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How to cover your rent when switching jobs

By John Brown

According to the latest work trends, an increasing number of employees are considering switching jobs once the pandemic loosens its grip in the United States. Priorities have changed. Some people have a feeling they are stuck in their careers and would like to develop new skills. Others look for new job placements because their current company no longer offers them remote options. Improving work-life balance is also a crucial factor in jumping ship. 

No matter what your reason for a new job hunt is, it’s a big step forward. However, getting a job when you still haven’t said adios to your current one is easier said than done. Moneywise, having an employment gap can be pretty challenging, especially if you need to pay your rent and have exhausted all your savings. Should you ask the landlord to let you pay late, borrow money from your family members, or take a quick loan? Let’s consider your best options.

Take Out a Loan

It’s probably the easiest way, as it takes a few minutes to fill out the form from the comfort of your home. You can get approved within 24 hours and get the money directly to your bank account as fast as possible. 

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

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

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 might affect your credit score. This option should be ignored if you aren’t sure that you will be able to repay the loan on time. 

Talk to the Landlord

Many owners never allow late payments for various reasons, from having to pay the mortgage to covering property taxes and maintenance costs. Unless you’ve got what it takes to land a decent job in a few weeks, dodging the landlord would be bad. Have you been a good tenant with a no eviction record so far? Is this the first time that you’re experiencing financial difficulty? If the answer is yes, the landlord might be quite understanding and give you a chance to pay later. The rule of thumb is to inform the owner about your short-term predicament 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 happens. On the one hand, borrowing money from your friends might bring about a lot of awkwardness and cause a tremendous headache even if you repay promptly. On the other hand, you will probably avoid high-interest rates. Although tempting, borrowing from those close to you could harm your relationship and evoke a broad palette of negative feelings. How can you make it work? Forget about open-ended personal loans. Specify when you are supposed to pay back and whether you are obliged to pay any interest. 

Find a Temporary Gig

From freelance copywriting and dog walking to becoming an Uber driver, it could be anything. Such jobs give you ultimate flexibility and freedom while providing fast money. You can enjoy being your own boss and having control over your workload. Jobs like these can ensure a smooth transition from one full-time job to another. But be aware that if you commit too much to a temporary gig like this, getting your dream job might be more challenging. You need sufficient inner resources for acing the interviews. Be that as it may, trying a short-term gig is still worth it for many reasons other than money. You might be surprised, but such side work could well turn out to be your dream job. 

The Bottomline

Consider resigning if you feel that your current job isn’t exactly what you want. The decision to switch jobs or even careers can invite fundamental changes to your life. Once you decide which money borrowing option works for you, go for it and focus solely on your job hunt. Don’t let temporary money issues stand in the way of landing the job that matches your skillset, principles, and values. That is what matters the most. 

Author’s bio: 

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


Categories: Life