A safe holding a home security deposit.

How To Get Money For A Security Deposit

With rental rates on the rise and housing in high demand, security deposits have never been higher. If you are struggling to find the funds for a security deposit, we have some tips that can help.

First, you need to figure out how much money you need for a deposit. Assuming that you already have enough money for the first months rent, you now need to cover the deposit, which is usually equal to the cost of one month’s worth of rent. The average rent in the United States is equivalent to roughly 1400 dollars, so let’s set our goal at that target.

Here are some ways to come up with 1400 dollars to cover your home security deposit.

1) Get A Loan

A loan is probably not the ideal solution, but it sure is the fastest. If you need to get into your home quickly and have no extra time to spare, you may want to consider one. Remember, you can always use a loan to get your money fast and then use the upcoming tips to pay back the loan.

If you decide to go the loan route, just make sure of a few things. Make sure that you can afford to make the loan payment or payments and that the total cost of financing is not too high. Also, don’t take just the first loan that comes along. Get a few different quotes o make sure that you are getting the best deal.

We can help you get started with a fast and free cash loan quote.

2) Become A Life Saver

Can you do a good thing and get the money that you need for your deposit at the same time? Yes, if you choose to become a plasma donor.

Plasma is in desperate need because it is used by companies to make a number of therapeutic and life saving treatments. Giving plasma is very different than giving blood however.

For starters, the companies that want you to donate are not charities. They are for profit companies and therefore see your blood plasma as a commodity. A commodity that they are willing to pay for.

In addition, while you can only donate blood once every two months, you can donate plasma up to twice a week. This is because in the donation process your red blood cells are returned to you and the loss of red blood cells is the limiting factor in whole blood donation.

What this all means to you is that with donation payments and first time donor bonuses, you may be able to make over 1000 dollars in your first month of being a donor. That is nearly all of the 1400 dollars that you need for a home security deposit.

3) Have A Moving Sale

Assuming that you are moving from one home to another, having a moving sale can do you a lot of good.

For starters, it can help you lighten your moving load. The less you move to your new home, the less it will cost you in moving expenses and the easier the move will be.

Additionally, you can make a lot of money, which is what you need.

The best way to go about your moving sale is to simply have a garage sale. In just a few hours on a Saturday or Sunday morning, you may be able to get all of the money that you need. Just be sure to check with your city to see if permits are required.

If a garage sale is out of the question, you will have to do a bit more work, but it could result in earning more money per item. Start listing your big ticket items on local websites like Facebook marketplace and global websites like eBay. It will take a little time, but with patience, you should be able to get much of the money you need for a security deposit.

4) Flip Some Free Stuff

What do you do if you have nothing to sell to get your money for a security deposit? You can always become a free stuff flipper.

Those same online websites that you can list items for sale are full of free stuff. The owners just want these items gone and they are willing to give them away. All that you need to do is be “Johnny on the spot” when the listings pop up, because they do go quickly.

Once you have your items home, clean them up a bit if necessary and relist them. It is a great way to make extra money for a home security deposit with the only cost being your time and a little gas. And don’t think that you are taking advantage of people. The people listing items for free just want them gone. You are doing them a favor, because if they wanted to sell hem they could.

5) Ask For Assistance

There are a number of sources that you may be able to turn to get assistance with your home security deposit.

Friends and family are the first source that comes to mind. Even if one family member does not have the entire 1400 dollars, you might be able to get 100 dollars here and a hundred dollars there. When trying to piece together the cash that you need, every dollar counts.

Besides family, there are also a number of charities that may be able to help. The Salvation Army, for example, has been known to provide assistance for those in need.

If you are in the military, the Army Emergency Relief program can provide you with grants and/or zero interest loans.

The list of organizations that may be able to provide assistance is extensive, so you may have options, depending on where you live and your level of need. Contact your local HUD office for help.

6) Ask Your Landlord For Flexibility

Last on the list is to ask your landlord if you can make payment arrangements. This works best with private landlords, but some companies may also be willing to make arrangements, especially if you have a good story. In any case, it never hurts to ask.

Assuming your deposit is 1400 dollars, ask to split the payment up into 4 installments of 350 dollars. Your landlord would still get money for your security deposit in full but it would become a much more manageable expense for you.