Overcoming Unexpected Expenses with Emergency Cash Loans

Emergencies are an unfortunate reality, often requiring a significant financial commitment to address unexpected expenses. Finding oneself in such a situation can be incredibly distressing. 

However, there is some positive news: there are several approaches to managing these expenses without needing to make drastic lifestyle changes.

Improve Your Credit Score

A good credit score can give you quite a few important financial advantages (which might come in handy if you would ever have to overcome an unexpected expense). 

Though it might take you a few months to see an actual improvement in your credit score, you can start working toward it in just a few hours.

1. Review your credit reports. By reviewing the credit report, you’ll get to see exactly what’s hurting or improving your score. Check your reports regularly for any errors and make sure to do that through soft inquiries.
2. Avoid late payments. The payment history has one of the biggest impacts on your score (35%). If a late payment has been recorded, it will stay on your credit report for up to 7 years, so you should try to avoid those at all costs. Set due-date alarms, for example, or automate bill payments from your bank account.
3. Ask for a credit limit increase. This will help lower your credit utilization which impacts 30% of your score. Just make sure not to increase your balance as well. Try to keep your outstanding balance at 30% of the total credit limit, and then slowly bring it down to 10% which is considered to be ideal for improving your score.
4. Keep your old accounts open. Even if you’re not using your old credit accounts, do not close them. Closing credit cards can lower the available credit and increase the credit utilization ratio.

Establish an Emergency Fund

1. Start with small, regular contributions. If you put too much additional stress on your cash flow, you will be more likely to rationalize abandoning the saving routine. Ideally, you should aim to set aside 20% of your income, but starting with even $20 per week and then working your way up would be better than nothing.
2. Automate your savings. Setting certain sums aside would be much easier if you never “touched” the money in the first place. You can set up a separate account for the emergency fund and ask your employer or the bank to deposit a chosen amount into the account automatically.
3. Save enough to cover 3-6 months of expenses. That is when you know that you have a solid emergency fund. Make sure to replenish the account if you draw on the funds and consider looking for an account that pays you back. Some savings accounts offer a small annual yield, just ensure that there are no annual fees and that the money remains accessible.

Consider Applying for a Loan

If you don't have savings specifically set aside for emergencies and find yourself in need of immediate funds, one option to consider is applying for a loan. By obtaining a loan, you can access the necessary money upfront to address your unexpected expenses without delay.

Different types of loans, such as personal loans or lines of credit, are available, each with its own terms and interest rates. Now, before we get into loan types and details, it's important to take the time to review and compare the terms and conditions offered by different lenders.

Pay close attention to factors such as repayment terms and any associated fees. By thoroughly understanding your options, you can choose the most suitable and affordable loan for your specific situation. 

Types of Emergency Cash Loans

An emergency loan refers to any type of loan that can be utilized to address an unexpected and urgent expense. The defining characteristic of these loans is their ability to be funded quickly, usually within a few days.

While the specific types of emergency loans may vary, such as personal loans, payday loans, or title loans they all share the common feature of expedited funding. 

The purpose of an emergency loan is to provide immediate financial assistance when faced with an unforeseen situation that requires prompt attention. These situations can range from medical emergencies and car repairs to unexpected home repairs or other urgent expenses that cannot be covered by available savings or regular income.

Again, the advantage of emergency loans lies in their swift approval and funding process. Unlike traditional loans that may involve extensive documentation and a longer waiting period, emergency loans are designed to offer quick access to funds. Here are some more details to consider about each. 

Payday Loans

Payday loans are short-term loans that need to be paid back, in general, in 30 days or less (with your next paycheck). To apply for such a loan, you would have to provide proof of income.

The main downside of payday loans is that you won’t be able to borrow a large sum as you will get lent only a portion of the money that you’ll eventually get paid by your employer.

Title Loans

Unlike personal loans (more on those below), title loans are secured —  you would have to pledge your car as collateral. 

Such loans can offer quick access to cash even for people with bad credit, but if you fail to repay the loan, you might end up losing your vehicle. Furthermore, in some cases, lenders would require the installation of a GPS tracker in your car.

Personal Loans

Simple Fast Loans offers unsecured personal loans which means that you wouldn’t have to provide any form of collateral to secure the loan.  

Such an option allows you to borrow a fixed amount of money, receive it in a single lump in the shortest timeframe, and then pay it back in monthly installments over a set time.

How To Choose the Right Emergency Cash Loan Lender

When searching for an emergency cash lender, you would want to make sure that the whole process will be as quick as possible and that the actual lender is legit.

These simple tips will help you avoid scams:

• Make sure that the lender is registered in your state. There should be a list of the states where the company legally conducts business on the website.
• The lender should have a physical address. You should also verify that the address is legit by using Google Maps, for example, before you proceed.
• The lender should always be transparent about any fees. If the representative avoids answering your questions, then it’s, most likely, a scam.

Reasons To Choose Simple Fast Loans

Simple Fast Loans is a nationally-recognized company that offers personal loans that you can use to fund unexpected expenses.

With Simple Fast Loans, you’ll be able to:

• Receive the money in the shortest timeframe. Firstly, all the information you provide will be verified electronically, so you wouldn’t even have to leave your house. Secondly, you can get the loan decision almost immediately. Last but not least, if you get qualified, the loan will be funded the next business day or, in some cases, on the same day.
• Apply even if your credit score is less-than-perfect. A bad score won’t necessarily stop you from obtaining the loan as that’s not the only factor taken into consideration.
• Apply without collateral as it is not required when taking out a personal loan. This means that you wouldn’t have to worry about putting your car or house at risk.
• Enjoy the impeccable customer service. As a Simple Fast Loans customer, you will be treated with the respect you deserve. Furthermore, the friendly representatives will always be happy to answer all of your questions, guide you through the application process, or pick the right loan option for your specific situation.

Take Care of Your Unexpected Expense Today!

Some people might struggle to overcome emergency expenses, and it can be especially challenging for those who don’t have an emergency fund and for individuals with bad credit. Thankfully, there are quite a few ways to deal with unexpected bills, and applying for an emergency expense loan is one of them.

The team at Simple Fast Loans knows how important it is for you to receive the money as soon as possible —  that’s why the whole application process is super quick and easy. Fill out an inquiry today and get the emergency cash in no time!