What we do
Money in an Emergency
The unexpected is bound to happen to everyone at least once in their lifetimes. Car repairs, a pipe that bursts, or a trip to the veterinarian can be expensive. Paying for any one of those incidents and still having money for living expenses may place people in a financial bind.
The Real Problem
Emergencies are not an issue for people who live within their means and have a savings account. They can simply go to an automatic teller machine (ATM) and withdraw what is needed. The real problem is that most people do not have the skills to manage money these days. The concepts of saving money, spending only the money earned, and waiting to purchase a desired item are beyond working adults.
Credit cards, peer pressure, and marketing strategies have the majority of the population believing they are entitled to whatever they want immediately. The distinction between a need and a want ranges from clouded to non-existent. People tend to measure success by the size of their home, the model of their vehicle, and how many electronic devices they own.
How to Pay for Emergency Expenses
Adults live beyond their means so any emergency leaves them scrambling to cover the costs. Those car repairs are essential to get back and forth to work so it cannot wait. Pipes have to be replaced to avoid flooding, and the pet will die without medical attention. Panic and desperation set in and people may turn to payday loans to get quick cash. There are a few alternatives to payday loans.
Installment loans are similar to payday loans in that there are minimal requirements and cash can be available fast once approved. The important difference is that the loan can be paid off in installments over a six to twelve month period instead of in full out of the next pay check. Experienced lenders, such as Blue Trust Loans, offer this type of loan to be more affordable to customers.
Compare companies before taking out a loan. The interest rates and fees for partial, late, or non-payment will be much higher than those of traditional lenders. Some people have no choice because their credit rating excludes them from bank or credit union approval. The income amounts, amounts offered by the lender, and fixed payments will vary greatly. Blue Trust Loans, for example, will lend people up to $1,250.00. Some will lend only $800.00 while some lend more.
This project was last updated 2 months ago