The current coronavirus pandemic sweeping the world has left many families in a state of financial uncertainty. Perhaps you or your partner are unable to work due to the lockdown rules or are currently living on 80% of your income on furlough. Even if you’re able to work from home, you might have found that your living expenses have risen as more utilities are being used and more food is being eaten throughout the day with everybody staying in. Dealing with a financial emergency is not something that anybody wants to happen, but especially not during a pandemic. But sometimes, no matter how careful you are with your money, you could find yourself facing an unexpected expense. Here are some top tips for dealing with financial emergencies during the current COVID-19 pandemic.
If you are working from home or on furlough and know that you still have money coming in each month, a short term loan could be an ideal solution to an unexpected expense that you need to pay for quickly. If an appliance has broken down, or you’ve had to buy something out of the ordinary for working from home or homeschooling, borrowing a small amount of money that can be paid off next payday or in instalments over the next few months could be an option to consider. Short term loans can be applied for online at New Horizons – a regulated broker that offers a range of options for all your needs, including bad credit loans. You can apply through this link.
If you are not eligible for furlough and unable to work during the pandemic due to lockdown rules, you might consider applying for Universal Credit. Use an online calculator to determine how much money you are eligible to get each month. Once you have been accepted for Universal Credit, there is the option to apply for an advance straight away, which is interest-free and will be repaid straight from any subsequent Universal Credit payments that you get. At the moment, Universal Credit rules around looking for work are relaxed since finding a job isn’t an easy option right now.
Family and Friends:
If you’re thinking of borrowing money, then it might be worth speaking to family and friends beforehand to see whether somebody you know is willing to help you out. Borrowing from family and friends is typically much easier and more straightforward compared to getting a loan from the bank or an online broker since they are able to be more flexible in terms of repaying the loan and how much they are willing to let you borrow. However, bear in mind that borrowing money from family and friends can put a strain on the relationship if you are unable to repay, so make sure that you agree to terms with them beforehand and stick to them.
Get an Emergency Credit Card:
If you simply want to have some funds available for any emergencies that might crop up while you are in lockdown, applying online for an emergency credit card might be a useful idea. There are many different options for credit cards that you can consider and most of the time, you can easily apply online and the card will be sent to your house when you are accepted. Some credit card companies even offer eligibility checkers that you can use before you apply in order to be sure that you are going to be accepted for the card rather than ruining damaging your credit score. Credit cards can be useful as you can use them to pay for emergency expenses and then repay the amount in full when you can, offering you more flexibility than a loan with a set repayment amount each month.
Key Worker Roles:
Finally, if you’re not working at the moment and are missing having something to do, there are plenty of key worker roles that you might want to consider applying for. Keyworker industries are wide and varied and there are plenty of vacancies requiring a wide range of skill sets. Supermarket work is available right now as the supermarkets need more employees to help with the surge of online orders, deliveries, and additional security measures in-store. Delivery driver roles are also in abundance with more people at home ordering items online, whether it’s takeaway food or online shopping. If you would like to work on your own terms, you might want to consider signing up with companies like UberEats or Deliveroo, where you are self-employed and can choose which jobs you’d like to take for some extra cash. And if you have healthcare experience, finding work shouldn’t be difficult – currently, COVID-19 test centre operatives are in demand, as widespread testing of people who meet certain criteria begins.
If you’re worried about money during this pandemic, you’re not alone. Thankfully, there are several things that you can do to deal with unexpected expenses.