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A rent bank is a predominantly Canadian service that provides interest-free loans to low-income households who have regular income but face eviction as a result of a short-term financial crisis. Rent banks are a homelessness prevention strategy. By providing tenants with an upfront loan that can be used to pay for rent, utilities, or other unexpected cost tenants, housing stability is guaranteed and evictions are reduced. Loan repayment rate is roughly 67%, with loans usually a little under $1000.
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