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Couple dealing with Emergency Expenses

Emergency Expenses? An Emergency Line of Credit May Help

Sooner or later, everybody will need to deal with emergency expenses. If you are lucky, you will have the cash sitting in the bank. However, most people aren't that lucky. Many people live from paycheck to paycheck. They barely have the funds to cover their day-to-day expenses, let alone deal with emergencies that can easily cost several hundred to several thousand dollars.

What Is an Emergency Expense?

What constitutes an emergency expense can vary from person to person. In a short while, Simple Fast Loans will go through some of the most common emergency expenses that people deal with regularly. You may fit into one of those categories, although it doesn't necessarily mean that you are not dealing with an emergency if you do not.

An emergency expense is anything that fits into the following two categories:

  • The expense needs to be dealt with right away.
  • You either cannot cover it right away, or your next paycheck wouldn't be enough to cover it.

So, an emergency expense isn't anything frivolous. It is something that may have an impact on your life if you do not cover the costs right away. This could be potential eviction from your home, lack of certain appliances on your property, or even struggling to get to work with your vehicle.

Types Of Emergency Expenses

As mentioned, several things may be classed as emergencies. However, this is not a comprehensive list. As long as you follow the guidelines above (i.e., the expense needs to be covered right away), then the chances are that you do have a financial emergency that you will need to tackle.

Late Bills

Sooner or later, you will have to deal with late bills. It happens to everybody. In some cases, the bill has gone late because the bill was slightly higher than anticipated. This usually happens with energy and cellphone bills. Thankfully, an emergency line of credit may be able to assist here.

If late bills are not dealt with quickly, they can spiral out of control. Unexpectedly high bills will get even higher due to penalty charges. There will also be hits to your credit score. This can also have a massive impact on your ability to obtain credit in the future. Remember, even the most minor hits to your credit score could take years to recover from. 

Medical Expenses

For many, medical expenses are one of the most significant emergency expenses. After all, nobody plans to need medical treatment. However, even if you have an insurance policy, it may not cover everything related to your treatment. This is when you may need a little bit of assistance from a line of credit loan. It can help to ensure that you receive the treatment that you need.

A line of credit loan may be especially beneficial for helping to cover the cost of medication. After all, having quick access to medicine is essential. In addition, some conditions need to be treated right away, and you don't want finances to get in the way of that.

Vet Expenses

It isn't just humans that need looking after! Veterinary bills can be just as expensive, mainly if they are emergency expenses. If your furry friend has ongoing health concerns, then having a line of credit available may be beneficial. It means that you will be able to draw upon it whenever your pet needs treatment. You don't have to worry about cash in your bank account.

Childcare Costs

While general childcare costs are probably not an emergency, if you need access to childcare at short notice because of an emergency, e.g., health issues of you or a relative, then childcare costs may need to be covered. A line of credit loan could potentially assist with this.

Moving Costs

Moving costs can be expensive, particularly if you don't have a massive amount of cash in the bank. You will have to deal with upfront rental deposits, removal costs, and even new furniture. This can be tough to pay for upfront when you have a limited paycheck.

Travel Costs

This does not mean general travel costs. Instead, these are costs when you have no choice but to travel due to an emergency. Most of the time, this is a sick friend or family member who lives a fair distance away, maybe even on the other side of the country.

Appliance Replacement

Some appliances in our homes would be tricky to live without, e.g., fridges and ovens. The problem is that these can be expensive to replace. A line of credit loan may provide a little bit of relief on that front.

Remember, a line of credit loan doesn't just have to be for replacing an item. It could also help cover repairs if anything breaks down.

Home Repairs

Most home repair issues are likely to be classified as emergencies. However, things like plumbing, electrical, and structural problems will probably be the big ones here. If any of those have issues, it could cause severe damage to your home or people within the home. Therefore, they need to be dealt with quickly. Consequently, they genuinely are an emergency. 

