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A couple dealing with Emergency Expenses.

Emergency Expenses? An Installment Loan May Help

Sooner or later, everybody will need to deal with emergency expenses. If you are lucky, you will have cash 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 struggle 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. Sometimes, the bill has gone late because the bill was slightly higher than anticipated. This usually happens with energy and cellphone bills.

Late bills can spiral out of control if they are not dealt with quickly. 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 with an insurance policy, it may not cover everything related to your treatment. This is when you may need a little bit of assistance from an installment loan. It can help to ensure that you receive the treatment that you need.

An installment loan may be beneficial when you need to cover a prescription payment or any other emergency medical-related expense. 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 for emergencies. If your furry friend has ongoing health concerns, then having an installment loan may be beneficial. With this loan type, you can receive same-day funding and pay for any vet bills.

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). An installment 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 must deal with upfront rental deposits, removal costs, and even new furniture. This can be tough to pay for upfront with 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. This is usually a sick friend or family member who lives far 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. An installment loan may provide a little bit of relief on that front by covering the upfront bills for 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 to work, school, or even do our groceries without it. 

Applying for an Installment Loan from Simple Fast Loans

Installment loans differ from other types of loans, such as payday loans or title loans, in that they typically have better terms and longer repayment periods. The length of the repayment period can vary, but it is often several months or even years.

When you take out an installment loan with Simple Fast Loans, you will be required to make regular payments based on the loan amount and the length of the repayment period. 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 they may be helpful if you have a single emergency expense that must be dealt with immediately.

Last but not least, you will need to undergo a credit check to obtain an installment loan. However, your credit doesn't need to be perfect. We will strongly consider your current ability to repay rather than what you have dealt with in the past.

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