What are some loan options

What are loan options

RICHMOND, Va. (WWBT) - If you still have a job and maybe your hours were cut or you’re worried about its future, there are some loans you could consider during the pandemic.

A lot of people are in a difficult spot right now and a loan is an option. Maybe you still have your job, but your partner does not, that puts a strain on finances.

So, we turned to financial coach Cherry Dale with the Virginia Credit Union to review the possibilities.

“Because lenders are going to look for income obviously to qualify you for any types of loans. So if you’ve lost your job, it might be more difficult to access any of the loans,” Dale said.

If you do still have some sort of income, there are personal loans and credit card loans you could consider. Though, both of these options affect your credit. The same goes for home equity loans and car refinance loans. But, both might help you get immediate access to cash.

There are still two types of loans experts don’t recommend right now. The first is 401k Loans because if you lose your job, you’d have to pay it back immediately or face still penalties. And the second is payday loans are also not recommended.

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