Car Repairs

Finally, if you have a damaged vehicle, it will need to be repaired. A lot of people rely on cars to get them around. It would be tough to get into work, school, or even do our groceries without it. Once again, a line of credit loan from Simple Fast Loans may be able to assist with that.

What Is a Line of Credit?

A line of credit loan is a type of loan that you may be unfamiliar with. However, don't worry. They function in much the same way as a typical loan. 

The money you borrow won't be placed directly into your bank account with a credit loan line. Instead, you will have a line of credit that you can draw upon. This means that you are only borrowing money when you genuinely need it. Then, if you repay the cash you have borrowed, it becomes available in your line of credit again.

This means that a line of credit loan is ideal for ongoing emergency expenses, particularly medical bills. As long as you keep up with the repayments, you will have a line of credit that you can draw upon whenever you need to. You don't have to worry about having all that cash sitting in your bank account at once, where it could be rather tempting to spend it.

Here at Simple Fast Loans, you could be granted a line of credit between $200 and $1,500. A line of credit loan is not a secured loan. This means that you will have to undergo a credit check during the inquiry process. However, many people find that they can gain approval for one of the Simple Fast Loans Loans, even if other lenders have turned them away.

How To Get a Line of Credit with Simple Fast Loans

Simple Fast Loans offers lines of credit in Tennessee only. If you live outside of Tennessee, then, sadly, you will not be able to obtain a line of credit loan. However, if you live within the state, then great!

To get a line of credit loan, you will need to provide the following documents:

  • Your driver's license or another state-issued ID.
  • A statement from a checking account where the bulk of your income is deposited.

If you have those documents, you are well on your way toward getting a line of credit loan from Simple Fast Loans. Do bear in mind that there will be a credit check during the process. However, don't worry too much about this. Simple Fast Loans understands that many people considering a line of credit loan may not be in the best financial health. They may have had a few credit issues in the past. You may still be accepted, even if your credit history isn't great. Simple Fast Loans will always try to consider your current financial position. 

The inquiry process for Simple Fast Loans takes place 100% online. You will be asked to fill in a quick form and supply your documents. However, the process isn't too strenuous. In most cases, you will be told whether you have been approved within a few minutes.

If you are approved for a loan with Simple Fast Loans, you will be told how you can draw upon the line of credit and the repayment schedule.

If all goes well, you could genuinely have the cash you need access to sitting in your checking account within a few hours. This means that you can deal with any emergency expenses right away.

Other Loans from Simple Fast Loans

While a line of credit loan is often seen as one of the best options for covering emergency expenses, it is not the only loan type offered at Simple Fast Loans. Therefore, you may find one of the other options is a better fit for you.

If you have been denied a line of credit loan from Simple Fast Loans, you may be approved for one of these other options. This is because they are both secured loans, and thus a little bit more leeway can be given when it comes to your current income and credit history. Although, all loans from Simple Fast Loans can be obtained by those that may not have a great credit score.

Installment Loans

Installment loans are very similar to traditional bank loans. Depending on where you live and how your life is right now, you may be able to get $200 to $3,000.

An installment loan will be paid back in pre-determined installments. This means that they may be helpful if you have a single emergency expense that needs to be dealt with immediately.

You will need to undergo a credit check to obtain an installment loan. However, your credit doesn't need to be perfect. Simple Fast Loans will strongly consider your current ability to repay rather than what you have dealt with in the past.

Inquire About a Line of Credit Today 

Simple Fast Loans understands that people will deal with emergency expenses. But unfortunately, life does like to throw a curveball every so often, and sometimes, you aren't fortunate to have the cash sitting in your bank to help deal with that curveball. This is where a line of credit loan can help.

A line of credit loan can provide you with access to the funds you need today. As long as you keep up with the repayments on your line of credit loan, then you will have access to the cash for the foreseeable future. This means that you won't have to apply for new loans constantly. Instead, you can draw on your line of credit.

Get started by filling in the inquiry form on the site today. You will know whether you have been approved for the loan in just a few minutes. Then, you can start tackling those emergency expenses in just a few hours. 

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