When you get a panicked phone call from your spouse saying that the car has broken down and the engine seems to be on fire, you can feel confident that that is a real financial emergency. If a new video game comes out that you want to buy, but you do not have the money for it right now, that is clearly not an emergency. Short-term loans are a great way to get the cash that you need to make it through financial emergencies, but understanding what those emergencies are and how to handle them can be a real problem.
Step One: Identification
The first thing that you have to do when you feel like you have a financial emergency is identify what the real problem is. In the example where your spouse’s car engine has caught on fire, there are several issues that you have to look at. You have to get the vehicle towed. You may need to get the engine fixed. You may need to find a way for your spouse to get around. Each of these is a separate problem that requires different solutions. You might need to get a quick cash loan to pay to have the vehicle towed, but you might be able to wait a few days on the engine repair, especially since it will need to go into a shop and get inspected before you know what the damage is. There is no reason to take out a loan to repair the engine until you know what it is going to cost, and you can spend that time trying to find an alternative to a cash loan to get the money that you need.
Step Two: Assessment
This is the point at which you have to make some difficult choices. Say the cable bill has arrived and you do not have the money to pay it. Do you really need a cash loan in this situation? For people who bundle cable and internet services, and people who need to use the internet for work or school, the answer is probably “yes”. The internet is a necessity for those people, so keeping the service on is vital. On the other hand, if you can go a day or two without cable, just until you can get your next paycheck, then you would be better off just waiting. Carefully consider each situation and decide if what you think is a financial emergency really is, or if it is something that you want, but can live without.
Step Three: Solution
When you understand what the problem is, and you have decided that it really is an emergency, then you can proceed to find a way to take care of the problem. There are not a lot of options when you need cash in a hurry, so you will need to act fast. If you have something of value that you are not currently using, or you could live without for a few days, consider getting a loan from a pawn shop. If you need a little more money than you think you could get from pawing something, then it might be time for you to look into a loan. These short-term loans can help you get through a rough patch, but they are only to be used in the most dire circumstances, so be careful.
Financial emergencies can hit anyone at any time, but not every family has the savings or the income to take care of the problem on their own. Sometimes the best solution is to ask for help, and often that comes from short-term cash lenders. Use these services carefully, and only after assessing the situation so that you know for sure that you are in a real financial emergency.
My name is Samuel and I have been in spots before and had to use quick loan services. My best experience has been with Loan Ranger Cash, a great business I recommend to anyone in a tight spot that needs out quick or to possibly get a deal on something that won’t last.