A sinking feeling floods your stomach as you stare at yet another bill in the mail you can’t pay. You feel hopeless, and you’re tired of it.
The good news? You’re not alone. Millions of people are experiencing this situation, but fortunately, they’ve discovered a lifeline in emergency loans.
The truth is, emergencies can strike unexpectedly and without warning at the most financially inopportune time. And research shows that most people aren’t prepared to cover them.
Here’s a rundown on five common reasons for emergency loans in 2019.
Let’s jump in!
1. Inability to Get a Loan from a Bank
When financial hardship strikes, you may consider pursuing a mortgage loan modification or bank loan to cover your rent or mortgage payments.
However, these types of loans are difficult to get. In fact, you might spend months attempting to appeal or finalize a lender’s decision.
Payday loans, on the other hand, can help you stay current on the rent.
2. Loaning Money to Family and Friends
In some situations, you may want to get an emergency loan not for yourself but for a loved one.
A family member or friend simply may not be able to attain this type of loan on their own, in which case you can stand in the gap for them and meet their financial need. You should be careful with this one, though, as there are lots of pitfalls to avoid when lending money to friends or family.
3. Paying off Debt on Credit Cards
Perhaps you keep getting calls from a credit card company demanding that you pay them back. An emergency loan may prove helpful for keeping collectors away.
You may also want to get an emergency loan to help you if you’ve already maxed out your credit cards.
4. Emergency Auto or Medical Expense
You can easily incur incidental expenses, or unplanned expenses — like those related to car accidents, medical needs or auto repair.
Unfortunately, these incidents can place a financial burden on you, as they require hefty out-of-pocket costs.
Fortunately, emergency loans can help you with these types of bills. As a result, you can make such emergency purchases whenever you need to.
5. Everyday Expenses
If you fall on hard financial times, you may find yourself struggling to cover everyday expenses like utilities, groceries, and rent.
The great thing about emergency loans is that they can keep you current on your recurring expenses without having to cut back on your other expenses.
How We Can Help with Emergency Loans
We offer top-of-the-line online loan lending services for those who need money in a pinch.
We additionally make payday loans available if you need money right away before that next paycheck comes. In fact, you can take advantage of our payday loans without a credit check, or even if you have bad credit.
Get in touch with us to learn more about how our emergency loans can help you stay afloat financially. With our help, you can easily improve your quality of life and maintain peace of mind in the months and years ahead. Here are some other articles you might find helpful: