Financial Education (US)

How to apply for Stimulus loans?

If you need to learn more about Stimulus loans and how to apply for them, keep reading our post!

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by Victória Lourenço

Published on 10/07/2022

Apply for Stimulus loans: learn how to get yours!

Check if you can still get the Economic Impact Payment - the stimulus loan. Source: Adobe Stock.
Check if you can still get the Economic Impact Payment – the stimulus loan. Source: Adobe Stock.

Stimulus loans helped many people during times of need. Also, you can even find some of them now. So, in this post, we’ll show you how to apply for Stimulus loans!

This type of loan had the goal of helping people and businesses that were going through a hard time during the pandemic.

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Check which types of stimulus loans are still available for you

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Also, only some states are providing stimulus checks now. The government only issued these loans during the pandemic until 2021.

Moreover, you can even get loan forgiveness if you use it for eligible expenses. So, you won’t have to pay for the loan or part of it, depending on what you used it for.

However, this depends on when you got your loan and where. So, read on to learn more about how to apply for Stimulus loans!

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Apply for a Stimulus Loan

Before 2022, during the pandemic, you had to contact the government and apply for your Stimulus checks. Also, you would only get approved if you had all the requirements the government needed.

However, now in 2022, you can only apply for Stimulus loans in certain states. For example, in Indiana, Minnesota, New Jersey, New Mexico, and others.

So, if you want to get Stimulus loans, you can even find some in a new form in 2022 provided by President Biden. But they are now called the American Rescue Plan.

And with this, you’ll need to go to the official White House website to find out if you’re eligible to apply.

Requirements

See if you qualify for a stimulus loan and which ones are still available. Source: Adobe Stock.
See if you qualify for a stimulus loan and which ones are still available. Source: Adobe Stock.

The requirements vary depending on the person or business in need. For example, with the Stimulus offered until 2021, you have to meet requirements related to the pandemic.

However, now different states are offering different forms of Stimulus loans depending on the individual’s profile.

Moreover, you can find that President Biden started with the American Rescue Plan, which can be a different form of a Stimulus loan.

So, you’ll be able to get help depending on your small business needs, if you’re a single mother and others.

Other recommendation: FreedomPlus

Now that you understand more about Stimulus loans and how to apply for them, you can see other options.

We know that the Stimulus loans helped many people, but now the government does not issue many anymore. So, you can go look for different lender options even though they may charge more fees.

So, if you don’t live in one of the states that offer stimulus loans for those eligible, you can go for a private lender.

And if you worry about the credit score needed and income, you can find good lenders that accept low scores.

For example, FreedomPlus personal loans. This lending platform allows you to find loans for almost any type of credit score and income.

However, you may need a higher credit score to get the best rates for your loan. So, check if you’re eligible for a Stimulus loan in your state before you apply for a private loan.

freedomplus loans review

FreedomPlus review: affordable loans!

Are you looking for a loan to consolidate debt and pay for other personal expenses? If so, read our FreedomPlus review!

About the author

Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by

Aline Barbosa

Senior Editor

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