We offer a short term funding source that is available to families and individuals who are at risk for home eviction due to lack of, or shortage of, a monthly rent payment, utility arrears, damage deposit or other circumstance. In addition we provide low income individuals with the tools to better manage their limited financial resources.
What are the Sources Rent Bank requirements for applicants?
The Sources Rent Bank requires that possible applicants…
Are low-income (see guidelines below)
Are nineteen years of age or older
Have a bank account
Have no un-discharged bankruptcies
Have a sincere reason for any delinquency in loan payments
Have (will have) a consistent source of income
Are not able to access any other form of government financial assistance
Have rental costs that do not exceed ongoing ability to pay the rent
Currently reside or will reside in Surrey and White Rock at the rental property for which the loan is issued
How do I apply for loans from the Sources Rent Bank?
If you meet the requirements you then fill out the “Sources Rent Bank – “Pre-Assessment Form” on this website and submit via email or by fax to 604.596.2319 ATTENTION SOURCES RENT BANK. You may also call 604.596.2311 or you can also visit our Sources Rent Bank office to obtain these forms if you do not have access to a computer.
When should you contact a member of the Sources Rent Bank?
If you have concerns about your ability to pay your rent or relevant utility bills, then that would be a good time to call a member of our Sources Rent Bank team at 604.596.2311. If you find that you have not been able to meet your required payments on time, we will be happy to discuss possible solutions that will help you through this difficult time. We are open 3 days/wk and will get back to you on the next working day.
How do I make an appointment with the Sources Rent Bank?
Simply call a member of our Sources Rent Bank team at 604-596-2311 and we will be happy to schedule an appointment at your earliest convenience.
How do I know if I am low income?
Low income is defined as follows:
How do I pay back the loan?
The loan will be paid back over a 2 year period. The interest on the loan is currently 4% (prime plus 1.5%). Upon complete repayment of the loan and attending 2 financial literacy workshops the interest accrued on the loan will be reimbursed to you.
Loan repayment amounts:
•A loan of $500 will require a monthly payment of approximately $20/month
•A loan of $100 will require a monthly repayment of approximately $4.35/month
•A loan of $1,200 will require a monthly repayment of approximately $52/month
Monthly payments are automatically withdrawn from your bank account.