Despite all the reminders about how things can suddenly change when you least expect it, a lot of people still don’t save. For others, it’s because they do not earn enough to cover their basic needs, much less set aside a certain amount every month. Others, even if they have the money, use it somewhere else and ignore the uncertain future.
Whatever your reason for not being able to save is, when emergencies arise, you will need a different source of funds. Here’s where you can turn for help:
In West Valley, plenty of lending companies now offer personal loans to address emergency needs such as yours. There’s no limit to where you can use the money, but as a responsible borrower, you should not use it to fund unnecessary expenses. Pay the loan on time so you will not be burdened by compounding interests later on.
Some companies offer cash advance to their employees. If this is something you remember being discussed during your onboarding, it won’t hurt to ask human resources for a refresher when you need emergency funds. Even if you’re not sure, just ask and your company might have something for you. Alternatively, a cash advance is also available through certain credit cards, but you will need to contact your bank for the terms.
Line of Credit
If you’re paying the mortgage for a property, the payments you’ve already done can be used as equity, which you can get through a lump sum or line of credit. You’ll need to talk to your lender about this, and the amount depends on how much you’ve already paid. Note that this may extend the payment for your house, as you’re essentially borrowing against what you’ve already paid, and you’ll have to pay it back again.
Emergencies will arise for both savers and non-savers. Know your sources of funds for these occasions.