No one likes asking for money. Whether it’s your family, your friend, or a lender, it’s an embarrassing situation that can reflect poorly on you and make others think you’re irresponsible. But the fact is there are situations in life that you can’t control that can force even the most financially responsible person to seek rapid funds.
Emergency loans are available in such situations and they work regardless of whether you have good credit or bad credit. As long as you agree to pay fixed installment payments on a regular basis with interest attached, you can qualify. If you have some kind of collateral, such as a car title or a mortgage, all the better. The more you can convince the lender that you will adhere to their repayment schedule and that they will not lose money by lending to you, you should be able to get a cash infusion.
You might be thinking to yourself, “Well, I have some money saved up, have paid off my credit cards, and I’m pretty careful - I won’t have to worry about this.” But these kinds of emergencies can come from totally unforeseen directions and have weird dynamics to them that catch you off guard.
Here are a few scenarios you need to think about:
A very serious illness, disease, or injury. Whether it’s a cancer diagnosis, discovery of a life-threatening disease (such as congenital heart disease, which is very common), or a severe accident/injury that leaves you or your family in the ICU, there are many ways that healthcare can cost you a fortune. Even if you have the best healthcare plan in America, any one of these situations could wipe out your savings in merely a few weeks.
Think about this: the average cost of cancer treatments per year per individual is $150,000. Unless you’re a multi-millionaire, that’s going to majorly set you back, if not completely bankrupt you.
Even a relatively minor injury, such as a broken bone that requires a few pins, can cost tens of thousands of dollars out of pocket if you don’t have adequate healthcare.
The point is that there are many, many ways that bad fortune can befall your or your family’s bodies and minds and force you to seek financial help.
Job loss combined with a car accident or another stroke of bad luck. There’s plenty of people who think they’re indispensable at their companies but the reality is that anyone can get fired. And if you’ve been living beyond your means, suddenly losing your income can really affect your life.
Add to that a serious car accident, maybe one in which you’re at fault and the other passenger was injured. All of a sudden, you’re looking at major insurance costs, medical bills you will have to pay, and potentially court costs if the other person sues you.
Life circumstances can converge in random and cruel ways, and emergency installment loans may be the answer.
Natural disaster hitting your home. It happens every year to millions of people. An earthquake, flood, typhoon, hurricane, or fire sweeps through and obliterates your home. All of your assets are suddenly gone. Though insurance will eventually (hopefully) get them back, that can take a while.
In the meantime, how are you going to pay for your family to live in a hotel for a couple months? How are you going to advance the upfront costs of dealing with the initial fallout of such a disaster? This is when an emergency loan can be a lifesaver….during an emergency.
These are just a few examples of the ways in which life can go terribly wrong all of a sudden and wreak havoc on your financial situation. Regardless of how well you’re doing, it’s important to remember that we are all at the mercy of a chaotic planet and universe. It’s always good to have backup and contingency plans.