Wednesday, December 8, 2021

Financial Help: Here Is What You Need To Know

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If you’re currently low on cash and are struggling to pay for important essentials like food and bills, you may need to seek financial help depending on your situation. Those who are struggling with job seeking, who are pregnant, who are struggling with mental help or are/have been in the armed forces can enquire about getting extra financial help in the short term and in the long term. Here, we’ll look at everything you need to know about the financial help options available to you.

Short Term Loans

Short term loans can be acquired from banks or payday loan companies like Payday Loans Net. Payday loans can a great help for those who need money fast but can repay the amount required within a few months. Short term payday loans are fast, easy and will have the money in your bank almost instantly.

Your bank should be able to provide fast help for those who require it the most. Short term loans are a great instant solution for those who need it, and best of all, the majority of short-term loans are done completely online meaning less hassle for you. Short term loans are great for those who are currently struggling to pay for important essentials but are able to repay within a few months. For those who may be struggling more long term, it may be beneficial seeking other help.

Government Help

If you’re currently struggling to pay for food and other essentials, and there is nothing in the near future that could change, you may be eligible for financial help. There are many reasons why someone could find themselves in a bad financial situation, whether that’s losing a job, a reduction of income, increase of outgoings, debt or many other reasons. There are options available to you such as food banks, free school meals, help with vets bills and help paying utility bills. If you’re pregnant, you could also be eligible for income support, universal credit, child tax credit and much more.

Emergency funding is also available depending on where you live in the UK, these can include small cash loans or grants, food vouchers and free used furniture. Other options available can include social fund budgeting loans or a short-term benefit advance in which you receive an early payment of your benefits that you will then be taken from future benefits payments.

Take a Payment Holiday

If you’re struggling to keep up with regular payments, your creditors will sometimes agree to a short-term payment holiday which is essentially a pause in your repayments for an agreed amount of time. You are sometimes able to take payment holidays from your mortgage and other ongoing debts and is a great way to ease your short-term money issues.

These payment holidays can be used for mortgages, loans, credit card debt or hire purchase agreements. The length of the holiday and whether you will be charged interest is to be decided by the creditor.

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