In light of the COVID-19 pandemic, many people in different countries are suffering not only physically and emotionally but also financially. With citywide quarantines, a lot of businesses are closed down. Consequently, many employees are either laid off or put in floating status indefinitely. With all that is happening, many people struggle even more to survive and make ends meet.
We all know that, ideally, we should have had emergency savings for ‘rainy’ days. But, we all know, too, that does not always happen. What’s worse than having no savings is being penniless in time of a pandemic, and an emergency happens, which necessitates you to shell out additional cash you don’t have. That sucks, right?
Fortunately, you are not without a solution. There are ways to get cash for an emergency despite being in a pandemic. Read on to know how.
One of the easiest and fastest ways to get emergency cash is by taking out a loan. Despite being in a pandemic, there are still banks and financial institutions that offer personal loans. There are also lending platforms that provide different types of personal loan.
In applying for this type of loan, it helps if you possess a good credit score. However, there are loan companies that do not require that. Many of these companies have products that could cater to your specific financial needs like bad credit loans. A reliable loan company, like CreditNinja, can offer this type of personal loan. Not only are these credit institutions reliable, but they also provide immediate and affordable financial support, when you need it the most.
Government Unemployment Benefits
Becoming unemployed during a pandemic is difficult. Your government officials know this. Hence, there are government programs that provide for immediate assistance to laid-off or unemployed workers.
That being said, you should apply with the appropriate agency for unemployment benefits. In most states, unemployment benefits range up to half of your average wage, subject to a maximum amount and particular requirements. Nevertheless, it would be best to coordinate with personnel from the appropriate agency when considering this alternative.
Start a business
It may appear counterintuitive to start a business while struggling with the global effects of COVID-19. However, going through a pandemic is surprisingly an excellent opportunity for some people to start a thriving business.
Since finding a job is hard, you have a lot of time to plan out what to do for a business. Then, when you finally have decided, commit to whatever plan you have for yourself. Perhaps, you can start making a living from any of your treasured family recipes and sell these dishes to your neighbors, family, and friends. With this strategy, you can set aside money from your profits for emergencies.
Sell your stuff
Since the pandemic has given us a lot of free time to declutter our home, you can also use this opportunity to dispose of things you have but no longer use and turn them into cash. You can sell your furniture, shoes, bags, and other items you do not use but are still worth something to others.
Selling your useful belongings is one of the fastest ways to earn money. You don’t have to spend upfront, yet you make money as soon as your items are sold. You free up space in your home and get to save money for use in case of an emergency. Win-win!
Credit Card Advances
Having a credit card during a pandemic has its perks. It allows you to shop for groceries and essentials without the need to shell out cash. Not only that but also, in times of grave need for money, credit cards allow you to take out a cash advance from your credit card company.
However, you need to be cautious when opting for this. Credit card advances are unsecured and easily accessible cash alternatives. The catch with this choice is that they usually come with high fees and high-interest rates. Further, most credit card companies compound interest daily, making this option a pretty expensive alternative. We advise you to give this some thought before diving in.
Ask family and friends
Going through a pandemic has made many people soften up to charity, or just extending any help. Given that, your close family and friends could be able to help you. Be it a gift or a loan extension, your family and friends will be there to aid you, especially in times of emergency.
The COVID-19 pandemic has taken a toll on businesses and employment. With this, many people are finding it hard to make ends meet and face emergencies without cash. Fortunately, there are ways to go about this. You know that there is hope for you to cope with an emergency, despite going through a pandemic, with the above alternatives.
© 2020 The Havok Journal