In times of unexpected financial emergencies such as medical bills, home or car repairs, or job loss, it's common to feel overwhelmed and powerless, particularly if you lack a financial safety net.
However, once you've had a chance to absorb the situation, it's important to gather your strength and confront the issue head-on. This step-by-step guide aims to assist you in minimizing the adverse economic consequences while maintaining your daily life.
Taking a moment to compose yourself after learning about a financial emergency is crucial. It is essential to allow yourself to process your emotions rather than suppressing them, as this can prevent impulsive decisions that might exacerbate the situation.
Once you begin to regain your composure, assess the situation and strive to develop an action plan.
The emergency expense, most likely, needs to be covered right away which means that you might have to implement a few changes into your everyday life and keep it that way before you can fully recover from the financial loss.
One of the main things that you would have to do is prioritize your expenses. The essential things that you should cover no matter what are usually the ones related to food and shelter.
If you can do that, set aside enough money to cover these important bills. This should be done for your peace of mind (no matter what happens, you’ll have something to eat and a roof above your head) and because only after that you’d be able to proceed to evaluate the expenses that can be cut out of your budget.
In addition, you can unsubscribe from a streaming service, choose a cheaper cellphone plan, get rid of your landline, or switch to a credit card with no annual fee. All these small savings will add up and will eventually help you recover from the financial emergency faster.
Depending on what type of unexpected expense you’re dealing with, you might be able to find a way to split the sum into smaller installments, for example, or reach a similar agreement with the person to whom you owe money.
Of course, this is not always an option, but you might be surprised to find out that a lot of companies would be willing to help you make the payments. The majority of them would most definitely prefer to receive the money a bit later, than not get any payments at all.
There are plenty of social programs designed especially for people who are trying to overcome unexpected financial hardships.
Before paying for a medical bill, for example, make sure that your insurance does not cover at least part of the expenses. In some cases, you might also qualify for state or federal benefits (like Social Security Disability or Medicaid), so make sure to do your research.
If one of the reasons why you’re facing a financial emergency is because you have lost your job, then try to find some time to take a trip to your local community center. There, you might be able to attend plenty of helpful workshops for free. Also, check if you qualify for unemployment benefits in your state.
To help get one of your main needs covered, you can apply for food stamps (SNAP). Eligibility is based on your household’s gross monthly income and a few other factors. If you’re eligible, you might be able to save a few hundred bucks per month on food (the best part is that you’ll still be able to buy high-quality products and eat nutritious meals).
Some of these pieces of advice will work only if you already have the money that is needed to cover the unexpected expense or if it doesn’t need to be taken care of immediately.
But what options are you left with, if you need to make a payment as soon as possible, you don’t have an emergency fund, and there are no friends and relatives who are ready to lend you some money?
In such a case, you might want to consider applying for an emergency loan. The biggest advantage of such loans is that they are funded in the shortest timeframe. With Simple Fast Loans, for example, you might have the money that you need on your hands the next workday or even the same business day.
Furthermore, once you take care of the emergency, you’d be able to plan your budget and repay the loan with regularly scheduled payments. However, remember that such loans should not be used for business purposes or trivial purchases. Examples of some of the expenses that can be covered by an emergency loan include medical bills, unexpected travel expenses, important car or home repairs, and so on.
Once you manage to get back on your feet, you should take some steps to make sure you never end up in such a challenging situation ever again.
Insurance is an important financial tool that can help you live life with fewer worries as you’ll know that if a disaster was ever to occur, you’d receive financial assistance. Depending on the type of emergency that you have recently been dealing with, you might want to consider getting health insurance, auto insurance, life insurance, etc.
Yes, insurance does come at a price, but making small, regular payments is a lot easier than having to spend a whole fortune at once on an emergency.
You should aim to have 3-6 months’ worth of household expenses in your emergency fund. So, the first thing you need to do is figure out how much you spend each month and then set a goal that you need to reach.
Add to the fund at regular intervals (a fixed amount from your paycheck, for example) and “tip” yourself by adding a few dollars to the fund every time you decide not to dine out or get a drink at a coffee shop.
A high-interest savings account is a good place to park your emergency fund as it’s a safe and liquid option. This means that your money will be accessible in case disaster strikes, but, at the same time, you won’t be tempted to dip into the fund (which might happen if you keep it at home).
Simple Fast Loans is a fully licensed financial services company that is recognized nationwide. The company offers online loans which means that you might be able to get your money in the shortest timeframe as you wouldn’t have to drive to the store and go through a time-consuming verification process.
In fact, all the information that you’re going to provide during the application will be verified online, and you’ll get the loan decision almost instantly. This is especially important if you’re dealing with an emergency.
Unfortunately, there are way too many scammers out there that are willing to take advantage of individuals who have found themselves in difficult life situations. But, thankfully, there are also such companies as Simple Fast Loans who are not only completely legit but who would also treat you with dignity and respect.
It is usually advised to go through some of the reviews about the company before making up your mind. Simple Fast Loans has over 5,500 reviews on Trustpilot, and 88% of those are 5-star ones (their overall score is 4.8 out of 5). The customers especially like to mention the incredible customer service, the simplicity of the application process, and how fast they were able to receive the much-needed cash.
Simple Fast Loans offers installment loans that can be used to take care of your emergency funding needs.
Loan amounts typically range anywhere from $200 to $3,000. Do bear in mind that the exact sum would depend not only on your income and ability to repay but also on the state you live in.
These loans do not require any form of collateral. Furthermore, if you have bad credit and have been turned down by other lenders in the past it should not stop you from applying.
A less-than-perfect score won’t necessarily prevent you from receiving the funds that you need, and the company representatives would be happy to assist you in obtaining a convenient loan option that suits your specific situation.
By the way, if you have questions concerning the loan options offered by Simple Fast Loans, you can contact the company and the representatives will give you all the answers you’re looking for. You can take advantage of the live chat, give the lender a call, send an email, fill out an online form, or even write a letter.
Last but not least, the representatives at Simple Fast Loans understands that the sooner you get your hands on the money, the better. That’s why the company has come up with a quick and simple online application process.
After you have completed the form, you might get the decision in a matter of minutes, and if it’s positive then the funds will be deposited the next bank day or the same day.
The earlier you get the whole process completed, the higher the chances of getting the money you need that day (loans signed before 2 PM are typically funded very quickly).
If you want to get the online application form completed in just a couple of minutes, then you should try to gather all the necessary documents in one place beforehand. Thankfully, this shouldn’t take you long, as there are only a few items that you’re going to need:
Remember that you should be at least 18 years old to apply, and bear in mind that the lender cannot offer loans to regular or reserve members of the military.
No matter how well you’re prepared for various emergencies, they might sometimes take you by surprise. Unexpected expenses usually come with unpleasant life events, such as medical conditions that require treatment or job loss, for example.
So, the chances are high that you’re already feeling devastated, and the need to somehow find the funds that you urgently need can make the whole situation pretty much unbearable.
The representatives at Simple Fast Loans understand that you’re already going through a lot, and they don’t want to make your life even harder by making you go through a difficult loan application process. Thankfully, you can submit your inquiry from the comfort of your own home and get the loan decision in minutes.
Choose Simple Fast Loans today and finally get a chance to take the weight of the world off your shoulders.