Where to Turn When You Experience A c and Don’t Have Emergency Funds Set Aside
Throughout your lifetime most people will encounter times where making all of your payments on time may seem impossible. To compound the problem, you may as a direct result, have less than perfect credit. Luckily, even if you don’t have money set aside for an emergency, there are ways to acquire it and get yourself back on track quickly.
Traditional banks offer two types of personal loans, secured and unsecured. Unfortunately, if your credit score is below what they consider good you will have a difficult time receiving an approval. There, are other places that you can gain access to cash quickly to fund your emergency without the need for missing additional payments on your regular monthly bills. Online installment loans through companies like BlueTrustLoans.com offer a variety of different repayment plans in easy-to-afford installments. Since they are not traditional banks, they are a bit more lenient in the approval department. In most cases, so long as you have a regular source of income, a social security number and a bank account you have a good chance of acquiring the loan.
Borrowing from Family
While you may not want to disclose your finances or lack thereof, to a family member, doing so will provide a fast way to secure the monies you need without the need for repaying it with interest. Just make sure that you understand the terms of the agreement and pay back the loan accordingly. It’s very easy to put a family member on the back burner, especially if they are in good financial shape, and use the funds to pay for other things. Remember, the faster you repay the loan the easier it is to move on past it.
Garage Sale/Online Selling
Today, you are able to reach a large number of people at once. Take advantage of this fact and use it to benefit you. If you have many things in good condition in your home that you no longer need, you can post them online or host a garage sale in your neighborhood. Either way, you can use the money you make to cover the immediate expense and free up valuable space in your home. It’s a win across the board.
Taking on a Part-Time Job
If you need money fast and can’t afford another payment, even a small one, added to your monthly obligations, taking on a second job for a short period of time may represent the best answer. It will give you additional funds each month that you can apply towards your debt. Once you reduce it down to a comfortable level you can either quit or stay on longer to establish savings.
Cutting back on Unnecessary Expenses
In order to free up monies and establish a savings account to avoid this type of scenario from happening again in the future, you need to tighten your belt and make smart purchases. Purchasing your coffee on the way to work, buying lunch out daily and eating out several times in a single month can add up to hundreds of dollars you can use to pay down your debt. You can take it much further by using coupons when you shop for groceries and shop around monthly services such as cable and cell phones. Doing these types of cutbacks will get you on the road to recovery quickly.
Sticking to a Budget
There are many people who never use a budget, they simply wing it. When a bill comes in they pay it and then take whatever’s available in their account and use it for personal enjoyment. The problem with this is that at any time something can occur without warning that requires additional funds. A better approach is to handle your money smart. Get in the habit of taking a portion of each paycheck and put it away in a savings account. This way, the next time something happens you have the money to pay for it.
Even if you have bad credit, there are ways to come up with the money you need to cover your immediate needs. You can borrow from family or friends, host a yard sale, sell products online or take out a personal loan specifically designed for people with less than perfect credit.