How Can You Get Financial Help When You’re in Trouble?
The country’s economy has been shaken by COVID-19, and it doesn’t look like it’s going to recover anytime soon.
The country’s economy has been shaken by COVID-19, and it doesn’t look like it’s going to recover anytime soon. Businesses are closing their doors for good. Companies are doing mass-layoffs. Everyday citizens are wondering what they’re going to do to stay afloat.
Unprecedented Job Losses:
As early as April, the unemployment rate jumped to 14%, which was the highest the rate has been since the Great Depression. An analysis by the Urban Institute estimated that 41% of working-age adults knew someone who had experienced a job loss or reduced wages in that month. That’s almost half the country being touched in some way by job insecurity in a span of a few weeks.
Sadly, the unemployment rate hasn’t stopped climbing upward since that discovery in April. The numbers continue to grow, leaving more citizens worrying about how they’re going to support themselves and their families in the upcoming months.
Many workers have managed to hold onto their jobs, but they’re still on shaky ground. Their position could disappear in a matter of weeks. They could lose work hours or wages. Many are picking up the financial slack at home since everyone else has lost their income.
It’s not as if citizens can make up the difference with another job. The best solution they can turn to is emergency financial support.
Emergency Financial Support:
Americans that are asking how to receive emergency financial assistance to get them through this difficult time have several options. If they don’t have any emergency funds or savings that they can dip into, they may be able to turn to one of these available solutions.
First, out-of-work citizens can file for unemployment through the Department of Labor to see if they’re eligible for unemployment benefits. That could put some extra funds in their pockets for essentials like groceries and utility bills. These payments can last up to 26 weeks. They may last longer, depending on whether the state’s government decides to extend the benefit maximum or not.
For short-term emergency financial support, citizens can file for personal installment loans online. Applying online will mean shorter wait-times and lower chances of rejection than applying for a loan at the bank. Factors like lower credit scores or lack of collateral won’t be major obstacles. This option is for people who still have a regular source of income, so it’s effective for those who are taking on more of a financial burden because of someone else’s job loss or illness.
Another choice is using crowdfunding. There’s no guarantee that it will bring in a significant amount of income, but it could make paying for essentials like rent much easier to achieve. People across the country have been setting up GoFundMe crowdfunding campaigns after COVID-19 made them experience financial hardship. Even making a few hundred dollars could offer some relief.
Times are tough, but there are options out there to help everyday citizens get their basic needs. People who are struggling with the sudden financial stress should hang tight, pick the best emergency solution for their situation and get the support they need straightaway.