How to get financial aid if you haven’t received a stimulus check

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You have financial options to stay afloat even if you don’t get a stimulus check. (iStock)

President Joe Biden signed a law Thursday, the $ 1.9 trillion coronavirus relief bill called the American rescue plan.

The characteristics of the stimulus bill a third round of checks valued at $ 1,400. In order to meet the eligibility criteria, individuals must earn less than $ 75,000 or be a married couple earning less than $ 150,000. Before the end of 2020, lawmakers had forced passage of a second relief bill providing for a stimulus payment of $ 600 per individual.

While the long-awaited third stimulus check was a welcome relief for millions of Americans, many were not eligible to receive compensation because they did not meet the income thresholds of the new bill.

If you’re struggling financially and don’t expect to receive a stimulus check, it’s good to know that you have options to help cover your expenses, such as:

  1. Personal loan
  2. 0% introductory APR credit card
  3. Home loan or line of credit

If you are considering getting a personal loan, consider using Credible. You can compare the personal loan rates of several lenders without affecting your credit score.

7 SMALL PERSONAL LOANS TO CONSIDER IF YOU NEED ADDITIONAL MONEY

1. Personal loan

A Personal loan is an important financial aid option because it gives you quick access to cash. Since personal loans require minimal documentation, you can often get the loan within 24 hours.

Of course, personal loans have some potential drawbacks. They usually carry high interest rates and most lenders require a minimum loan amount of one a few thousand dollars. If so, consider these options:

  • Borrow more than you need to meet the minimum threshold. Then use the excess to immediately pay off the loan balance. Check with the lender first to see if they charge a prepayment fee.
  • Apply for a ready for coronavirus hardship if you don’t need more than the amount of a raise test. The minimum borrowing amount for this low interest loan is $ 500.

You can use Credible to compare personal loan rates from several online lenders with loan amounts ranging from $ 600 to $ 100,000. You can also find your estimated loan repayment by using Credible’s loan repayment calculator.

8 QUESTIONS TO ASK BEFORE TAKING A PERSONAL LOAN

2.0% introductory APR credit card

Another option for meeting financial needs without a stimulus check is to apply for a credit card with a 0% introductory APR. The card can help you cover the necessary expenses until you can regain your financial balance. Ideally, you’ll be able to pay off your balance before the APR introductory period is over and avoid paying interest on the amount you borrow.

Carefully consider how much money you need to meet your financial needs. The less money you borrow, the more likely you are to pay off the balance before the introductory period expires. On the other hand, if you need more money than you can reasonably expect to pay back in the initial period, you may be better off with a personal loan or a home equity option.

Before opening a new line of credit, it’s important to compare cards to see which one is right for you. You can visit an online market like Credible to compare different 0% credit cards and find your perfect match.

PERSONAL LOAN OR 0% APR CREDIT CARD: WHICH IS BEST FOR DEBT CONSOLIDATION?

3. Home loan or HELOC

If you are a homeowner with equity and need emergency financing, a home equity loan or home equity line of credit (HELOC) can provide you with enough money to stay afloat.

Home equity loans allow you to borrow a specific amount at fixed rates, while a HELOC is a revolving line of credit that you can use to help.

Borrow only what you need because these loans use your home as collateral. If you can’t make your payments, you run the risk of losing your home.

Keep in mind that both of these options come with minimums and closing costs that aren’t worth it if you only need a few hundred dollars. However, if you need a lot more financial help to get you back on track, then a HELOC or home equity loan could provide you with the help you need.

PERSONAL LOAN OR REAL ESTATE LOAN: WHICH IS THE BEST?

The bottom line

If you didn’t receive a stimulus check last time and aren’t expecting one in the future, a personal loan can provide you with quick access to much-needed cash.

If your financial needs are only a few hundred dollars, consider applying for an introductory 0% APR credit card. Or consider a home equity loan or HELOC, as it may offer better options if you need a lot more money.

All of these options have their pros and cons, so be sure to do your due diligence in determining the best course of action for you.

If you want to get a personal loan but are unsure, it can be helpful to have experienced loan officers on your side. Visit Credible for answers to all of your loan questions.

HOW TO MANAGE YOUR PERSONAL LOANS MORE EFFICIENTLY

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