Hunger is a big problem right now, but predatory loans may not be the answer. You need to put food on the table, but at what cost? You need money for food, but there are other ways you can try to solve that problem. If you’re looking for help to cover your grocery bill and are considering applying for a short-term no-credit loan, you should check the options available to you.
According to reports, 40 million people and 12 million children struggle with hunger in the U.S., and most don't qualify for government assistance. Food is a basic need for everyone, but in difficult times after COVID-19, where people have lost jobs and are earning limited income, it's not easy to put food on the table for your family.
When financial emergencies and income gaps become common, people turn to short-term no-credit loans such as cash advances or payday loans to secure food for their families. However, these high-interest loans can be risky as they drive borrowers into a bottomless pit of debt, making it even harder for them to afford basic necessities or food.
When you’re caught in the debt trap, all your finances go towards the interest payments and not healthier food on your table. If you find yourself struggling financially to afford a decent one-time meal for your family, you may have considered getting approved for a loan on the very same day.
However, all is not lost because if you and your family can’t afford groceries and are at risk of going to bed hungry, here are some options you can try.
Buy Strategically and Set a Budget
One of the best ways to ensure you have enough money for your groceries every week is to set a budget. You must be strategic with your finances and look for any opportunity to cut down your costs so that you can afford food.
You can buy items in bulk, shop for items at the sale, and buy house brands. Every dollar you save counts, and when you are cash-strapped or have lost your job, you must be smart about how you are spending your money every day.
Apply for Assistance
If you have been struggling to feed your family and don't have funds to cover your grocery bill, apply for assistance by checking if you qualify for your state's Supplemental Nutrition Assistance Program. If you’re in a state that doesn’t offer online applications, you may need to visit the local SNAP office in your state.
If you’re eligible, you will be given a card that you can use to buy groceries at authorized food retailers. However, it may take nearly a month to receive the benefits, and if your family is facing a hunger problem currently, you may want to consider getting a same-day loan from City Finance in the meantime. You can also check out other programs to cut down your costs, like rent assistance.
Visit Your Local Soup Kitchen or Food Pantry
Faith-based organizations, charities, and non-profits have been helping families struggling to purchase food for several years. The food banks of the Feeding America Network have been distributing nearly 4.5 billion free meals to people every year.
You can also try your luck at local food pantries. Every location may have different hours, but there’s a good chance that you will find a place that serves you and your family a hot meal.
Build an Emergency Fund Today
If your finances are in a mess and you don't want to get into this situation again, it's time you started building an emergency fund today for the long term. Start putting money aside, even if it is only 1% of your total income, so that whenever you're faced with unexpected bills and expenses or face a financial shortfall, you have enough funds in the bank to ride out the storm.
An emergency fund is only a start, but it will set you on your way to a financial future that is healthier and stress-free. You should aim to have at least $1,000 in your savings, but don’t stop at that figure. The more money you put into your emergency fund, the better you will be placed to weather any storm coming your way financially.
WRITTEN BYClara Rose