With the cost of living continuing to rise while incomes stay flat, making ends meet can be very difficult. This is especially holds true for those on welfare with little to no means in increasing their benefit payments. In these difficult times with uncertainty in global financial markets, individuals and families must be savvy with how they handle their finances, especially if they are on a fixed income.

Most people who are on a low fixed income are already financially savy due to the little income that they have to make do with. They already know how to stretch the value of a dollar to ensure they get the most out of all purchases.

No matter how well a person or family may manage their budget, there are instances such as emergencies that may require immediate funds that lie outside the personal or family budget and savings. In these instances knowing how or where to access funds is important. Fortunately there are many things that can be done to help with financial emergencies.

Some of the more popular options are below. The key to any option is to make sure that it works for you specific needs and that you are comfortable in the arrangement.

Non-Profit Lenders

Look for any community based or non-profit organization to help out with a potential microloan. These types of businesses work to help those in financial hardship and generally provide no interest or very low interest loans with minimal to no fees. They try and work with those who are on low incomes and need emergency financial assistance.

Government or Welfare Assistance

Talk to your local welfare office to see what types of financial assistance they may provide. Depending on the situation, they may have a product or service that will help. In certain instance depending on country, you can receive an advanced welfare payment. There are also deductions for people going through hardship, such as exemption from council tax in the UK.

Free Financial Counselors

Financial counselors are experts in helping individuals and families with the management of debt, savings, money and the behaviours needed to be financially responsible. In addition they also have a wealth of information that can be tailored to individual need. Beyond the financial experience and knowledge they have, they will also have access to most if not all the financial loan options available to people on welfare or a low income.

Micro-Loans/Payday Loans

If you have explored all of the above options with no success or need same day cash, then this could be a possible solution for you. Payday loans are fairly easy to apply for and have loose approval criteria. However, they are generally an expense way to access funds as they have very high interest rates and fees attached to them. Be sure to read the fine print of any Payday loan that you may consider. Sterling’s 12 month bad credit loans can be one such option.

These are some of the more popular ways of securing a loan for emergency situations for medical issues, household goods, vehicle maintenance, etc…Whilst taking out a loan isn’t always an ideal situation, getting the right loan when needed is important in trying to stay out of debt and getting ahead.