Unfortunately, no one can predict a medical emergency. However, something that is certain is the unexpected expense such a crisis might cause. If you are unemployed, worrying about covering the costs is stressful, added to whatever has befallen you or a family member.
This has become a stark reality for many Americans this year after massive job losses due to COVID-19. Many unemployed people cannot keep their health insurance, making them vulnerable when something unforeseen happens.
If it happens to you, what are your options?
Get a loan
Take advantage of different loan products to find one that suits your needs if you need to get money quickly to cover medical expenses. Personal Money Network offers borrowers various options when they need money now unemployed or not. A little investigation on your part will ensure your understanding of each product and its implications.
Payday loans are ideal if you need money right away and can pay it off when you get your next unemployment check. Installment loans are a better option for long-term repayments. These are but two products to look at when deciding which financing option will suit your context.
Look at different lenders and what they offer and what they require to approve a loan. The requirements differ from one company to another. Go beyond your immediate geographic location to find lenders that have different products to offer.
Borrow from a friend or family member
When the chips are down, you can count on friends and family members for financial support, if they can provide it. However, such transactions can cause tension in a relationship, especially when you cannot repay the money.
When discussing a loan from someone that you know, do so openly and plan what will happen if you cannot pay. It is best to have a written agreement when borrowing money from a friend or family member. If possible, offer them an asset as collateral, which they can sell should you not pay.
Neither a lender nor a borrower is an adage many of us learned growing up. However, that can only apply in an ideal world. And 2020 has proven to be less than ideal in many ways. However, you need your loved ones now more than ever, so avoid putting the relationship at risk with a loan.
Sell assets
If you have a stamp or coin collection locked away, now might be the time to sell it to pay for a medical emergency. Such collections are ideal for a rainy day. Alternatively, look at assets you might have but could do without, such as an extra vehicle, that motorcycle you have been wanting to repair for years, or family heirlooms.
Do not sell your assets at giveaway prices simply because you are desperate. Advertise them at a higher price than you are prepared to settle for so you can negotiate with potential buyers. Use multiple platforms for selling your unneeded goods.
Look for extra income
There are ways you can earn some extra money while you are looking for a job. For example, you might have a spare bedroom in your home to rent out to someone in need of accommodation. Alternatively, rent out your garage or a section of your driveway to a neighbor who needs someone to park their vehicle.
This is also a time to look at your budget and cut expenses to the bone. Discretionary spending on luxuries should be put aside to prioritize your medical bills. While this is challenging, it will prevent you from having to borrow money or sell your belongings.