Emergency Cash If You Get Laid Off

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COVID 19/Coronavirus has impacted thousands of Americans all across the country. If you have been laid off, you’ll need emergency cash to make up for the pause in income. There are several ways to get the emergency cash you need if you get laid off, however, if this is the first time you are facing a layoff, you may not be sure where to begin. Below you’ll find more information on everything you need to know if you need emergency cash due to a layoff.

Look for Government Assistance If You Need Emergency Cash After Being Laid Off

If you are facing a job loss, the most helpful resource is going to be your state’s unemployment resources. As soon as your full time employment changes, let them know about your layoff, and apply for unemployment benefits. The process is fast and can be complete either online or over the phone. They will let you know fairly quickly if you are eligible for unemployment benefits.

Because of the pandemic, the CARES Act provided by the federal government has created additional resources to individuals, families, first time or experienced homeowners who are having trouble making their mortgage payments and small or large businesses. The department of labor can also help if you are facing job loss so make sure to look into those government agencies as well.

Also if you lay off impacts your health care coverage, you can look into low cost health insurance like Medicaid or Medicare.

Student loan payments have all been put on pause, and there is no interest until December, so you don’t have to focus on the nonessentials.

Take a Loan Out if You Need Emergency Cash After Being Laid Off

Depending on your situation, had the amount of money you need, a loan could be a good option to get through a layoff period. Here are a few loans that you should look into:

  • Personal Loans. One of the most common loans out there, personal loans are good for all kinds of expenses. However, the interest rates and repayment terms can vary. In general, you’ll need to have a good credit score to be eligible. Look to banks, credit unions, or private lenders to find a personal loan.
  • Car Title Loans. Car title loans, also known as auto title loans, or title loans work by using the borrower’s vehicle as collateral. Eligibility and loan amount will be based on the value of the vehicle, income, and the borrower’s ability to repay the loan. These work well for the coronavirus pandemic, because they can be complete online, and funds are available quickly.
  • Borrow From Friends or Family Members. Another option to look into is going to be borrowing from friends or family. Although this situation can be awkward, it can be convenient as generally, it won’t come with interest rates, and you’ll get more flexibility with repayment.
  • Credit Cards. The average American has about 6 credit cards, and if you are also someone who has an open line of credit, then it may be helpful to use it for different living expenses. like the grocery store, or for your gym membership, to make ends meet until you can get income again.
  • Consider a 401k Loan or Retirement Savings. If you have a 401k you can borrow from it, and when it comes time for repayment, you’ll just be paying yourself back. Due to the Coronavirus, you may be able to also borrow from your Roth IRA or Traditional IRA due to the CARES act.

 

Look into Additional Forms of Income

Getting a side job, or trying to monetize your hobbies/skills is another option you want to try.

As long as you have a vehicle you can do things like rideshare driving, amazon delivers, grocery or food delivery, or dog walking, just to name a few things. Look into freelance work if your skills allow you to do so. Or being marketing things that you make, or a service you can provide (home repair, landscaping, etc.)

Being creative and resourceful can help you get the extra income you need to get through the initial paycheck loss.

 

Use Your Emergency Funds to Make Ends Meet

Most financial experts recommend keeping 3 months’ worth of income in your emergency savings. If you have those funds to use, now is the time to dig into your savings, so you can avoid having to go into debt, while you wait to hear about your unemployment benefits or the status of your job.

 

After Being Laid Off Make Sure to Be Open for Contact

An important part of recovering from being laid off/financial planning for your future is going to be keeping your communication lines open. That means having your phone with you, check your email accounts. A reputable employer should keep you updated on your layoff status and provide updates on your job status. If you cannot be brought back to your work, they should be transparent and get that message to you immediately.

In addition to connecting with your current job, make sure to have you seek out other opportunities.

And so, if you are laid off like so many others at this point in time, don’t panic. Along with unemployment benefits, the CARES Act may be able to help you. Other options include borrowing the funds through a loan, or looking for part time/side jobs to keep income coming in.

Apply with Max Cash Title Loans Today

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If you are thinking about a title loan for emergency cash, start with Max Cash Title Loans. As the #1 nationwide title loan marketplace, we help you find the right loan for your emergency cash needs.4 5

Once approved, you could have the cash you need as soon as the next day. 1 2 To find out more, check out our FAQ page. If you are ready to get started, simply head to our website, and apply for an online title loan.