Cars need repairs, appliances break down, friends need assistance, and other emergencies happen almost every day. Yet mostly through no fault of their own, many people are not ready for these events. Most families are too busy living to save money. Over a third of families have no savings at all; most of the rest have less than $1,000.
When these emergencies arrive and there’s no cash to deal with them, you need a resource you can rely on. While several options are available, Northcash online loans may be your best choice.
Using a Credit Card
Credit cards are very convenient for many things. However, they are not convenient for all things. Many times, only cash will do. In situations like these, a cash loan is clearly preferable to a credit card, especially if it’s a short-term loan that virtually everyone qualifies for.
Such short-term loans also encourage good borrowing habits. These loans are paid off quickly and usually involve small amounts of money. On the other hand, credit cards encourage irresponsible borrowing. The convenience means that many people borrow money to pay for luxury items. Moreover, with such small minimum payments, most people end up paying two or three times more money than they would otherwise.
Borrowing from Friends and Relatives
If available, this option is often the best way to raise short-term emergency cash. Relatives and friends seldom charge interest and almost never run credit checks. Furthermore, they may not even expect payment, or may not expect repayment anytime soon.
Unfortunately, this option is not available very often. Personal relationships and financial matters are often a volatile mixture. It’s hard to enjoy a dinner with someone when ta very large unpaid bill has poisoned the situation. Moreover, it often takes time to raise money in small amounts. Many times, that time simply is not available.
Perhaps most significantly, because of the aforementioned savings statistic, there is a good chance that your friends or relatives may also be in precarious financial situations. While they may be willing to lend money, they may simply not have the means to do so.
Putting Off the Expense
Delaying the inevitable is usually a bad idea. But in the absence of any other choices, this approach may be a good idea. A semi-working appliance may remain useful for several weeks or months.
One problem is this option assumes that your family’s financial situation will be significantly better in a few months. That’s usually not the case. Moreover, delay usually makes the situation worse. If you keep driving a car that needs work, it may soon become unrepairable. Finally, some situations cannot wait. If a friend is in jail, delaying the expense a few weeks is not really possible.
Taking Out a Short-Term Cash Loan
When emergencies arise, these loans usually have the fewest question marks. To be sure, there are some downsides. Since there is no collateral, the lender takes a big risk. Therefore, the interest rate is very high. So, it’s important to use the good borrowing habits mentioned above. Do not take out a short-term cash loan if you cannot repay it in full on or before the due date.
The positives far outweigh the negatives. Some of the perks of a short-term cash loan include:
- Private and confidential transaction,
- Fast approval and funds delivery,
- Cash in your account, and
- Clear loan terms.
If you face an unexpected emergency, make the responsible choice and partner with a short-term cash loan vendor.