A Guide To Covering Unexpected Expenses
Unexpected expenses can make you or break you, especially when your credit cards are maxed out, your savings are depleted and it’s not a pay week at your job. It can be a challenge to find extra money within your already stretched budget to accommodate these extra expense, at times, this can seem like an impossible task. Use these methods as a guide to covering unexpected financial expenses when they occur, while preparing for any emergencies in the future.
Cash Advances
Although experts advocate against cash advances, sometimes it may seem like the only alternative to a bad situation. These types of loans are based upon your paycheck from your employer and can grant you up to fifty percent of your upcoming paycheck. Beware, if these loans are not paid on time than high interest rates will be applied to the loan and aggressive collection techniques may be taken against you.
Most companies require a statement of your last paycheck, a post dated check for the amount of the loan as well as a print out of the balance from your bank account that you use most.
Personal Loans
Sometimes the only option may be to borrow money from a friend or family member for a short period of time. Be sure to explain the need for the funds and create a repayment schedule that you can abide by. This is a great time to earn trust from a friend or family member by ensuring the total is paid back in full.
Credit Cards
Although your credit cards may be close to the limit, you could be eligible for a limit increase. Call the credit card company to request a limit increase, often increases are granted up to five hundred dollars. Ensure this amount is paid in full within the grace period; you don’t want to be drowning in over-limit fees in the future.
Liquidate Your Assets
Do you have any assets which you could liquidate to supplement your income through this time of financial distress? Assets such as investments, stocks, bonds and even household items such as an extra vehicle can be used to provide the capitol needed to get through an emergency.
Short Term Loans
Short term loans are available from cash stores, pawn stores and even the internet! If you have good credit history and some type of asset that can be used as collateral such as a vehicle, land title or home than you can obtain this loan in as little as twenty four hours!
The internet can be used as a valuable tool when obtaining a loan, as many companies have turned to e-lending. You can apply, be approved and complete deposit information – all on the internet!
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