5 best emergency cash loan alternatives you can get during the pandemic


During these times of crisis, we do not know when we are going to need extra cash. Knowing where we can acquire money when we need it is important.

There are times when we don’t have a job or spare cash in our account, with financial problems coming and going. Many don’t know who to turn to when in need of more funding.

Most people opt for emergency loans to fill their need for extra cash during trying times. However, some individuals can’t acquire a loan due to a bad credit score. If you are one of these individuals, below are alternatives that you can consider if you need money.

Government Programs

There are programs from the government that you can take advantage of when you need extra funding. It might not be the quickest way to acquire additional cash, but it will help you stay afloat for a long time.

During this pandemic, the government has expanded many of its funding programs- from unemployment benefits to food stamps and Medicaid. These programs now cover a wide variety of workers to aid everyone in need during the pandemic.

If you are one of the employees who lost their jobs due to the COVID pandemic, you can qualify for the unemployment programs. You do not need to panic to find a new job during this crisis as the government will help cover you.

Consider Personal Networks

Many financial experts advise not to borrow from friends and relatives. However, during an emergency, especially if it is a health matter, there is no harm in borrowing from personal networks before opting for a loan.

If you decide to borrow money from your friends or relatives, there are rules that you need to follow. First, make sure that the person you are borrowing from can afford to lend you money. The next thing you should do is offer interest for the money you borrowed.

Offering interest on the loan would be best if you plan to pay the money in the long term to make up for inflation. It also makes the transaction more professional than personal. After establishing a settlement for the loan, you should prepare the paperwork.

It is also best if the transaction is written in black and white to avoid any future issues. Moreover, try to pay off your loan early or on time and never delay your payments. Remember, your reputation and relationship with that specific friend or relative are at stake here.

Paycheck Advance

If you are currently employed, it is best to try taking a cash advance from your employer before opting for a loan. Your employer can lend you money, and it will then be deducted from your future paychecks until you pay it in full.

Any employee can qualify for a paycheck advance even if they have a bad credit score. Most employers offer this option to their employees as a benefit through a third-party paycheck loan app. The employee can access these third-party platforms via an app to apply and manage their cash advance.

Both employees and their employers benefit from paycheck advances. Employees tend to stay longer at a company if they feel financially secure at their job. As a result, it will reduce the turnover cost that allows companies to be more competitive.

Peer-to-Peer Loan (P2P)

If you are looking for quick cash loans for bad credit, Peer-to-peer loan is your best option. P2P loans have become popular, especially to consumers who have a bad credit score. Most traditional banks usually deny loan applications from applicants who have bad credit.

But in P2P lending, applicants who have a bad credit score are still eligible for a loan with a fair interest rate. You can compare P2P loan offers online. However, before choosing a P2P company, it is best to compare rates and offers first and choose the one that best fits you.

Pawnshop Loan

Pawnshops can also be a place where you can acquire money without requiring a credit check. If you own valuable assets, like jewelry and collectibles, you can bring it to a pawn shop and have it appraised. You can sell these valuables to the pawnshop, or offer them as collateral.

The amount you will get from the pawnshop will depend on the appraisal value of the items you offered. If you decide to offer your items as collateral, you and the pawnshop can negotiate the repayment terms, interest rates, and other fees. If you can pay the full loan amount, including rate and fees on time, you will be able to get your valuables back.


Loans are not the only option for individuals to acquire extra cash. These alternatives offer the consumers, especially those with bad credit, options during financial crises. Today, people are more inclined towards alternative loan options as these offer more benefits to the consumers than traditional loan sources.