How To Handle An Emergency With Limited Emergency Funds
Did your emergency fund come up short during an emergency? An employee loan program can help. Read on for more tips on how to handle this situation.
Things don’t always go according to plan. Sometimes you have an emergency expense that far exceeds what you have in your emergency fund. What should you do when this happens? The best way to handle this type of scenario is by getting an employee loan program.
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 off 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 An Affordable Loan
If you find yourself needing a large amount that your emergency fund or savings cannot cover, apply for an affordable loan from a lender you can trust. Access Loans’ employee loan programs don’t only have fixed, low interest rates but also competitive repayment terms. These are perfect for emergencies because application is easy and takes only a few days. A loan can help manage financial stress and alleviate the pressure of needing to produce a large sum while also keeping you from taking on bad loans.
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 are ready to accommodate to some extent. You could also ask if there are non-profit organizations you can ask for help. 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 is 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, Access Loans’ employee loan programs can help you get back on your feet. Apply now.
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* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).
