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

While missing rent is a situation no one wants to be in, many Mississippi residents find themselves in it. However, you don’t have to stress out if you feel you’ll miss rent; there are tons of financial resources you can turn to for help with emergency financing.

In this guide from Mississippi Title Loans, Inc., 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. You can also learn how emergency loans like title loans can get you fast emergency cash today!

7 Mississippi Financial Resources To Help Cover Late Rent

According to data from Harvard’s Joint Center for Housing, nearly 42% of Mississippi renters are considered rent-burdened, meaning they spend more than 30% of their income on rent. Over 21% are classified as extremely rent-burdened and can barely cover other essentials.

If you’re struggling to pay rent like the over 300,000 rent-burdened residents in Mississippi, you can look for tips on how to pay late rent in Mississippi. Below, we'll explore the financial resources available to you in Mississippi. Even if you’ve missed rent, you have options. These programs and loans can help you stay in your home while you get back on track.

Here are 7 tips for how to afford your late rent:

1. Federal Rental Assistance Program

Federal rental assistance programs help cover your rent, utility bills, and home energy costs. Sometimes, they can also include reasonable late fees, moving expenses, security deposits, and internet payments. Although these programs are promoted at the federal level, local agencies often distribute them to provide more personalized support.

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
• 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 financial instability. Throughout the application process, you must sign a statement confirming that the information you provide is accurate and that you agree to use the assistance only for eligible costs.

2. Mississippi Emergency Rental Assistance

The Mississippi Emergency Rental Assistance program helps both tenants and landlords. Landlords can access it if tenants are behind on rent, and tenants can use it if their household income is below 80% of the 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

Each application is reviewed on an individual basis, but you could receive up to 15 months of assistance with utility bills and rent. Keep in mind that households with one or more members who have been unemployed for at least 90 days are prioritized. This option is best if you expect to have long-term difficulty paying rent while looking for other work or waiting for your finances to stabilize.

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 funding is distributed to local Community Action Agencies through the Mississippi Department of Human Services, allowing people across the state to access assistance for rent or mortgages.

Generally speaking, people who qualify for CSBG funding are within 125% of the Federal Poverty Guidelines, which look 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 your income level, you may qualify for help with rent, mortgage, job placement, or education support. For long-term financial assistance, the Community Services Block Grant can help.

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 provides you with cash assistance and helps you develop your job skills for longer-term, sustainable support.

You can qualify for this program if:

• You have at least one child under 18 at home
• A monthly income at or below the gross monthly income limit
• Have less than $2,000 in resources

If you’re worried about affording everything your children need, this program is the best for you. It can provide housing, monetary, and educational resources to limit the effect of your financial situation on your children.

5. Signature Installment Loans

While the state and federal programs can help, those looking for faster approval may wish to seek affordable loans for renters in Mississippi. One such loan is a signature installment loan.

Signature installment loans at Mississippi Title Loans, Inc. allow qualified applicants the option to borrow up to $1,250 without collateral or a perfect credit score. After providing your signature, you agree to repay the loan in fixed installment payments over a few months.

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

Remember that we will review your credit score before approving you for a signature installment loan. However, you don't need a perfect credit score. Feel free to check with your local branch for more details, as requirements can vary based 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 are the following required items:

• Identification (e.g., driver's license or passport)
• Lien-free title to your vehicle
• Vehicle (only cars, trucks, and vans will be accepted)

You keep driving your car while making loan payments. Since we place a lien on your lien-free title to secure the loan, we never require you to store your car in a compound or install a tracker in your vehicle. You can get approved within one business day to help get emergency rental assistance.

7. Payday Loans

Another loan to provide late rent payment help is a payday loan. As long as you can prove your income, you can get approved for a payday loan with Mississippi Title Loans, Inc. You can borrow between $100 and $400 based on your income level.

The only required items you will need are a state-issued photo ID, your most recent pay stub, and a blank check from an active checking account in your name. The approval process takes less than a day, with some getting approved within 30 minutes. You will need to repay the loan with your next paycheck.

The process is similar for every loan we offer, so follow these steps for financial hardship assistance in Mississippi:

• Complete the online loan form on this website
• Receive a phone call from a loan representative to discuss the loan terms
• Visit a Mississippi store location with your required items for verification
• If approved, sign the loan agreement to complete the process
• Receive your loan funds later that day or by the next business day

Which Emergency Rental Assistance Option Should You Choose?

When determining which of the seven options mentioned above is best for you, you should consider your financial situation. Is missing rent a one-time thing, or do you expect to continue to struggle making rent payments?

Those who need long-term financial help should consider Mississippi housing assistance programs like the ones we mentioned above. Those who only need help one time due to a financial emergency should consider emergency loans like title loans, payday loans, and installment loans.

Borrow Affordable Loans For Renters In Mississippi – Receive Same-Day Cash To Pay Your Late Rent!

If you don't qualify for federal or state assistance, you can turn to Mississippi Title Loans, Inc. for emergency loans like payday loans, title loans, and signature installment loans. You can get approved the same day you apply, and your credit score won’t prevent you from getting approved.

Get started today – fill out our online loan form with your basic details. We will call you and explain how you can get approved in person in less than 30 minutes. Apply online today for a loan for rental assistance!

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