Many Americans work two jobs: a primary one that is considered full time and a part-time gig a couple of times a week. According to USA Today, the number of Americans working at least two jobs hit an eight-year high in 2016. Think of teachers that toil in classrooms and to supplement income take on service industry jobs at night and over weekends to earn more money. Emergency cash for unemployed professionals can mean increasing the hours from a part-time job. If you find yourself unemployed from your full-time job and do not have a second job, consider what we did as kids. You can raise emergency cash by babysitting, cutting grass, shoveling snow, or walking dogs that live in the neighborhood.
Holding a yard sale or increasing the hours from a second job represents two emergency cash options that do not further strain personal finances. However, to pay for things like utility bills and the monthly car payment, you might need a cash advance. If you own one or more credit cards that you have not maxed out, you can receive cash for the open balances to improve your liquidity. Many personal finance experts feel maxing out credit cards to acquire emergency cash for unemployed consumers represents the “least bad” option that charges interest for access to cash.
Home Equity Loan
Unlike a credit card advance, a home equity loan gives you relatively quick access to a large amount of cash. Applying for a home equity loan makes sense for someone who is unemployed, yet has enough cash to live on for a month or two. A large amount of emergency cash for unemployed payday loans Ohio workers is ideal for long-term stints without a full-time job. Since the housing , lenders have not approved as many home equity loan applications. If you are considered part of the senior demographic, you might be eligible for a reverse mortgage. Lenders typically do not require monthly payments on reverse mortgages, as long as the borrower lives in the home.
If your financial situation has turned desperate, you should consider leaning on a charitable organization to help you ride out the storm. Charities like the Salvation Army offer financial assistance, as well as aid in the form of food and household supplies.
Payday Loan for Unemployed
It seems counterintuitive. After all, payday loans are based on borrowers ensuring repayment of short-term loans by putting up paychecks as collateral. Nonetheless, it is possible for unemployed workers to receive emergency cash by taking out payday loans for unemployed. Just remember that not every lender permits payday loans for anything but paychecks as financial collateral.
Payday loans represent one of the shortest term financing strategies available for unemployed borrowers. A growing number of payday lenders no longer require income from a job for payday loan collateral. Many payday lenders have expanded the collateral requirement to include income sources like pensions, Social Security, and unemployment benefits. As we mentioned earlier in this article, the average wait for unemployment benefits to kick in is about three weeks. For many emergency cash for unemployed cases, three weeks is too long to wait for a boost in cash flow.
A Chance to Be Approved
After you submit the correct information, many payday lenders approve loans within a few minutes. Lenders rarely require borrowers to complete long applications and wait several days to learn about the status of a payday loan application. Many payday loan applications receive approval on the same day of submission. Emergency cash for unemployed workers can reach a bank account as soon as the next business day. Online payday loan applications allow you to submit several applications on the same day and choose the lender offering the most generous borrowing terms.