Financial hardships arising from being unemployed can be avoided by applying for specific loans for unemployed or seeking federal unemployment benefits. The government also offers loans to individuals as a means of financial assistance. The loan, per usual, has to be repaid its interest. Applying for unemployment benefits or worker’s compensation has its own set of stipulations and the eligibility criteria are determined by state law.
Procuring an unemployment loan might prove quicker in many cases. Financial assistance during this time of crisis may come from various sources, such as:
Friends and family Shout out for help, just do
Using credit cards to get a cash advance – Albeit being a quick way to get cash, the interest rate is usually high.
Borrowing against your home insurance – If you have decent real estate equity and some form of income, like unemployment benefit, this may prove to be a viable option. This loan is like having a revolving credit card debt. It is usually mid to long term loan.
Borrowing against your life insurance – If your life insurance policy has a provision, you might be allowed to borrow a small sum of money against it.
Applying for a loan with co-signer – A friend or family member with a good credit score as a co-signer, might up the probability of you procuring a loan.
Car title loans – This is another quick option for securing cash if the current value of your car is more than its current debt. The car title loan lender holds the title of the car till the loan is repaid in full.
Debt consolidation loans – They provide an opportunity to the unemployed person to pay off their debts and to minimize monthly payment.
Pawnbroker – If you have absolutely no income, then pawning off your valuable belongings might be best or only option. Any item that you bring in is appraised by the pawnbroker, and an appropriate amount of money is paid for it. The appraisal value is usually a lot less than the item’s original value. Upon repayment of the loan in full along with the interest, the item is returned to you. In the case of default, the item is kept by the pawnbroker. Availing money from a pawnbroker does not affect your credit.
Payday loans – These are short term loans requiring you to repay the loan amount with interest on the next pay day. Any source of regular income, like paychecks, alimony, disability is accepted by the lenders in lieu of the loan amount.
Always explore various options before zeroing down on the one that suits your current needs.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.