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.
Knowing what to do can be challenging if you’re in a financially difficult position. 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.
Benefits
Several benefits and welfare systems are operating in our countries, such as unemployment benefits and 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.
Bank loans
Banks offer loans for several 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 to ensure that loans are paid back. You will have your credit score and history checked, alongside several other factors. Speak to your bank for more information.
Charities
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
According to Men’s Health, 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 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 straightforward. Those who love us are also emotionally invested. They are more than a bank and offer guidance and sympathy, making the situation more comfortable. Make sure you have a repayment plan in place, and don’t miss paying back your friend. You don’t want to put a strain on your relationship.