Receive a paper stimulus check? Here's what to do with it

(BPT) - Are you expecting a paper government stimulus check? If you received one in the previous two rounds of payments, it’s likely you may have another on the way. But what is an easy and efficient way to cash it so you can quickly put those funds to good use?

While depositing a check usually takes time to process and there are typically fees involved when trying to access funds more quickly, PayPal and Venmo are helping people receive their stimulus payment as swiftly as possible without compromising their health and safety — no trips to the bank or check-cashing locations required. All recipients have to do is take a picture of their government issued paper stimulus check in the PayPal or Venmo app using the Cash a Check feature, select “in minutes,” and once approved, receive their funds into their PayPal Cash Plus Account or Venmo balance to use them for everyday essentials, pay bills and more. Plus, for a limited time, PayPal and Venmo are waiving the Cash a Check fees so you can receive 100% of your stimulus funds (Terms Apply).

So when you have your check cashed, what’s next? Here are three tips on how to best allocate your stimulus funds.

1. Pay essential bills

First and foremost, you’ll want to focus on any important bills that are due. If you have more bills due than your check can cover, try contacting the creditor. Many utility companies and creditors are making allowances for difficult times right now by working out alternate payment arrangements based on each customer's unique situation. You can also offer to pay a portion of bills that are due to show good faith, leaving you more funds to do the same with other creditors if money is tight right now.

2. Create an emergency fund

If your bills are caught up, but you don’t have a fund set aside to handle emergencies such as unexpected car repairs or a medical bill, it may be a good idea to reserve as much as you can afford for a rainy day — your future self will thank you.

3. Pay down debt

If one of your goals is reducing debt, consider paying more than the minimum due on a credit card or two. This not only helps you lower your monthly payments, but it could also boost your credit score, especially if you make it a regular habit.

Whether you’re planning to pay bills, looking to hang on to your funds for future use, or even using the funds for contactless online purchases, cashing your stimulus check via PayPal or Venmo allows you to access your funds as quickly as possible without compromising your health and well-being.

Learn more about how to use the Cash a Check features at PayPal.com/stimulus or Venmo.com/stimulus. Each website provides easy step-by-step instructions for cashing your stimulus check using the Cash a Check feature in the PayPal and Venmo apps. PayPal and Venmo do not provide financial advice and this article is provided for informational purposes only. Terms apply.