How To Cope With Emergency Expenses
In a time with so much inflation and trying to make ends meet, many families find it challenging when there are emergency expenses. It could be a co-payment for an emergency room visit, needing a dentist for a toothache, or a water heater suddenly needing replacing.
As much as people try to save and plan for emergency expenses, some situations just seem to hit out of the blue. It can be even worse if you have several strike at once.
However, there are ways to cope with emergency expenses and deal with them. You need to know the strategies that will help you through the tough times and get back into the groove of normal living. Anyone dealing with this should look at the five steps below.
Ways To Deal With Emergency Expenses
1. Rework Your Bills
No one likes to put off paying bills, but some emergencies just can't wait. Some bills, like credit cards, can be reworked to offset some costs. Even utility companies are working with customers who are having tough times.
Call the credit card companies and utility companies and ask for a deferred payment plan. Many have these options for when customers have emergencies. You can even call your mortgage company and ask for one also.
The only disadvantage here is it can take a week or so to get this plan in place. Mortgage companies take longer, up to a month. However, you can use the money you would normally pay the bills with for your emergency as long as you are pretty certain you will get approved for a plan.
You will have to probably miss a payment and pay additionally on the next bill if you aren't approved. That will be a hit on your credit score but it's recoverable as long as you make your missed payment and start back paying your bills on time.
2. Get A Personal Loan
Some banks and credit unions offer personal loans if you keep money in your account. Those loans start at $500 or $1,000 and they will automatically deduct payments over the next few months from your account.
The disadvantage of this option to pay for emergency expenses is that those with bad credit may not be approved.
3. Make Some Quick Side Money
Many websites exist now where you can make some quick cash working from home. You can get on board with a job platform that offers remote work, have a yard sale, or put something for sale online to get quick cash.
4. Pull From Your Retirement
Those who have 401Ks, pensions, or retirement funds can borrow from the fund for emergency expenses even though they haven't retired. Typically, you have 60 days to pay it back before you will face tax penalties. It's always great when you can borrow from yourself.
5. Get A Title Loan
A lot can be said about using an emergency vehicle title loan when you need some fast cash. Those who own their car free and clear have a type of equity in it because it has some value. You can borrow against that value to pay for emergency expenses.
The secret to making this work for you is going with a reputable company like Mississippi Title Loans, Inc. This company offers payday loans, signature installment loans as well as title loans.
You can borrow between $300 to $2,500 in an emergency vehicle title loan from Mississippi Title Loans, Inc. You will need three things to apply and those are:
- A clear title to your vehicle that is in your name.
- Your vehicle itself, for inspection.
- A pictured ID like a driver's license or state identification.
How Do You Get A Title Loan?
The title loan process starts by filling out an online inquiry form found on the website. A loan representative from a store location near you will call to explain the process and answer questions.
You can set an appointment to come into the store or meet the loan representative at another location of your choice to file the application and do the vehicle inspection. That part of the process goes by quickly and can be completed in as little as a half hour.
The money will be available to you either that day or the next business day once you are approved.
Title loans offer a couple of advantages over other ways of getting money for emergencies. They are much faster than banks and credit unions in getting a decision as well as the cash. It allows you to still meet all your other obligations and you can keep your car while you repay the loan.
Also, those with bad credit or no credit can still apply.
Submit A Form To Get Started Today!
You can get more information about an emergency vehicle title loan by filling out the online form today. It's one way to cope with emergency expenses and still stay on track with all your other bills. Find out how Mississippi Title Loans, Inc. can help you today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.