Need Money Now? Unemployed With No Income? Here's What To Do
July 15, 2021 | Mason Roberts
Vaccines are rolling out but that doesn’t mean COVID-19’s grip on the economy has loosened. Many Americans are still fighting to earn enough money to cover their bills and, for some, find a job. When they need money now unemployed people may not know where to find it, so it’s important to know your options.
If you need money now but are unemployed, you can still access money from unemployment benefits, your 401(K), credit cards, or even a title loan. Taking the right steps to secure financing now will keep you financially secure and happy.
In this guide, we will walk you through some of the quickest ways to find funds. When they need money now unemployed people can use some of these ways. Let’s get started and find you some money!
Quickest Money When You Need Money Now Unemployed
Apply For Unemployment Benefits
The amount you can earn from unemployment will depend on a couple of things:
- Where you live.
- Your prior income.
- How long you have been unemployed.
- If you are looking for work.
Every state has its own unemployment laws, but they generally understand that for those who need money now unemployed situations can make things even more complicated. Depending on where you live, you may earn more or less, but regardless of your state, they will consider how much you made in your previous job. Most states will also set a cap on how much you can earn from benefits.
The standard model is to pay 50% of your previous salary up to the set cap. If you were making a large salary, you likely will not see benefits anywhere near that salary, but it should be enough to cover basic expenses.
Benefits also come with a time limit. Currently, most states do not allow you to claim benefits past six months. When they need money now unemployed people may find that problematic because of the pandemic.
Take It From Your 401(K)
Thanks to the CARES Act, withdrawing funds from your 401(K)-retirement plan is completely penalty-free up to $100,000. Before you start taking from your retirement though, understand that you could end up paying interest on your withdrawals.
If you need money now unemployed, though, your 401(K) can be an option for taking out substantial amounts. If you don’t see yourself finding employment in the near future, you can withdraw to cover your expenses over the next few months.
Use Your Credit Cards
It’s generally not a good idea to build up credit card debt when you don’t have a job to pay off the interest but when they need money now unemployed people may feel stuck with this option. If you already have a few credit cards, using them to cover your necessary expenses, such as food, can be an option, although not a great one.
Because of the pandemic, credit card providers know while their customers need money now unemployed condition makes it hard to find it. So they are being more lenient than usual by offering payment plans with their customers in mind. Speak with your credit card company about your situation and be honest about your inability to find funds at the moment. They may be able to help.
Take Out A Texas Title Loan
If you don’t have money in a 401(K) and cannot afford to rack up a ton of credit card debt, you are still not out of options. Texas Car Title and Payday Loan Services, Inc. can help you! All you need is a vehicle and a few documents.
Taking out a Texas car title loan can get you up to $15,000 in a single day. When you need money now but are unemployed, this is an option to consider for securing financing. Here’s what you need to get started:
- A form of government-issued I.D. such as a driver’s license.
- A lien-free title for your vehicle.
- A vehicle that can be inspected.
Simply fill out the online application on Texas Car Title and Payday Loan Services, Inc. to get started on your Texas title loan.
A loan representative will contact you shortly after you submit your form to give you further instructions, answer any questions you may have, and schedule an appointment with you. You can either meet the representative at one of our locations or they can come to your location to inspect your vehicle and appraise how much we can loan you and on what terms.
Alternatively, you can give us a call and we’ll start the application process for you. Texas Car Title and Payday Loan Services, Inc. understands that you can’t always be prepared for the next emergency. We’re ready to help out during these trying times and will do our best to get you the money you need within the same day.
Submit Your Online Texas Title Loan Form Today
When they need money now unemployed people may feel it’s daunting to find it. But it doesn’t have to be.
Apply for unemployment benefits if you can or find financing from your 401(K) or credit card company.
You can also get a Texas title loan from Texas Car Title and Payday Loan Services, Inc. It’s quick, easy. Submit your online form today to get started.