Millions of Americans are at a risk of not getting paid for a long period of time due to the global pandemic. Living without pay for prolonged time is not something most of them can manage. In fact reports depict that more than three fourth of this population lives from one paycheck to the other.

The Federal Reserve has taken this into consideration and announced interest rates need to be dropped to zero as the corona-virus outbreak threat continues to grow each passing day. The central bank’s official statement has said that the Federal Reserve in the view to support the flow of cash to every household and business has utilized all its tools possible.

The lenders are now offering the easy to get Payday loans, also known as the cash advances, which are short term loans of 500 dollars or less. The loans are easily available through storefront payday lenders and it is now possible to even get it online. One needs to know the state’s laws regarding the payday loans to understand when they need to be paid off. Typically they are due for 2 weeks and are paid along with the finance charge i.e. the fees and interest applied on them.

Then there are other options of getting a personal or unsecured loan which does not require one to borrow money against something of value for instance a house or jewelry. Thus these loans are great for people who do not have valuable equities to borrow money.

Their locking period is from 1 year to 5 years and the payments keep getting deducted from a checking amount. Thus there is no risk of defaulting or missing out on payment or spending too much. They are well suited loans for small loan amounts.