for apartment rent today!

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Need a Loan? Get One in 3 Simple Steps

If you are considering applying for a personal loan, just follow these 3 simple steps.


Apply online for the loan amount you need. Submit the required documentation and provide your best possible application. Stronger applications get better loan offers.


If your application meets the eligibility criteria, the lender will contact you with regard to your application. Provide any additional information if required. Soon you’ll have your loan offer. Some lenders send a promissory note with your loan offer. Sign and return that note if you wish to accept the loan offer.


The loan then gets disbursed into your U.S. bank account within a reasonable number of days (some lenders will be as quick as 2-3 business days). Now you need to set up your repayment method. You can choose an autopay method online to help you pay on time every month.


About Stilt

Stilt provides loans to international students and working professionals in the U.S. (F-1, OPT, H-1B, O-1, L-1, TN visa holders) at rates lower than any other lender. Stilt is committed to helping immigrants build a better financial future.

We take a holistic underwriting approach to determine your interest rates and make sure you get the lowest rate possible. 

Learn what others are saying about us on Google, Yelp, and Facebook or visit us at If you have any questions, send us an email at [email protected]