Interested in loan security deposit in New York City

(Request from Cheyenne in New York City, New York) interested in loan security deposit…. contact me.

Dear Cheyenne,

Most of the organizations and agencies in the city focus more on emergency shelter or eviction prevention. However, there is one valuable resource that may be able to help you.

NYC HRA

The New York City Human Resource Association (HRA) provides zero-interest loans that you can use to fund your rental security deposit, first month’s rent and possibly even a broker’s fee. While this is not a grant, it does provide an awesome alternative to the for-profit lenders that offer unsecured rental loans that carry high rates of interest.

Funding for the rental deposit loans varies and there are eligibility requirements that must be met. You will need to contact HRA at 718-557-1399 to find out more about the programs provided. HRA is a service through the NYC Department of Social Services (DSS).

Housing assistance, including temporary and emergency shelter is primarily provided for victims of domestic violence and their children. HRA chooses to devote most of its limited funding to this protected class, which helps it to focus on the most vulnerable clients.

Lower East Side People’s Federal Credit Union (LESPFCU)

This credit union has an open membership policy for those who live on the Lower East Side or Central Harlem. Anyone in New York City who earns less than $38,000 a year may also qualify.

LESPFCU may be able to help you with a rental security deposit loan as long as you have been current on your rent. Proof that you have been making your rent payments on time is usually sufficient, although a notarized letter from your landlord attesting to your rental rate and status will be sufficient.

By showing that you have responsibly kept up with your rent payments but need help making the additional security deposit on your next rental unit, LESPFCU can help you with an unsecured personal loan that you can use towards meeting the move in requirements of your new landlord.

Interest rates generally begin around 11% APR, although these tend to follow changes in market rates. Still, this is less than half of what many consumer finance companies charge. For more information, contact LESPFCU at 212-529-8197.

There may be a credit union located closer to you that has an open membership policy. It is important to find out what the membership eligibility requirements are. If you qualify for membership, then you may also apply for an unsecured personal loan to put towards a security deposit.