Health and Money: The Impact of Financial Stress on Your Well-Being

Daniel Joelson

Daniel Joelson

Total Posts: 579

Published Date: December 19, 2021

Daniel Joelson has been in the consumer finance space since 1994, he has helped to develop underwriting manuals for the financial sector. With a vast amount of Knowledge in consumer finance, he has been writing articles for all types of loans. With his knowledge, he is able to help many people to answer different financial problems.

Health And Money

Amidst the current health situation, one in three consumers in the US say they can’t pay bills on time or in full. Many, after all, either lost their jobs or had to take a pay cut. Such situations affect individuals across all income brackets.

Even before the pandemic, though, many folks in the US were already facing financial woes. For instance, back in 2018, 40% of US households had a hard time dealing with a sudden expense of $400.

If you’re in the same boat, it’s time to learn your options and what to do when you can’t pay your bills. We’ve rounded up the top strategies in this guide, so be sure to read on.

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan that is near to you, we are able to help you with our large referral network.

We will help you to get the most money by using the equity that you have in your vehicle, the application is fast and we can provide you with same-day funding.

All of our referral partners are in compliance with the CFPB. We will help you to get the money that you need but from a trusted and reliable title lender.

Get a Side Gig

Almost eight in 10 US workers live from paycheck to paycheck. If this sounds familiar, it may be time to consider getting another job. While a lot of office jobs had to shut down, the digital workplace provides many side gig options.

Depending on your skillset, you might want to consider a freelance online gig. Remote employers are in almost every niche, from writing to marketing to accounting. If you have the ability, you may even consider setting up your blog or becoming an affiliate marketer.

Before you commit to a second job, however, be sure to figure out how much time you can spend on it first. If you still have full-time work, your side gig must be part-time. Otherwise, you might compromise not only both jobs but your health too.

Rent Out an Extra Room at Home

As of the latest count, at least 108.5 million people in the US are renters. That means that renters now account for over a third of the housing market. That also signifies a high potential for tenancy, which you might want to consider if you have an extra room.

In the long term, renting out your property is a good way to make passive income. When you get into a contract with tenants, you can use their rental payments to pay your own bills.

However, note that there are stringent laws that govern rental properties in the US. In California, for instance, there are so many rules that prohibit refusal to rent or lease. So, be sure to keep that in mind before you decide to rent out a free room to a lodger.

Sell Some of Your Assets

The average US household has a median net worth of $97,300. On the other hand, the average or mean net worth is $692,100.

In any case, your net worth is the sum of all the assets you own minus your current debts.

You can liquidate anything you own that has a resale value. Meaning, you can sell these assets or items for cash and then use the funds you raise to help cover your bills.

What you should sell depends on how dire your financial situation is. If you only need to pay the bills this month and next, you may want to sell items like electronics or appliances. If you need a lot of funds, you may need to sell assets of higher value, such as a second car or motorcycle.

Before you sell a motor vehicle, though, know that it’s possible to take a loan against a car. This may be a better option if you need more funds but would rather not sell your vehicle.

Consider an Online Loan

Traditional lenders, such as banks, do offer online applications. However, these institutions impose numerous requirements, such as having a good credit score. If you don’t meet even just this criterion, it’s unlikely for a bank to extend you credit.

Even if you do have a chance of getting approved for a bank loan, you can expect it to take a lot of time. It’s not unusual for traditional personal loans to take weeks, even months, to process.

Unfortunately, most emergencies require quick access to funds. This is especially true if you can’t pay medical bills or if you need a refill of your medications supply.

In addition, other bills, such as those for utilities or credit cards, won’t wait. You may even end up shelling out more money for late payment charges or penalties.

In this case, you might want to consider taking out a personal loan online. It depends on how much money you need, but you can apply for a short-term or a long-term loan.

The best part is that you can complete the entire application for most of these loans online. Meaning, you don’t even have to leave your home to apply (all while maintaining social distance). You can also upload the requirements via digital methods.

On that note, here are some of the loan options that you will find online.

Payday Loans

Short-term loans are loans that require immediate repayment. A payday loan is one example of such a financial product. These come with high rates, and you’d need to repay them on your next paycheck.

Also, most payday loans offer smaller amounts, seeing as they’re short-term loans. They may be fast and convenient, but they may not be enough to cover all the bills that you need to pay.

Title Loans

Title loans, on the other hand, can either be short- or long-term loans. These are financial programs that utilize the title of your vehicle, hence the term. With these, you can borrow anywhere from $2,510 to $50,000, and also opt for a longer-term loan contract.

Although the title of your vehicle serves as the security for the loan, you don’t need to surrender it. You can keep driving your car even while you’re still paying off your debt.

Follow These Strategies If You Can’t Pay Bills and Need Funds ASAP

As you can see, there are several ways to address financial issues, such as if you can’t pay bills on time or in full. If it’s a recurrent problem, then you may already need to increase your income. If, however, you need a prompt solution to your money matters, then a loan may be one of your top options.

Do you have bills that you need to pay next week or perhaps even tomorrow? If so, then please know that we here at TFC Title Loans can provide you with the funds you need today. Get in touch with us now so we can wire you the money within the day.

Need Cash Now? Get Approved In Minutes!

How Much Cash Can i Get?

DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

Skip to content