If you are facing job loss, like the many thousands of Americans that are dealing with the effects of the pandemic, you will need emergency cash. If you need emergency cash to pay for job loss, the good news is that there are several resources to help you not only get cash but other necessities as you deal with your job loss.
From ongoing coronavirus aid /COVID 19 relief solutions, to getting a loan for emergency cash, there are solutions that are available for individuals and families. Below you’ll find more information on the different ways you can get emergency cash to pay for the impact of job loss.
Pandemic Aid and Relief Programs
The federal government has come out with the CARES Act, a relief program, which includes a stimulus package, for Americans who are facing financial hardship due to COVID 19.
Congress passed the CARES Act in March that sent stimulus checks of $1,200 to Americans who made $75,000 or less based on their most recent tax filing, plus another $500 for each dependent child under 17.
If you haven’t already received these funds, they are on the way, and can definitely be used as emergency cash.
In addition to giving out funding, here are a few other relief programs that can help:
- HUD (The U.S Department of Housing and Development) has always offered homeowners with all kinds of assistance, and resources if they are unable to make their mortgage payments. With the pandemic, they are adding even more ways to help low income, or struggling homeowners avoid foreclosure.
- Renter’s Assistance
- Student Loans Assistance
- Relief/Extensions/Pauses from Creditors, Credit Card Companies or Private Lenders
- Emergency Cash Assistance for Small Businesses and Large Businesses
Applying for Unemployment for Emergency Cash Due to Job Loss
When you do lose your job, the first thing you should do is apply for unemployment, this is especially true at the moment, as unemployment offices are busier than they were before the pandemic.
Unemployment insurance, also called unemployment benefits, is a type of state provided insurance that pays out when you lose your job and meet certain eligibility requirements
You can apply for unemployment online or give your local office a call. Once you are able to submit an application, they will let you know about the eligibility amount, how long you can get these benefits, and even provide resources to look for new jobs.
Another part of the CARES Act was adding additional funds to those receiving unemployment, although for now, negotiations are occurring, chances are like Americans have been receiving since March, there will be additional funds added to unemployment benefits. This was set up to help residents of the United States have additional financial security during the coronavirus pandemic.
As a taxpayer, unemployment is there for you to use when you are in between jobs and need financial assistance. Unemployment can be an essential part of finding another job. It can also help with getting your personal finances back in order.
Taking Out a Loan for Emergency Cash to Pay for Job Loss
Taking out a loan can be another way to get fast cash during an unexpected job loss. Here are a few loans to look into:
- Personal Loans These loans can be used for a variety of different reasons and are one of the most common types of lending available. They can be found at banks, credit unions, and even independent lenders. In general, you credit score should be fair to be eligible for a personal loan. With good credit, you may get a low interest rate.
- Credit Cards another type of lending that can be used for a variety of different purchases/reasons are credit cards. Before choosing a credit card it is important to compare lenders and interest rates.
- Car Title Loans car title loans work by using the equity of the borrower’s vehicle to make funding available. Because of the security of the car these loans. They are accessible for those who have poor credit. But keep in mind that the interest rates for these loans can be fairly high, so look for several lenders. These loans make a large amount of funding available fairly fast and so maybe a good option if you need cash quickly.
- Secured Personal Loans these are just like regular loans, except there is an asset involved with the lending, the interest with these are generally higher than an unsecured personal loan. A common example is payday loans, which are secured with the borrower’s paycheck.
Loans are a way to supplement your monthly income or monthly expenses. Keep in mind, however, they are mainly a short term solution, and finding employment will be key to financial security.
Generating Additional Income While Finding Another Full Time Job
While you are in between jobs, consider a side hustle to get you some extra cash:
- Monetize a Hobby or Skill
Most people have some kind of hobby or skill that they may be useful/entertaining /or of value to others. When trying to get emergency cash, finding ways to monetize hobbies or skills may be a great option to consider.
- Instead of Thinking about Earning Think More About Your Savings Account
When looking for extra money, you should focus equally on earning and saving. If you have the resources to do so, trying to save on everyday things like groceries, gas, and other purchases. These can add up to quite a bit over time and could mean having enough money to make ends meet. Once you are back on track, start an emergency savings fund to secure yourself.
- Sell Some of Your Stuff
Chances are that you have some stuff laying around, that is yours, which has value attached to it. Consider the option of selling your stuff for that extra cash. Then, you can use it to get the cash assistance that you need after a job loss.
Right now, the United States is seeing unprecedented rates of unemployment. If you lost your job in the pandemic, there are things you can do until you find employment.
The federal government has created all kinds of relief programs, and even private lenders are stepping up to provide accommodations. Unemployment benefits from your state can also be a huge resource and long term relief. If you need a short term solution, a loan could be an option to consider. Additionally, you can look into a few ways to generate some extra cash.
Contact Max Cash Title Loans Today
If you are thinking of a loan, specifically a title loan, begin with Max Cash Title Loans. As the #1 nationwide title loan marketplace, we work hard to connect customers with the right lender for them. 4 5 To learn more about our process give us a call, or to inquire right away, simply head to our website and apply for an online title loan. Let us help you when times are tough.