| Instant Emergency Loan Application and Preparation |
| By Credit Federal |
Published
04/26/2009
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Debt Help
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Instant Unsecured Emergency Loan Funds are Better than Secured Loans
When you need an emergency loan you need it right away - otherwise it wouldn't be a true emergency, right? And when you are faced with such a crisis, you're willing to accept any costs to get the money you need, including signing over equity or agreeing to pay high interest rates. The best solution; however, is to pre-fund an emergency loan fund and treat it like a loan - meaning pay yourself back to cover other future emergencies.
One of the fundamentals tenets of financial planning is you should build up enough of a cushion to withstand an unexpected financial emergency. When you're already struggling to make ends meet, having an emergency; or two, arise is the last problem you need.
Things happen all the time. Your auto needs new tires. Your insurance premiums have gone up. Your child needs a root canal. Your spouse is laid off work. Certainly you can conjure several other examples yourself.
The mere thought of a high cost emergency can be devastating, especially to someone who isn't prepared. If you don't have an emergency fund setup, you can still overcome a crisis by being financially savvy. Remain as focused as possible on the solution rather than the problem. Take it step by step and prioritize. Sit down and organize and figure out what needs to be paid immediately and what can wait. There are expenses that you must continue to pay:
- Your mortgage or rent - a prime area reviewed by creditors
- Utilities - not being able to keep lights on concerns creditors
- Car payment - so you can still get to work or look for a job
- Health, homeowner and car insurance - for emergency protection
Lay out your expenses so you know where your money's going and immediately - repeat IMMEDIATELY, cut out luxuries to free up money to pay for priorities.
Analyze all your resources. What are the things that will help you bridge the gap? If there are no emergency savings, you need to take stock of assets, liabilities, income expenses. Is there equity in a home that you need to tap? Are there retirement funds that you may need to get you through your financial crisis?
If you cannot make bill payments even after eliminating all extravagant spending, perhaps it's time for professional assistance, like credit counseling or debt management to make monthly bill payments lower, or if you're far too deep in debt maybe you should negotiate debt settlements with creditors and bill collectors.
Read more of our helpful tips and advice on dealing with emergency situations
Bank Emergency Loan Program
Emergency Loan Funding
Visa Emergency Savings Survey
Will Credit Crisis Affect Me
File Bankruptcy or Survive Credit Crisis
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