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

Updated on April 9, 2024

At a Glance

  • Personal loans can be obtained to cover apartment rent, providing a source of unsecured funds without collateral requirements.
  • Consider factors like interest rates, repayment terms, and fees when researching and comparing lenders.
  • Apply online, providing necessary information such as credit score, employment details, and financial history.
  • While taking out a loan for rent can ease financial burden and build credit, it’s crucial to consider interest rates and ensure timely repayments to avoid damaging credit scores.

Moving into a new apartment is always expensive, especially considering that rents have increased from 2021 to 2022 by 14.07%.

In addition to higher rents and the costs of moving 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 the security deposit or 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.

Consumer vs Commercial Loans

If you are looking for loans for your rental property, skip to the “Commercial Loan Options” section below.

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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.

READ NOW: How to Build Credit With Rent Payments

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
  • Income and Current employment
  • Financial behavior
  • Defaults, collections, or bankruptcies

If you are not a U.S. Citizen and have recently moved on a visa, 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!

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5 Best Loans for Renting an Apartment

If you’re planning to take a loan to rent an apartment, you’ll want to make sure you borrow with a reputable lender. Below, you’ll find our picks for the best lenders for apartment rental loans, which include:

  1. AmOne (Best for Good Credit)
  2. Spotlight Loans (Best for Bad Credit)
  3. Spring Loans (Best for Bad Credit or No Credit)
  4. First Premier Lending (Best for Bad Credit)
  5. Upgrade (Best for Quick Disbursement)
  6. Avant (Best for Good to Great Credit)

1. AmOne (Best for Good Credit)

AmOne provides a straightforward loan matching service for those seeking personal loans to cover apartment rental costs. They efficiently connect borrowers with the right lenders based on individual financial needs.

AmOne Personal Loan

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.
Min. credit score


Fixed APR


Variable APR



  • Minimum credit score: 600.
  • Fixed APR: 3.99%-35.99%.
  • Loan amounts: $1,000 to $50,000.
  • Repayment: 1 to 7 years.


  • Must be at least 18 years old.
  • Must be a U.S. citizen or permanent resident.
  • While there’s no specific income requirement, a consistent source of income is essential for the applicant.


  • Suitable for individuals with lower credit scores.
  • No cost for the matching service.
  • Attractive loan rates.


  • Acts as an intermediary, not a direct lender.
  • Risk of multiple contacts from prospective lenders.
  • Lack of clarity on lender details.

2. Spotlight Loans (Best for Bad Credit)

Spotlight Loans specializes in personal financing solutions that provide borrowers with the flexibility and speed they need to address financial emergencies, consolidate debt, or fund personal endeavors, emphasizing an inclusive approach to credit qualifications.

Spotlight Loans

Stilt rating
Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.
Min. credit score


Fixed APR

6.63% and up

Variable APR



  • Minimum credit score: n/a
  • Variable APR: 4.99% and up
  • Loan amounts: $100 – $5,000
  • Repayment: Depends on choice of lender


  • Be 18 years of age or older
  • Have a checking or savings account
  • Have regular income
  • Have a fair credit rating


  • Spotlight Loans is willing to work with individuals who have less-than-perfect credit, making it a viable option for those who may struggle to secure loans from traditional lenders​​​​.
  • Spotlight Loans offers same-day approval and funding, which is beneficial for those in urgent need of funds. This makes it a good option for emergency financial situations​​.
  • Unlike traditional payday loans, Spotlight Loans provides the option to repay the loan over a period of months, offering more flexibility in repayment planning​​​​.


  • One of the most significant drawbacks of taking a personal loan with Spotlight Loans is the potentially high interest rates. With APRs that can be much higher than traditional personal loan lenders, this can lead to substantial interest payments over time​​.
  • Spotlight Loans offers loan amounts that are relatively low, which may not be sufficient for all borrowers’ needs​​​​.
  • Spotlight Loans services are not available in all states, so it’s important to check if you reside in an eligible location before applying​​.

3. Spring Loans (Best for Bad Credit)

Spring Loans offers a range of personal loan options for potential renters. They focus on flexibility, meeting the diverse financial needs of both short-term renters and those planning for longer stays.

