Some emergencies require immediate attention. But, when you don’t have the cash on hand, you may feel as though there isn’t a viable solution. Luckily, there are services available that can provide you with same day financial assistance, even if you are a low-income family, pensioner, or person with bad credit. Here are a few options you can explore if you ever find yourself in that sort of situation.
Churches and Nonprofits
Some religious organizations and nonprofits may be able to offer immediate assistance to those experiencing an emergency, though this depends on their particular procedures as well as the availability of cash. You’ll need to research organizations in your area to learn about qualifications and if they may be able to help, but this can typically be handled through a few phone calls.
As a bonus, many of these organizations won’t expect repayment, so you can gain access to the needed funds without incurring debt.
There are also non-profit who collaborates with banks to provide different types of micro-finance. In addition, there are specialised loans for people on Centrelink.
Government Assistance
The Australian government does provide financial support for those in the middle of a qualifying crisis. The Crisis Payment, as it is known, is available to individuals and families who currently receive income support payments and are experiencing a severe financial hardship, going through a significant life change (such as leaving a violent relationship, being a refuge, or getting out of jail), or are the victims of a natural disaster.
To be considered, you do have to have special circumstances that justify the request, and the amount provided varies depending on your current income support payments. However, assistance can be rendered immediately, making it an option worth exploring.
Emergency Cash Loans
There are numerous lenders who can provide emergency cash loans (find information on payday loans in Indianapolis), often giving qualified borrowers access to the funds in as little as a few hours. These same day loans can be expensive to obtain, as the interest rates are typically high. But, if you can repay the money quickly, this can be a suitable option.
Qualifications for a same day loan can vary from one lender to the next, so you will want to do some research to determine which ones will likely approve your loan request. Additionally, shopping around can help you identify lenders with the most favorable rates, lowest fees, and no prepayment penalties.
Typically, these products should only be used as a last resort based on their high cost. But, if you are facing an emergency, it is a way to make ends meet without some of the restrictions associated with government assistance.
Friends and Family
If you have friends or family members who are financially comfortable, they may be able to offer help quickly. Typically, those you are closest to have a vested interest in your wellbeing, so they might be willing to pitch in.
Before accepting any funds, make sure to clarify if it is a loan or a gift. This will ensure everyone is on the same page regarding whether repayment is expected, and can be critical for maintaining the integrity of the relationship.