If you are a part of the thousands of Americans who are going through a furlough/layoff period, chances are that you’ll need emergency cash. The COVID 19/Coronavirus pandemic has left many other Americans asking the very same question. While some employers may provide wages to their furloughed workers, many will not provide any assistance for those facing furlough. And for those who have self employment, losing hours/work can be extremely determinantal.
Fortunately, if you find your savings account running thin there may be many options you can look into to get the emergency cash you need when you are furloughed. Below you’ll find more information on how to move forward when dealing with the process of being furloughed And your emergency fund just isn’t covering all the costs.
Unemployment for Emergency Cash When Furloughed
Even if your job is put on pause, unemployment compensation can help cover those wages. Each state works a little differently, but in most scenarios, you can go online or contact an unemployment office through the phone. The best thing to do when you are furloughed is to apply for unemployment immediately.
This state funded assistance is made exactly for people to use. In most cases, you’ll find out right away about eligibility, and you have nothing to lose when applying for assistance. Once deemed eligible the state will send you a debit card or have the funds straight to your checking account.
Unemployment insurance can also come in handy if you have lost your job due to no fault of your own.
Gov. Assistance Programs/Non Profits Organizations/Religious Organization for Help
Standard unemployment benefits can definitely be helpful for furloughed employees, however, there may be additional help from the federal government, non profit organizations, and even religious institutions in the local community that could provide you with the extra cash that you need to make ends meet while you have time off and wait to return to full time status.
Federal Assistance
The Government is aware of the large numbers of companies/businesses furloughing their employees, and so have created/added to assistance programs.
The CARES Act was passed in March to combat the large impact that the pandemic has had for people all across the United States. With that, there are a few things that make layoffs and unemployment easier.
There are additional resources available to individuals, families, those with low income, homeowners, renters, and even small or large businesses. The department of labor can also be a good resource when you need financial assistance due to a layoff or job loss.
In addition to the CARES Act, other programs have always been there to help those who lose their income/have low income. Here are a few places that can help:
- TANF (Temporary assistance for needy families). This can be an extremely helpful resource when taking care of yourself, and family members/ dependents.
- Food Assistance. There are all kinds of food assistance programs: immediate food assistance, SNAP Benefits, the WIC program, Food Programs Ease Rules for Coronavirus Pandemic, Free Food Programs for Seniors, just to name a few.
- Low Cost Health Insurance /Low Cost Health Care/ Medicaid/CHIP
- Affordable Housing Programs
- Government Grants
- Non Profit organizations
- Federal Student Loan Forbearance
In addition to this, keep in mind that federal employees/the federal government are working on a mother relief package to combat the second wave of unemployment and layoffs. Although there is conflict in Congress, the government is working to come up with an immediate solution.
Religious Organizations that Provide Support to Local Communities
Many religious groups locally, and on a national scale may be able to provide you with help. Contact your local places of worship to get the fastest response.
Consider a Side Gig/Part Time Employment
Contract or freelance work could be the bridge between the time you get your earnings from your last pay period and return to your normal pay. Choose the number of hours that you want to work, how many days a week, and what kind of work you want to do.
If you are considering looking for a new job, then being furloughed may give you the time to do so as well.
Apply for a Loan for Emergency Cash When Furloughed
Many people look at emergency loans when they need emergency cash. Here are a few loan options to consider:
- Personal Loans. You can use funding from personal loans for a variety of reasons. There are tons of lenders, repayment plans/terms, and the amount of funding is flexible. For those who have good credit finding a low interest rate will also be fairly simple.
- Credit Cards. Credit cards for those with good credit, generally come with some lowest interest rates with lending, and because of the wide range of funding amounts, this can be another great lending option to consider
- Car Title Loans. A car title loan uses the equity of the borrower’s vehicle to make funding available. These loans can make a large amount of funding available in a very short time. Be prepared to pay back the amount in a month or so, along with the interest.
- Payday Loans. Payday loans are secured by the borrower’s paycheck, the amount that a payday loan can make available is usually a couple of hundred dollars, so if your debt is far more than that, consider another option.
- Secured Personal Loans. These work just like regular personal loans. However, there is an asset involved. This means the borrower can choose what they want to offer. Because of this, interest rates tend to be higher.
Start with Max Cash Title Loans Today
When looking for a title loan begin with experts at Max Cash Title Loans. We are the #1 nationwide title loan marketplace. And work hard for the clients that reach out to us. We know that being laid off can be difficult. We want to make the process as smooth as possible, and let you know about eligibility quickly.
Our initial application only takes a few minutes, and you could be connected to a title loan lender quickly.5 Once you receive approval with a lender, the funds can be available in as soon as 24 hours! 1 2 So, to get started, give us a call or reach out to our team online.