Are you wondering how to get money fast? Do you need money to pay rent tomorrow? It can be tough trying to make ends meet when you’re living paycheck to paycheck. If you’re struggling to find ways to pay your rent, don’t worry – we’ve got you covered. In this blog post, we will discuss some tips for how to get money fast so that you can avoid eviction or having your power turned off. Keep reading for helpful advice on how to manage your finances during difficult times!
How the Current Economy Is Affecting Housing Hardships
We all know how an economic recession can affect us negatively. One survey from Census Bureau indicated that the unemployment rate hiked in April 2020 to another level not ever seen since the 1930s and settled at 4.9% in October as compared to 3.5% in February 2020.
Uncertain times can be caused by pandemics like Covid-19, natural calamities like earthquakes, political issues like post-violence, and many more. The uncertain times can also come in peaceful times when your income suddenly reduces or in case of loss of jobs.
During these times, you’ll still need a place to stay, and that place will need to be paid for. So, how can you get emergency money for rent?
Where to Get Emergency Money for Rent
Take a Loan
A loan will be a good option if you lack adequate savings. There are various types of loans to consider, all with their advantages and disadvantages. These loans include:
Payday Loans
Payday loans have a very fast approval time. You can get the loan a few minutes after the application and approval process. The loans don’t require any credit check; hence it’s a good option for people with bad credit.
The loans are also unsecured; hence no collateral is needed. They can be accessed online through the lender’s website or a cash app. You can always research how to get free money on cash apps.
The only main disadvantage of these loans is their very high interest. Their interests are very high, making it easy for borrowers to fall into a debt cycle. That is the reason why they are restricted in some US states.
Borrow this loan if you are sure of repaying it on time.
Personal Loans
Personal loans fall into the category of installment loans, where after receiving the funds, you’ll be expected to pay back the amount in regular monthly payments. The amount to be paid will be higher than the principal amount due to the incurred interest.
Personal loans can be applied online or in physical loan institutions like a bank or credit unions. Personal loans can be secured with valuable collateral or unsecured.
The key thing to have here is a good credit score. With a good credit score, you can get favorable terms like low interest. There are, however, personal loans for bad credit, but they’ll have higher interest rates.
Online personal loans have a fast approval time compared to applications from physical loan institutions. But they are not as fast as payday loans. They can take up to 5 business days. If you need to pay your rent in less than a week, this can be a great option.
Credit Cards Cash Advance Loan
Credit cards are used to fund any payment online and in shopping malls. In this case, you don’t need to purchase anything but to get money to pay rent. That is where the credit card cash advance option comes in.
The cash advance lets you borrow a loan from your credit card issuer. It’s actually like you are purchasing ‘cash’ instead of purchasing an item. They are short-term-based and have higher interests compared to normal credit cards.
Take Advantage of Emergency Financial Assistance Programs
There are various programs you can apply for if you have a low income. This option may not be the best if you need fast cash, but it’s worth looking at them for future help.
The programs include Temporary Assistance for Needy Families (TANF), Subsidized Rental Housing Program, Foreclosure or Eviction program, and many more. Do your research to find the requirements needed and the qualifications required.
How to Prepare for Uncertain Times?
Create a Realistic Budget And Follow It
Budget! Budget! Budget! We’ll sing this song till the end. This may look like a very boring thing to do, but you need it to excel financially. The reason why you don’t have adequate savings during uncertain times is that you didn’t plan for it. That is what a budget does. It lets you plan for future emergencies.
To effectively make a budget, you’ll need a budgeting method. This can be the 50/30/20 rule, the snowball method, and so on. Look for a method that suits your needs and implement it. Make sure you have enough funds allocated to the payment of debts and savings.
Safeguard Your Credit
I mentioned earlier how credit score affects personal loans. A good credit score can guarantee approval of a loan with favorable terms. On the other hand, bad credit can lead to a loan with unfavorable terms or even rejection.
It’s up to you to know how to protect your credit. One way is to make timely payments in case you have any loans or consolidate them using a single low-interest loan. It’s also important to seek your credit report from any of the three credit bureaus and check for errors.
Safeguarding your credit will make it easier to get favorable loans in the future.
Invest In Appreciating Assets
If you are in your youth age, you may be tempted to buy an expensive car, shoes, or that newly made smartphone. All these options are not bad, but they won’t help much in your future financial life.
Why don’t you invest in stocks, land, or a business to get profits later on? You just need some financial literacy and funds to start and probably get the benefits later on.
Save
Phew! Here we come again. A budget and now saving. My friend, if you don’t save now, I don’t know you’ll survive in the future. If your savings are not enough due to many expenses, why not try to cut some of these expenses while making a budget.
Take advantage of discounts and bulk buying. You can also get a side gig that can generate more income to increase your savings.
Conclusion
There is always help that’s on your way during uncertain times. You’ll have to find the best help. The most important factor is to prepare yourself fully before these times come.
