To say 2020 has been a difficult year would be an understatement. The pandemic means that many people have been made redundant and small businesses have been forced to shut down. Those working in events, hospitality and creative industries have been hit the hardest, and face significant losses.
If you’re in a financially difficult position, knowing what to do can be challenging. But you aren’t alone. There are plenty of places you can turn to borrow money. The following ideas should help you find your feet.
There are several benefits and welfare systems operating in our country, such as unemployment benefits or food stamps. Veterans may also be entitled to benefits, depending on their situation. How do you get these benefits? The best way to do so is to apply online. Veterans can check out the VA claims and appeals process, while those looking for unemployment benefits should check out usa.gov. While you may never have foreseen accepting financial aid from the government, schemes are put in place for a reason and there’s nothing to be ashamed of.
Banks offer loans for a number of different reasons; most commonly for mortgages, business ventures and unforeseen emergencies like medical bills or house repairs. However, personal loans can be used for anything you need. All you need to do is get your loan approved by your bank. While this sounds straightforward, banks have a list of criteria in place to ensure that loans are paid back. You will have your credit score and history checked, alongside several other different factors. Speak to your bank for more information.
Charities are put in place to help those in need. And that doesn’t stop at financial aid. Many charities have savings and pots for those who have found themselves in difficult circumstances. A charity might be able to provide food, shelter and supplies during your time of need, and they could offer direct financial support, too. Check your local area for more information.
Ask a friend
Asking a friend or family member to help you financially can be tough. Often, we don’t want to admit that we need help. However, many people find that loans from those close to them are better than those from establishments. Why? For one thing, your friend probably won’t charge interest. That means that paying it back will be quicker and more straight forward. Those who love us are also emotionally invested. They care more than a bank and offer guidance and sympathy, making the situation more comfortable. Just make sure that you have a repayment plan in place and that you don’t miss paying back your friend. You don’t want to put a strain on your relationship.