Have you recently suffered an unexpected illness that has completely changed your life? Not being able to work and have a consistent stream of income coming in can wreak havoc on your financial situation. If you’ve been sick, you may not have a definitive answer as to when you can go back to work, this can leave you with a mounting pile of bills and no way to take care of immediate expenses. Fortunately, there may be some resources that you can tap into to help get you through until your bank account balance starts to improve.
The reality is you need cash in the bank to help keep your bills moving through. Late fees and insufficient funds can easily eat up any direct deposit coming through or the existing balance on your account. Before you know it, all of your auto withdrawals will kick back to your bank and you’ll have a high account balance consisting of fees. One option is an installment loan. It’s a payday loan alternative that allows you to get a quick influx of cash in order to cover bills and expenses that you have coming out of your account. Qualifying is easy, you’ll just need to:
- Provide proof of your address and verify your identity.
- Have a valid, operational checking account.
- Show that you are employed or meet some income requirements.
- Be 18 or older.
Even though you may be off of work at the moment, you can use your past paychecks, any upcoming paychecks and unemployment or disability payments to count as your income. With installment loans, once you complete and submit your application and the documents are verified, everything is processed and you’ll know soon if you’re approved. This is a great way to get some temporary funds in your account quickly, in order to avoid severe financial strain.
Help from the Source
When you’re in the hospital, there’s one thing you can count on, your bill for staying there will be high. Hopefully, you have a good insurance plan that will carry you through your stay and pay for most, if not all, of your medical care expenses. But if for some reason you don’t, there is help available. The first place to start is with the hospital’s financial services department. They can fall under varying titles including; social work department or guest services—depending on the hospital. The goal is to find someone who can access untapped resources that may be available to you. This could range anywhere from:
- Getting help paying for your medical bills or prescriptions.
- Receiving gas cards so a family member can get back and forth to see you.
- Locating specific organizations that may offer financial help and pay off some medical bills.
- Accessing transportation services if you’re unable to drive.
There are several avenues that may be available if you’re facing a financial roadblock. While they may not be able to give you cash to help you pay your bills, they can reduce the amount of money you have to use so you can apply it toward your personal finances.
Speaking with Your Employer
If you’re in the hospital or at home recovering from an illness, you need to speak with your employer’s financial department. The reason is there may be some benefits that you have available that you may not be aware of. This could be a gap insurance or special short-term disability policy that may pay out financially. The benefits may take a while to arrive, but most are prorated based on when you took ill or experienced an injury.
Talk with Your Creditors
Even if you’re not able to pay some of your creditors right away, you should still contact them and let them know what’s going on. Credit card companies may allow you to skip a payment without risking the added fees. Your mortgage holder may offer a forbearance or deferment plan in which you can have several months where you don’t have to make a house payment or you only have to pay interest. Contact your auto loan company right away. Ask about skipping payments or reworking your loan so you don’t risk repossession. Maintaining contact is the best way to stay financially afloat until you get back to work. Working with your creditors may also keep your credit rating from dropping as well.
Living with an illness or being in the hospital feels restricting on many levels. Finding ways to solve your financial problems will alleviate a lot of mental stress while you’re unable to work.
Article by Jennifer Smith