How to Apply for a Loan to Pay Property Taxes

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If you own a piece of property you almost always have to pay some kind of property tax on it. In hard economic times the extra money you need to foot this often lump-sum bill may not be there. If you have exhausted all options and you need to borrow, you will need to get a personal loan or seek out your local government authority to find out what kind of assistance you may receive.

  • Check your financial picture. If you will need to get a personal loan, check your credit report and score if you have not done so recently. This will give you an idea of whether you are classified as excellent, very good, good or poor when it comes to your credit rating. Armed with this information, you will have a better idea of the possibility of you being approved for a personal loan.

  • Go to your bank and ask about personal loans. If you have a good credit history and a good record of on-time payments, you may be able to get a loan from your bank. Approach a loan officer at your bank or check your bank's website for personal loan options You may also use a search tool like the one found on Bankrate.com to search for personal loan options at other banks.

  • Search for government grants or any kind of assistance to help pay property taxes. A good place to check if there are any government grants or loan programs you are eligible for is your local government authority---be it country, city or village. Officials at your local taxing authority may be able to direct you to local programs and non-profits that can be of assistance.

  • Try peer-to-peer lending programs. This is a fairly recent development in the last few years. These are usually sites on which you can tell your personal story and why you need the money. You will also put the interest rate you are willing to pay on the loan and people can place bids on lending you the money. Investors can contribute to the amount you need and you then make payment overtime through the website and automatic debits from your checking account There is usually a minimum credit score required.

  • Consider property-tax specialty lenders. Some lenders specialize in offering property tax loans to people who are unable to come up with the lump sum needed to pay their property taxes. You can search for these lenders and check to see if you meet their lending requirements. See a link in Resources below for one such lender.

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