California and New York have told nonessential businesses to shut and people to stay home. Across the US, businesses are trying as best they can to deal with the economic fallout of the coronavirus pandemic. While we wait for emergency financial measures to kick in, businesses and workers need cash now, and cash advance businesses are seeing unprecedented demand.
“We are only beginning to see the financial hardship that employees may face as a result of the COVID-19 pandemic. Today, across many industries, we are seeing furloughs, layoffs, and reduced hours creating cash flow challenges for workers during a very stressful time already filled with uncertainty. Never before has accelerating an employee’s access to their earnings been so important so they can support their own well-being and that of their family been a more critical benefit for employers to provide,” Steve Barha, founder & executive chairman of Instant Financial, said.
If you have a paycheck coming in the next couple weeks and need money quickly, apps such as Instant Financial can provide advances with no monthly fee or fee for direct deposit. Earnin also provides fee-free cash advances for those who have a check coming. It must be noted, these services do not provide cash if you do not have pay coming from your employer. If you have been laid off and do not have more pay coming from your employer, we advise you to check out your state’s process and rules for applying for unemployment benefits.
The flexibility fintech offers can help people out in a critical time before governmental emergency financial aid measures kick in. Roughly $1 trillion or more in economic relief may be coming in the next few weeks, but details of when funds will be released are not yet clarified. No-fee cash advances might be able to help in the short term.