Here’s How You Can Make Some Quick Cash During the Pandemic
The coronavirus pandemic is creating a lot of panic around the world. However, the economic and healthcare experts say the pandemic is yet to hit the worst phase. Currently, there are around 26 million people across the country who are filing unemployment claims since the pandemic’s strike. A lot of them are worried about paying bills and meeting their everyday expenses. According to federal research, most households are not prepared to handle an economic slowdown or a job loss. If you are stuck in one such dilemma too, here are a few quick ways to get some cash.
File for unemployment
If you recently lost your job or have been unemployed for a while, file for unemployment right away. The recent amends to the federal norms increased the unemployment assistance amount to a whopping $600, which should be good enough to meet your essential expenses. Besides covering the unemployed people, this new amendment also offers to extend the benefits to the freelancers and self-employed professionals. They will be eligible for half of the state-level benefits besides the $600 unemployment assistance fund.
Get a temporary job
In these times of uncertainty, you can always get a job in the gig market. There are many temporary jobs available in the essential services where you can try your hand. This will be a great source of money until you find full-time employment rather than getting into the cycle of loans. While most people will also advise you to take a cash advance on your credit card, it is best to refrain from it because that’s just as high in terms of interest rates as a payday loan.
However, when you take up gig employment or a temporary job, make sure you do not come in close contact with other people. If the role requires you to do so, exercise precaution. At the same time, also make sure you report this new source of income to the authorities if you are receiving the benefits of unemployment after being laid off.
Take a break from student loan repayment.
This is not the best thing to do. So, keep it as your last resort. You can take a six-month break from paying the interest for your student loan. While your credit score will be impacted by it, you will not face the wrath of the law or the loan authorities as the $2.2 trillion stimulus bill has your back. It lets you refrain from paying your interests at the time of a crisis. This is one of the methods with the least risk as it doesn’t invite a penalty on your part. If your student loan is from a private lender, you may try to request an exemption citing the financial losses from the pandemic. Most states have asked landlords, money lenders, and banks from evicting their tenants or collecting payments.
Get a Payday Loan
This is not the best way to get some money, not during the pandemic, not ever! But if you have run out of all sources of making money, you can always apply for a payday loan. A payday loan is one where the applying party gets a small amount of money, maybe as little as $500, which the borrower has to repay in a single installment. They call it a payday loan as the borrower usually pays it on the next payday.
However, it is advisable to keep this as your last resort as the interest on a payday loan could go as high as 66%. According to research, people who take a payday loan get into a spiral of debt trying to repay the money they had borrowed.
Seek help from the local community
Reach out to your local community, your family, or friends and seek assistance. The crisis has left an impact on everyone’s life, so people are more likely to be compassionate and help. You can always compensate for the money you borrow from your community by providing a service that they might need. This could include anything from running errands for the elderly to volunteering in other community activities. When you borrow from the community fund, a friend, or family member, you might not have to pay an interest amount. They might only expect you to return the principal amount once you’re back on your feet.
Besides these methods, you may also try cutting down on your expenses, opt out of all the unnecessary subscriptions, shop at a local store, etc. After all, cutting down on expenses is sure to leave you with some savings or extra money on hand until things are back to normal!
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