Moving to a new home is exciting, but the security deposit can be a major financial hurdle. In fact, landlords collect over $45 million in security deposits every year. If you need help with move-in deposit costs, you’re not alone.

Beyond rent, movers, and supplies, security deposits can often be as high as first and last month’s rent. Fortunately, there are several ways to ease this financial strain, including title loans and rental assistance programs.

Here are 7 effective ways to cover your move-in deposit without breaking the bank.

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7 Ways To Get Help With Your Move-In Deposit

1. Sell Unwanted Items for Extra Cash

There are two big benefits to selling your things if you need help with move-in deposit expenses. First, the less stuff you have to pack, the less expensive and stressful your move will be. The other big benefit is you can make a lot of extra cash.

By simply selling your unwanted, unneeded, or unused items, you can find the extra money you need to make the move better. Go through your belongings and pick out the clothes, electronics, books, kitchen items, and other high-ticket items that can collectively help you cover a security deposit.

2. Apply for Housing Grants

There are numerous grants for low-income individuals and families who need help with move-in deposit costs. Government grants include the Housing and Urban Development’s Homeless Prevention and Rapid Re-Housing Grant and the Federal Relocation Assistance Program offered by the Federal Emergency Management Administration

You can also get the Community Development Block Grants offered by Community Action Agencies. All of these grants come with different requirements and application procedures, but each can go a long way if you need help with move-in deposit coverage.

3. Ask Your Employer for Relocation Assistance

You may not know it, but the company you work for may have a program set up to assist employees with moving needs, even if you’re relocating within your same city. In addition, if you’re moving for a new job, talk to your boss or human resources.

They might be able to include a moving expense reimbursement into your overall hiring package during salary negotiations. In a time when more people are quitting their jobs, employers may want to do whatever they can to keep you working for them, you just have to be upfront with them.

4. Take on a Short-Term Side Gig

Even when you’re busy with your move, getting a part-time side hustle can make a significant dent in expenses when you need help with the move-in deposit. Find something that you can easily fit into your schedule, such as home or pet sitting, freelance writing, taking online surveys, or selling handmade goods on sites like Etsy. All can help with even the heftiest move-in deposit.

 

 

5. Look for Charitable Assistance Programs

Organizations such as the Salvation Army, the YWCA, and Catholic Charities offer many different types of financial resources for moving, especially for those who are low income or experiencing homelessness. Many simply also require that you show them proof of a security deposit or deposit on such moving needs as rental vans or movers.

6. Find COVID-19 Rental Assistance Programs

Helpful programs for COVID-19 rental assistance are run by individual states, and the money can be used to help with your first rental payment and security deposit. The Emergency Rental Assistance Program, funded by the government, distributes money to tenants (and landlords) who are struggling financially in the wake of the COVID-19 pandemic.

These COVID-19 assistance programs are especially great for those people who are seeing reduced work hours or relying on unemployment benefits to get by on their day-to-day expenses. And in many states, the program is set to run through 2026 or when funds are depleted.

7. Get an Auto Title Loan for Fast Cash

If you're out of options and need immediate help with move-in deposit costs, an auto title loan can be a quick and reliable solution.

What is a title loan?

• A secured loan using your car title as collateral
• Fast approval – Get cash within 30 minutes
• Keep your car while repaying the loan

How much can you get?

• Borrow up to $15,000, depending on your car’s value
• No credit check required – Bad credit? No problem!
• Flexible repayment options available

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How to Apply for a Title Loan to Cover Your Deposit

Getting a title loan to cover your move-in deposit is easy and hassle-free.

Requirements:

• A lien-free vehicle title (in your name)
• A valid driver’s license or state-issued ID
• Your vehicle for a quick inspection

Simple Process:

1. Fill out an online inquiry form – It only takes minutes!
2. Get a call from a loan representative to discuss your options
3. Bring your car & title for a quick inspection
4. Get cash the same day or next business day

Handle Your Move-In Deposit with Ease

Moving can be exciting, but it can also be expensive. Any of our options can help get you the money you need for help with move-in deposit costs. And If you decide an auto title loan can help, just fill out the online form on our website, give us a call, or visit one of the many Fast Auto Loans, Inc. locations today. We’ll get you on your way to your new place in no time.

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.