A lot of people are struggling these days due to the Covid-19 pandemic. Many individuals find themselves completely out of work or working at a minimum capacity. There are so many people struggling from one end of the country to the other and the thing that they all have in common is they are searching for answers.
Nobody really knows what’s going to happen next or how soon things will get back to normal. In order to get by, sometimes you need to consider doing something that you would never have done in the past. When things get too out of control and you are over the age of 65, you may have thought of taking out a reverse loan on your home. While this might help in the short-term, it may not be the best long-term option for you.
If you have a regular paying job, and many people that have reached retirement age are still working nowadays, a payday loan may be your best option. It can help you get through when times are really tough and can give you the chance to look at all of your financial options.
Payday Loans Brampton
Payday loans are available in Brampton and across the GTA. The way the loans work is you need to fill out an application form and will be asked to provide proof that you are working and getting a regular paycheck. There is no need to look at your credit history at all. Your proof of regular work is all that’s required since it proves that you’ll have the ability to pay back the loan if your application is accepted.
Sell Gold Jewelry Brampton
Another option that could help tide you over is to sell gold jewelry in Brampton. If you have any old gold jewelry lying around that you aren’t using, you can trade it in for cash. If you haven’t looked in your jewelry box for a while, now is the time to check things out. You may have quite a bit of gold in there that you haven’t worn in a long time and can’t see yourself wearing again.
Reverse Mortgage Loans
These types of loans are available in Canada but they may not be the best option for you. If you have a lot of equity in your home, you may qualify for this mortgage. It gives you the chance to access this equity while being able to stay in your home. Instead of having to pay a monthly mortgage, the homeowner receives money from the lender. The person that is applying for this type of home loan does not have to be working in order to qualify.
The money borrowed must be paid back, however, if the person puts the home up for sale, moves out of it or when the last borrower living in the home passes away. If any of these things occur, the loan will have to be paid back.
There are many problems with these reverse mortgage loans and before seriously considering taking one out, all other options should be considered first.
Home Equity Line of Credit
If you want to apply for a home equity line of credit you’ll need to have an income and a good credit rating. This applies as well to anyone that wants a second mortgage on a house. Many Canadians do not have a good credit rating and simply wouldn’t qualify for a home equity line of credit or for a second mortgage.
A home equity line of credit usually take some time to process. This is especially true during these trying times. Many banks have been forced to shut their doors and the overall banking industry has slowed down significantly. If you need cash tomorrow to pay a bill to get by, you won’t get access to it that quickly. In the past, before the Covid-19 pandemic hit, you could expect to wait a week or two or sometimes even longer to hear back from the bank to find out if your application was accepted. Then you would need to do the paperwork and wait until your funds were accessible. Now it is taking even longer to hear back from the banks.
The same holds true for personal loans as it does for second mortgages and lines of credit. You can expect a slower response time now more than ever before and you are not guaranteed that your loan application will be approved. Nowadays the banks are a lot more hesitant to loan out money to individuals due to the challenging financial situation upon us. When you need money and need it quickly, a personal loan just won’t do.
Friends and Relatives
It wasn’t too long ago when most of our friends and relatives were working and receiving steady incomes. Times have changed dramatically and this no longer holds true. Even the relatives and friends we have that are working may not have a lot of job security for the upcoming future. It has become more difficult to ask for a loan from a family member or a good friend. Many people don’t know from day to day what their financial situations will be tomorrow.
Credit Card Debt
A lot of individuals have turned to their credit cards lately to help them get by. Many have maxed out the limits on their cards and don’t know where to turn next. This can be a very dangerous situation to be in since the interest rate on credit cards is so high and it’s easy to add more and more purchases onto the card.
With a payday loan, however, you agree that you will pay back the loan when you get your next paycheck. This helps keep you accountable without having to rack up thousands of dollars in debt that you may never be able to pay back. Whether you get paid monthly or biweekly, you’ll be expected to pay back the amount in full once you receive your next paycheck. This gives you the chance to handle an emergency financial situation without causing another one.
Payday loans can be the answer when you are suffering financially. To learn more or to fill out an application for a loan, please visit moneydirectstore.ca.