Spring Loans Personal Loan

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.
Min. credit score


Fixed APR


Variable APR



  • Minimum credit score: None.
  • Fixed APR: 27.00%
  • Loan amounts: $3,000.
  • Repayment: 48 months.


  • Demonstrate a recurrent income.
  • Minimum age prerequisite: 18 years.
  • Validate U.S. citizenship status with an SSN.
  • Provide a legitimate U.S. driver’s license or a state identity card.
  • Establish a functional bank account for incoming deposits.
  • Adhere to any specific demands by the loan provider.


  • Open to applicants with any credit background.
  • Four-year loan period aids in structured financial management.
  • The $3,000 offer addresses several short-term financial challenges.
  • Wide-reaching eligibility criteria invite a broad spectrum of applicants.
  • The focus on dependable income over job title benefits varied income sources.


  • The set 27% APR is higher than many alternatives.
  • Restriction to a $3,000 loan might not cover all financial outlays.
  • Possessing specific IDs is mandatory, sidelining some applicants.
  • A prerequisite for an ongoing bank account may limit certain users.

4. First Premier Lending (Best for Bad Credit)

First Premier Lending specializes in offering customized loan solutions for those in need of funds for apartment rentals. They provide a variety of loan choices tailored to individual financial situations.

First Premier Lending Personal Loan

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.
Min. credit score


Fixed APR


Variable APR



  • Minimum credit score: None.
  • Fixed APR: 27.00%.
  • Loan amounts: $3,000.
  • Repayment: 48 months.


  • Maintain a consistent source of income.
  • Must be at least 18 years of age.
  • Possess valid U.S. citizenship and a legitimate social security number.
  • Hold a current U.S. driver’s license or state-issued ID.
  • Keep an active bank account for direct deposit.
  • Satisfy any lender-specific criteria, such as credit rating, borrowing history, or place of residence.


  • No minimum credit score requirement allows accessibility for those with varied credit histories.
  • 48-month term provides clarity and allows for long-term financial planning.
  • Specific loan amount of $3,000 can meet many short-term financial needs.
  • Broad set of qualifications make the loan accessible to a wide range of people.
  • Emphasis on consistent income, not necessarily employment type, allows flexibility for borrowers.


  • A fixed APR of 27% is relatively high.
  • Loan amount is capped at $3,000, which might not cater to larger financial requirements.
  • Requirement of a U.S. driver’s license or state-issued ID could exclude some individuals.
  • Mandatory active bank account could be limiting for those who are unbanked.

5. Upgrade Personal Loans (Best for Quick Disbursement)

Personal loans from Upgrade may be used at the borrowers discretion to pay for anything including apartment rentals. If you’re approved, the loan amount can range from $1,000 to $50,000 with various terms available. After acceptance, the loan amount can be deposited directly into your bank account, usually within a day.

Upgrade Personal Loan

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.
Min. credit score


Fixed APR

8.49% - 35.99%

Variable APR



  • Minimum credit score: 560
  • Fixed APR: 8.49% – 35.99%
  • Loan amounts: $1,000 to $50,000
  • Repayment: 3 to 5 years (7 years on some larger loans)


  • Possess an active bank account.
  • Able to provide a legitimate email address.
  • Minimum age requirement: 18 years (19 for Alabama residents).
  • Credit score of 600 or higher.
  • Annual income of $25,000 or more.


  • Willing to accommodate borrowers with a credit score as low as 560.
  • Offers flexibility with a range of loan amounts from $1,000 to $50,000. This can be suitable for both small and large financial needs.
  • Provides options for repayment, allowing borrowers to choose a timeline that best suits their financial situation.
  • Once approved, borrowers can access funds in just one day, which is useful for urgent financial needs.


  • Origination fees can go as high as 9.99%, which might add a significant cost to the loan.
  • Apart from the origination fee, there are fees for late payments and failed payments, which can add up if one is not careful.
  • While there is an option to extend repayment for larger loans up to 7 years, it’s not standard for all loan amounts.

6. Avant (Best for Good to Great Credit)

BestEgg offers personal loans that can be used to cover the expenses associated with apartment rentals. With a simple application process, they aim to provide fast and efficient funding options for potential renters.

