Due to COVID-19/ Coronavirus, unemployment rates in the United States have reached record numbers. If you find yourself in that situation, you may be needing emergency cash to take care of all the expenses that your paycheck once covered. Getting emergency cash when unemployed does not have to be complicated or stressful. In fact, there is more help than ever for those who find themselves facing a job loss, during this pandemic.
A few options to get the emergency cash you need could include filing for unemployment benefits or unemployment insurance, looking for assistance programs, finding additional income, and looking at a loan to get the emergency cash you need. Below is more information on finding the cash that you need if you are facing a job loss.
File for Unemployment When You Need Emergency Cash
If you lose your job, the first thing that you should do is file for unemployment. All states have unemployment offices that you can contact/file a claim over the phone or through the or online through a secure website. For those unfamiliar with how unemployment works, most people who are employed, and do not quit their job on their own, will qualify for unemployment.
In the past, self-employed individuals, and contract/freelance workers could also not qualify for unemployment, however, through the CARES Act which was passed in March those individuals are also eligible to receive unemployment benefits.
How Much Will I Receive from Unemployment Benefits?
Because everyone’s wages can range, the amount that you will get from unemployment will also differ. Unemployment benefits are meant to provide a portion of lost wages. In general, the amount you will get from unemployment will be a portion of what you made.
In addition to this, because of the pandemic, the federal government is currently working on a solution to the ending of the additional $600 dollars a week that was added to weekly unemployment benefits.
How to Receive and Use Unemployment Benefits
Once approved for unemployment, you’ll be sent a debit card, or can choose to have the benefits transferred to a bank account. If you do receive a debit card in the mail, you’ll have to activate, and it can be used just like you would with your primary debit card.
Keep in mind you may have to continue your job search and certify for your benefits each week. The funds from unemployment benefits can be used for a variety of different expenses, big or small, whatever you may need to pay for while you are unemployed.
What About Unemployment Insurance Benefits?
Unemployment insurance is a state program that can help those who lose their job, by no fault of their own. To see if you meet the eligibility requirements you can apply relatively quickly.
Look into Financial Assistance When You Need Emergency Cash When Unemployed
There are more assistance programs than ever in order to provide relief from hardship due to the COVID-19 outbreak and for those with low-income. Depending on what you need financial assistance for, whether short term or long term there may be some help for you.
Here are the common types of emergencies that you may encounter, and resources available for them:
- Assistance for Everyday/Living Expenses. There are all kinds of programs out there that can help individuals who are struggling to make ends meet. Check out federal, state, and local assistance programs. They can help with all kinds of everyday expenses, something as small as food, to larger assistance programs like help with housing, or transportation.
- Financial Assistance for Families. There are all kinds of assistance for families in need, TANF (temporary assistance for needy families) is the major program to look into when you have multiple dependents to take care of. Assistance with housing, utilities, cash assistance, and even childcare may be available through TANF, and the different subprograms.
- Dealing with Medical Emergencies. For many people, their health insurance is connected to their employment. And so, if a medical emergency comes up while you are in-between jobs, then you may be having to pay a lot more out of pocket. The good news is that there may be several options that you can look into. Options like Medicare/Medicaid/CHIP can help you get insurance coverage at a much lower cost than private insurance. There are low-cost clinics you can look to, or look to fundraising, or charity for help.
Additional Places to Look for Emergency Cash When Unemployed
- Assistance for Vet Emergencies. Just like people, when your pet needs care, low-cost clinics, non-profit organizations, and fundraising can help pay vet bills while you are unemployed.
- Paying Bills/ Making Loan Payments. Because of the impact of the pandemic many lenders are providing flexibility for their borrowers. Ask about forbearance, extensions, or payment options. When it comes to Federal Student loans, those will have no interest for a while and are under forbearance for Americans at the moment. Also, talk to your landlords/mortgage companies if you are having trouble making rent/mortgage costs.
Apply for a Loan to Get the Emergency Cash That You Need
Another option to look into for emergency cash is to take out borrowing money from a loan. Here are a few options based on what your credit may look like:
Consider These Options When You Have a Good Credit Score/Credit History
When your credit history is average, or above average the good news is that you may have more options available, here are a few loan options that work well for those who have good credit:
- Personal Loans. Most people are familiar with personal loans, as they are some most common loans out there. They are fairly easy to qualify for with good credit. Talk to an online lender, a bank, credit union, or another financial institution to get things started.
- Credit Cards. Like personal loans, credit cards, can be found in several places, and in general, you’ll need good credit to open up a new one. If you already have a credit card you can use, consider it for short term expenses to get through a tough time. Just keep in mind that your credit to open debt ratio can show up on your credit report.
Consider These Options When You’re Credit Score Needs Improvement
When you don’t; have the best credit, a secured loan (a loan that is secured with an asset, maybe the best option. Here are a few examples of the different kinds of secured lending out there:
- Home Equity Loans. If you are a homeowner, a home equity loan may be right for you for emergency cash.
- Borrowing from Yourself. Another option is to borrow funds from your 401K/IRA savings accounts. Because of COVID-19 borrowing from retirement accounts has more flexibility than it did before.
- Asking a Family Member for Help. Consider borrowing from friends or family.
- Payday Loans. Payday loans are secured with the borrower’s ongoing income (does not have to a be a traditional job)
- Title Loans. Title loans use the borrower’s vehicle as collateral. Eligibility requirements will be based on the value of the vehicle, your ability to repay the loan, and your income.
When looking for title loans with emergency cash, Max Cash Title Loans is a great place to begin. Instead of giving out loans ourselves, at Max Cash Title Loans, we are the #1 nationwide title loan marketplace.
We work hard for our clients, so they can get the extra cash they need without wasting time and effort. 2 5 If you are curious to learn more, head to our website, or check out our FAQ page for answers to commonly asked questions.
Apply for Emergency Cash Right Away!
When you need emergency cash after being unemployed it is extremely important to act quickly. In general, the first thing you should look into is unemployment. After that, there are options like assistance programs. In some cases, a loan may be a good option for you to consider.
And when working with bad credit, a secured loan like a title loan may be a good fit. When looking for a title loan begin with the experts at Max Cash Title Loans. To apply for a title loan, simply head online and fill out a short title loan application or call a friendly loan agent at 855-561-5626.