- Emergency Cash for the Unemployed
- How do you survive financially when you find yourself unemployed? Find out emergency cash tips for unemployed.
- Unemployment Benefits Not Considered Emergency Cash
- Emergency Cash Options for the Unemployed
- Yard/Garage Sale
- Second Job
- Cash Advance on One or More Credit Cards
- Home Equity Loan
- Payday Loan for Unemployed
They say most of us are one paycheck away from homelessness. Although it sounds a bit harsh, the truth is most Americans live from week to week by cashing or depositing paychecks. What happens when the paychecks stop coming, or in other words, how do you get by when you find yourself unemployed?
We rarely see the pink slip coming, whether it comes in the form of termination or the company unexpectedly shuts down. It doesn’t matter why it happens; what matters is how we scrape enough cash together to help us get through the volatile financial times ahead.
If you payday loan Colorado haven’t prepared for the loss of income caused by unemployment or you cannot rely on friends and family members to pull you through the inevitable financial crisis, you have several options to consider for emergency payday loans. The option you choose depends on the length of your unemployment, as well as how long you have before the serious bills (mortgage, medical, education) start flooding the family mailbox.
Unemployment Benefits Not Considered Emergency Cash
Unemployment insurance offers you an effective way to ride out the financial storm after you lose a job. Unfortunately, the relief takes weeks to arrive in the form of unemployment checks. What do you do in the interim? Although unemployment insurance represents a long-term solution, you must devise a strategy to gain access to cash for meeting short-term bills.
Each state develops distinct policies and procedures for confirming unemployment eligibility, as well as the processing of claims submitted online or via snail mail. According to the United States Department of Labor, the average time it takes to process unemployment claims is around three weeks. That is nearly a month that you go without any source of income. Your wait for unemployment compensation can be even longer than three weeks because some states mandate a one-week waiting period. You can also be forced to wait if you made one or more mistakes filling out the unemployment application.
Emergency Cash Options for the Unemployed
Emergency cash for the unemployed can come from a wide variety of sources, many of which that do not require the approval of a loan officer or lending institution manager. How you get by during an unemployment stint is limited only by your imagination.
Yard/Garage Sale
You have seen the commercials: “Only two more days left for our liquidation sale.” What does liquidation mean for someone who needs emergency cash because of unemployment? Unlike a business, liquidation for someone temporarily out of the work game means raising cash as quickly as possible to pay for daily expenses, such as gas and food. Businesses liquidate assets to raise money for other reasons that include paying off creditors. What is one of the most effective strategies for someone who is unemployed to increase cash flow?
Also referred to as a garage sale, a yard sale held over the course of a weekend can help generate money. There are probably many things you either do not use much or do not use at all anymore. By selling some of your possessions, you generate a healthy cash flow that ensures you can ride out a short-term financial storm. Make sure to advertise the yard sale at least two weeks before the event. Not only do you enjoy the financial fruits of selling things you no longer need, but you also reduce the clutter inside your home.
