What Mississippi Financial Resources Can Help You Pay For Late Rent?

The prospect of late rent is never enjoyable. However, it's a situation that many people in Mississippi find themselves in. And if you're one of them, this is the perfect article for you.

In the following sections, we will go over the top seven financial resources in the Magnolia State that can help you cover rent payments. Many are short-term solutions for one-off financial hardships, but we've also included some longer-term resources for your convenience.

7 Mississippi Financial Resources To Help Cover Late Rent

Below we will dive a little deeper into the financial resources available to you in Mississippi. Take the time to consider each option carefully to determine if you are eligible and if it will help in your particular situation.

1. Federal Rental Assistance Program

Federal rental assistance programs help cover the costs of your actual rent, utility bills, and home energy costs. In some situations, it can even cover reasonable late fees, moving expenses, security deposits, and internet payments. 

While such programs are marketed at the federal level, local agencies often distribute them to ensure more individualized care.

To be eligible, you must have agreed to pay rent for your home, mobile home, or apartment and meet the following conditions:

• At least one person in your household has:
• owed large expenses;
• lost income;
• qualified for/should qualify for unemployment; or 
• experienced other financial hardships.
• Your household income is below Mississippi's poverty line.
• At least one person in your household is dealing with housing instability (i.e., they're at risk of becoming homeless or would otherwise have problems finding a stable living situation).

You may be asked to show your income and prove you're experiencing instability. Throughout the application process, you must sign a statement saying the information you provide is correct and agree to use the assistance for eligible costs only.

2. Mississippi Emergency Rental Assistance

The Mississippi Emergency Rental Assistance program benefits tenants and landlords alike. Landlords can use it when their tenants are behind on their rent, and tenants can use it when their household income is below 80% of their area's median!

You are eligible for this state assistance if you meet the following requirements:

• Your household income doesn't exceed 80% of the area median. 
• At least one member of your household is at risk of homelessness or is dealing with housing instability.
• At least one member of your household qualifies for unemployment benefits or other financial hardship.

Every application is considered individually, but you could receive a maximum of 15 months of help making utility bills and rent payments. Keep in mind that households with one or more members who've been unemployed for at least 90 days are prioritized.

3. Community Services Block Grant

The US Department of Health and Human Services, Office of Community Services funds the Community Services Block Grant (CSBG). This money is provided to local Community Action Agencies via the Mississippi Department of Human Services, so people across the state can access the funding for rental or mortgage assistance.

Generally speaking, people who qualify for CSBG funding are within 125% of the Federal Poverty Guidelines, which looks like this:

• A household of one is $14,580. 125% of this is $18,225.
• A household of two is $19,720. 125% of this is $24,650.
• A household of three is $24,860. 125% of this is $31,075.
• A household of four is $30,000. 125% of this is $37,500.
• A household of five is $35,140. 125% of this is $43,925.

Depending on where you fall in the above outline, it could be available to you for:

• mortgage or rental assistance.
• help getting a job.
• help to get an education.

4. Temporary Assistance For Needy Families (TANF) Program

Do you have children? If so, you may be able to qualify for this financial resource — the Temporary Assistance for Needy Families program. It gives you cash assistance and builds your job skills for longer-term, sustainable help.

5. Signature Installment Loans

Signature installment loans from us at Mississippi Title Loans, Inc. allow qualified applicants the option to borrow up to $1,250 without collateral or a perfect credit score. You only need the following items to qualify:

• Identification (e.g., driver's license or passport)
• Proof of income (i.e., your most recent pay stub)
• Checking account statement in your name

Keep in mind that we will check your credit score before approving you for a signature installment loan. However, that doesn't mean you need a perfect credit rating. Feel free to check with your local branch for more complete details, as it varies depending on your situation.

6. Title Loans

If you own your vehicle (car, truck, or van) outright, you can get title loans from us at Mississippi Title Loans, Inc. To gain access, we use the value of your vehicle to lend you between $300 and $2,500 without requiring a great credit score. All you need is the following:

• Identification (e.g., driver's license or passport)
• Lien-free title to your vehicle (no other title types accepted)
• Vehicle (only cars, trucks, and vans will be accepted)

If you can meet those requirements, follow the steps below to get cash with a title loan:

1. Complete the online form on this website.
2. Wait for us to give you a call. We'll set up a meeting location (i.e., a branch nearby, your home, or your workplace), go through the requirements, and answer your questions.
3. After that, make sure you bring everything you need to the meeting.
4. We'll go through your documents and evaluate your vehicle to establish how much you can qualify to borrow. 
5. If you're satisfied with the amount we offer, sign the necessary forms to confirm you agree with the terms and conditions.
6. Finally, you’ll get your money the same day you apply or the following business day (specific timings may vary).

Contrary to widespread belief, you get to keep your car while repaying the loan. Since we place a lien on your lien-free title to secure the loan, we never ask you to secure your car in a compound or place a tracker in your vehicle.

7. Payday Loans

Payday loans are short-term loans made for emergencies, such as overdue rent payments. With this type of loan from Mississippi Title Loans, Inc., you can borrow between $100 and $400 in as little as 30 minutes (although this timeframe will vary on a case-by-case vary).

Unlike traditional bank loans, you don't need to have a good credit score. You can gain approval with these three documents:

• Identification (e.g., driver's license or passport)
• Most recent pay stub
• A blank check from a checking account in your name

Provided you can meet the above-mentioned requirements, all you need to do is complete our online form, speak with us on the phone, and come in for a face-to-face meeting. After that, we'll relinquish the funds by the next business day.

Complete Our Online Form Now To Cover Late Rent!

If you don't qualify for federal or state assistance, you can turn to Mississippi Title Loans, Inc. for last-resort loans like payday loans, title loans, and signature installment loans.

You don't need a good credit score to qualify. You don't need to meet a bunch of requirements. Just complete the form to get started and you'll be well on your way to covering your late rent.

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