How To Handle An Emergency With Limited Emergency Funds?
Did you come up short on funds during an emergency? Our ACCESS LOANSTM product can help. Read on for more tips on how to handle this situation.
Things don’t always go as according to plan. Sometimes you have an emergency expense that far exceeds what you have in your emergency fund. What you should do when this happens? The best way to handle this type of scenarios is to get an emergency loan.
5 Things To Do When Your Emergency Fund Comes Up Short
1. Make Only Minimum Payments
While it is smart to pay as much as you can on your credit card and other debt, you should put this practice on pause when you’re in the middle of a crisis. Pay only what you need in order to stretch out your emergency fund. You can always get back to paying larger amounts when your financial situation gets back to normal.
2. Get A Convenient Loan
If you find yourself needing more money than your emergency fund or savings can cover, apply for a loan from a lender you can trust. Our ACCESS LOANSTM products provide convenient loans with fixed rates and competitive terms. These products are perfect for emergencies because the application process is easy and takes only few days. A loan can help manage your financial stress and alleviate the pressure of needing to produce a large sum of money all at once.
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3. Negotiate What You Can
Before you try to solve problems head-on, try to negotiate with authorities first. For instance, you could ask for a payment plan or discounts if you can’t afford to pay the bills. Most institutions tend to be accommodating in an emergency situation. You could also ask if there are non-profit organizations that could provide assistance. Most of the time, you simply need to be patient and persistent to find people who will help you.
4. Shop Around
If your emergency involves a major repair or replacing a major item or furniture, always look for other options. There is a higher chance you may find another store that offers the same item for a lower price or with discounts. Always opt for the most affordable options in times of crisis.
5. Make Extra Money
If it’s possible, try to get a side hustle or a part-time job. You can find various part-time jobs online, both temporary and permanent. Having another source of income is great even after your life has returned to normal because it can serve as a fallback in case of another financial emergency. It can also help you build up your emergency fund and achieve your financial goals faster.
If you are struggling with an emergency or have recently gone through a crisis that left your finances deflated, our ACCESS LOANSTM product can help you get back on your feet. Apply now.
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* ACCESS LOANS™ products are offered by Safra National Bank of New York (“SNBNY”) Member FDIC, Equal Housing Lender.
