Payday Loans
How to Deal with a Financial Emergency
(presented by www.payday-loans-advance.net - payday loans)
By Robert Andrews II
Are you in a financial crisis and looking for a solution to your problem? The best way to handle a financial crisis is to avoid it or at least plan ahead for it in the first place. If you haven’t planned ahead you’re not alone so don’t worry.
Financial emergency can mean different things to different people so it’s not possible to give specific advice. For arguments sake, let’s say you require 1,000 dollars in 7 days. Here are six possible solutions:
1. Emergency Fund
If you had an emergency fund, you obviously wouldn’t be in a financial crisis. Remember how you feel now and when this crisis passes start saving percent of your income in a special account for emergencies. Your next cash crunch is coming. You just don’t know when so you might as well plan for it now. Planning ahead is always the best course of action.
2. Friends & Family
Family and friends may be willing to provide short-term cash. These ought to be people who know, trust, and respect you. Don’t be embarassed, almost everyone faces financial emergencies. Friends will be more understanding than bill collectors and banks. Best practice is to put it in writing and honor your commitment to repay the loan on time. No excuses…or these people may not be your friends much longer.
3. Employer
Consider asking your boss for an early payday. You’re going to have to get over any embarassment you may feel. There’s nothing to be ashamed of because financial emergencies are not uncommon. And you won’t get what you don’t ask for.
4. Credit Cards
Pay the bills directly with a credit card or get a cash advance. The interest rates on some credit cards is high but don’t be over concerned with interest rates on short-term loans for small amounts. The interest is usually waived if you pay off the balance on your next billing cycle anyway. An you’ll only pay 50 dollars interest on 1,000 dollars borrowed for 90 days even at a high 20 percent interest rate. That’s probably a lot less th!
an some
of the exorbitant late fees some utitlity companies and others charge.
As a last resort, payday loans offer up to 1,500 dollars cash with no credit checks. Paying a high interest rate one time to protect your credit rating for the long-term may be a good decision.
6. Internet Auctions
Do you have something of value that you could sell on eBay? eBay has auction periods as short as hours, but the longer the auction the more bidders and the higher selling price you’re likely to attract so a or day auction may be best if you can wait that long. Depending on the buyer, you could have your funds the same day the auction ends or a few days later.
There are many other ideas to numerous to mention here. Creative thinking is the key. When this financial crisis ends, think about the next one and start saving 10 percent of your take home pay in an emergency fund. It requires discipline. You’ll probably have to sacrifice by avoiding some purchases you’d like to make but you’ll be glad you did.
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