Avant Personal Personal Loan

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.
Min. credit score


Fixed APR


Variable APR



  • Minimum credit score: 550.
  • Fixed APR: 9.95-35.99%.
  • Loan amounts: $2,000-$35,000.
  • Repayment: 1 to 5 years..


  • Strong credit and income may secure lower rates, but not mandatory.
  • Must possess a bank account in good standing under your name.
  • A valid Social Security number is required.
  • Bankruptcy should not be active.
  • Minimum credit score of 550; using FICO score version 8 and VantageScore version 3.
  • Minimum monthly net income: $1,200 from various sources including employment, alimony, retirement, child support, and Social Security payments.


  • A dedicated mobile app is available for loan management.
  • Offers a diverse selection of repayment terms.
  • Customer service is accessible seven days a week.


  • An origination fee might be applicable.
  • They don’t offer co-signed, joint, or secured loan options.
  • Direct payments to creditors aren’t available for debt consolidation loans.

Commercial Loan Options

If you’re looking for loans for your rental unit or a portfolio of rental apartments, you should consider the loan options below:

1. Bank Balance Sheet Apartment Loans

Also known as portfolio loans, these provide greater flexibility in terms such as debt to income and loan to value ratios but may have higher interest rates and fees. They are suitable for “absentee owners” and process more quickly than government-backed loans. CoreVest is a recommended choice for such financing.

2. Government-Backed Apartment Loans

These loans, backed by entities like Fannie Mae, Freddie Mac, or the FHA, offer low-interest rates but adhere to stricter regulations, such as local ownership restrictions. They can provide up to $6 million for a term of 35 years but may take longer to process. Remember to check specifics like minimum occupancy requirement and the loan’s assumability. A trusted provider is the Commercial Real Estate Finance Company of America (CREFCOA).

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.

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!

Remember, embarking on the journey to find the right loan can be an easy and smooth process. No matter your financial requirements, the perfect loan match is ready for you. Just make your way to Fiona to effortlessly browse through various loan options.

Read More

Frequently Asked Questions (FAQ)

Can I Use a Personal Loan to Pay for Apartment Rent in the U.S.?

Yes, you can use a personal loan to pay for apartment rent in the U.S. Lenders generally do not restrict how you can use personal loan funds, as long as it’s for a legal purpose.

What are the Pros and Cons of Using a Personal Loan for Rent?


  • Immediate access to funds for rent.
  • Can be helpful in a financial emergency.


  • Interest rates on personal loans can be high.
  • Adds to your debt burden and could affect your credit score.
  • Not a long-term solution for financial instability.

How Do Lenders Assess My Eligibility for Such a Loan?

Lenders will assess your credit score, income, employment stability, and debt-to-income ratio to determine your eligibility for a personal loan to pay for rent.

What is the Maximum Amount I Can Borrow?

The maximum loan amount depends on the lender’s policies, your credit score, income, and ability to repay. Loan amounts can vary from a few thousand to tens of thousands of dollars.

Are Interest Rates Higher for Personal Loans Used for Rent?

Interest rates for personal loans are typically based on your creditworthiness and not the purpose of the loan. However, rates can vary significantly between lenders.

How Quickly Can I Get a Personal Loan for Rent?

The speed of obtaining a personal loan varies by lender. It can range from a few days to a couple of weeks from application to fund disbursement.

What Documents Do I Need to Apply for This Type of Loan?

You’ll generally need to provide proof of income (such as pay stubs or tax returns), identification, and possibly proof of residence and bank statements.

Can I Get a Personal Loan for Rent with Bad Credit?

Getting a personal loan for rent with bad credit is possible but can be challenging. You may face higher interest rates and stricter lending criteria.

Should I Consider Other Options Before Taking a Loan for Rent?

Before taking a personal loan for rent, consider alternatives like negotiating with your landlord, seeking rental assistance programs, or borrowing from friends or family.

How Does Repaying a Personal Loan for Rent Affect My Finances?

Repaying a personal loan for rent will impact your finances due to the additional monthly payments and interest. It’s important to ensure you can manage the repayments without financial strain.

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Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

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