Question from Johny: I have been denied every loan that I have applied for over the past 6 months and my credit score is 620 I only have state benefits going coming in at the moment.
I have 20 cents to my name and cant use any instant payday app like earning because it doesnt work with varo. I need somehting right now because I cant afford to eat and take care of my children like 50 bucks
If you’re in a situation where you’ve been denied loans and are struggling to make ends meet, it’s important to know that there are steps you can take to find relief and potentially secure the funds you need. With a credit score of 620 and limited income from state benefits, traditional borrowing options might be limited, but there are alternatives to consider.
Explore Community Assistance Programs
First and foremost, look into community assistance programs in your area. Many communities offer emergency financial assistance to individuals and families in need. These can include:
– **Food banks and pantries** to help with groceries.
– **Utility assistance programs** to manage bills.
– **Non-profit organizations** that provide financial aid for various needs.
Consider Peer-to-Peer Lending
Peer-to-peer lending platforms can be an alternative to traditional loans. These platforms allow individuals to borrow directly from others. While your credit score is a factor, the criteria can be more flexible than traditional banks.
Seek Help from Family or Friends
Borrowing money from family or friends is another option. This route can offer more flexibility with repayment terms and no interest rates. However, it’s crucial to approach this option with clear communication and agreements to avoid any strain on relationships.
Look into Local Credit Unions
Credit unions often have more flexible lending criteria compared to banks and might offer small, short-term loans to members. Joining a credit union in your community could open up new borrowing options.
Sell Unneeded Items
Consider selling items you no longer need for quick cash. Online marketplaces, local buy/sell/trade groups, and pawn shops can be good places to start.
Temporary Work or Gig Economy Jobs
Taking on temporary work or gig economy jobs can provide an immediate source of income. Websites and apps for freelancing, pet sitting, delivery services, and more can connect you with opportunities.
Important Considerations
– **Avoid Payday Loans**: While payday loans can seem like a quick fix, they often come with extremely high interest rates and can lead to a cycle of debt.
– **Budgeting**: Take a close look at your budget to identify any possible adjustments that can free up cash. Even small changes can add up over time.
– **Credit Counseling**: Consider speaking with a credit counselor who can provide personalized advice and help you explore all your options.
Remember, the situation you’re in is challenging, but taking proactive steps can help you navigate through this tough time. Community resources, alternative lending options, and temporary income sources can provide the support you need to get back on your feet.
