NEW YORK CITY, NY / ACCESS Newswire / August 11, 2025 / Paying off a rent loan can feel like a huge relief. You may have taken out the loan during a difficult time when you needed to make sure there was a roof over your head, and now that challenge is behind you. But once you're done making your rent loan payments, it's time to look at the bigger picture - repairing your finances.

Rent loans might be helpful in a tough spot, but taking on any kind of debt could come with a high cost to your finances. If you feel unsure how to rebuild, there are steps you could take to get back on track, feel more in control and avoid needing another loan again soon.

Review your financial habits

First off, be clear about where you stand. Taking a close look at where you are financially might be the hardest step, but it's also the most important. Sit down and make a list of how much money you have on hand, any incoming payments or money owed to you, your monthly bills and any other money you owe. Even if it's messy, seeing it all written down can help.

Monthly costs might include:

• Rent

• Electricity, water and gas

• Internet

• Phone bills

• Renter's insurance

• Groceries

• Car payment, gas or a bus pass

• Streaming or other subscriptions

Once you've faced the facts, take a deep breath. You're off to a great start.

Next, think about how you might want to make changes, cut costs or allocate funds differently.

Create a budget

Creating a budget could be a helpful next step. A budget isn't meant to feel like a punishment - it's a way to track and organize your money for the weeks, months and years ahead.

Here are a few simple budgeting options to try:

• 50/30/20 rule: Split your money into three parts: 50% for things you need (like rent and food), 30% for things you want (like movies or eating out), and 20% for savings or paying down debt. This method is simple and gives you a rough guide for spending.

• Envelope system: Set aside cash for each type of spending. Put it in labeled envelopes for groceries, gas, fun or any other categories you want. When the money's gone, you stop spending in that category. It's a good way to avoid going over your budget.

• Zero-based budget: Plan where every dollar will go before the month starts. Add up your income, then assign each dollar to a category - bills, food, savings or fun - until there's nothing left.

It's okay to test a few budget systems before settling on one. What matters most is finding a method that helps you better manage your money.

Check your credit

If your rent loan showed up on your credit report, it could have affected your credit score. Your credit score is a number that tells lenders how good you are at handling money. A lower score could make it harder to get approved for credit cards, car loans or even a new apartment.

To rebuild your credit score, start by checking your credit report. You should be able to get a free copy from AnnualCreditReport.com. Look for any errors or late payments that might be lowering your score. If something looks wrong, you can contact the credit bureau to work on correcting the error or finding a solution.

Next, focus on building good credit habits:

• Pay your bills on time

• Keep credit card balances low

• Avoid opening too many new accounts at once

Over time, these steps can raise your score and help you qualify for better loan terms in the future.

Rebuild your savings

After using the rent loan to stay afloat, your savings might be low - or completely gone. You can rebuild slowly by setting small goals, like saving $5 to $10 a week. It doesn't have to be a lot at first because what matters most is building a savings habit.

A simple way to do this is to set up automatic transfers from your checking account to your savings account every time you are paid. With auto-transfers, the money is moved before you see it, so you can treat it like any other bill - except this time, you're paying yourself.

Keep moving forward

Paying off a rent loan is a big win. Fixing your finances after paying off a rent loan takes time, but it's completely doable. You don't need to make big changes all at once. Instead, focus on taking small, steady steps forward.

With a solid plan, smart habits and clear goals, you'll be in a better position to rebuild your finances and prepare for the future.

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CONTACT:
Sonakshi Murze
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SOURCE: OneMain Financial