Learn About Personal Loans

What to Do in a Financial Emergency

Dealing with an emergency can put stress on your physical, emotional and financial wellbeing. Even though you may not see an emergency coming, you can still prepare for one financially, much like you might do for any of life’s big events. Some people plan ahead with insurance and savings. For many others, however, the emergency occurs without any advanced planning. In this case, you can apply for an emergency loan. This could be especially helpful if you don’t have enough money from insurance or savings to cover recovery costs, or worse, you might not have insurance or savings at all. Let’s explore the nature of emergencies and some payment options to see if you can find the choice that’s right for you. If it makes sense, we can show you how to get a quick loan to help cover costs to get you through.

What constitutes an emergency?

An emergency situation requiring financial assistance or an emergency loan is typically unexpected and requires immediate attention. Often, part of the immediate action includes paying for damages that may have occurred. Let’s say, for example, you’ve returned from vacation to find a leaking hot water heater. This isn’t a life-threatening emergency, but it does mean taking quick action to stop the leak, arrange a replacement and clean up the mess. The fix requires more than just paying for a new water heater. It may involve replacing carpeting and drywall or repairing flooring that has had flood damage. Costs can add up quickly. The same is true for many other emergencies. Fortunately, you have options in how to prepare for and deal with the aftermath of an emergency.

How to deal with an emergency

When emergencies happen, more than just money is spent. Your time and attention are most likely focused on resolving the issue. Often, you’re not focused on costs, but mounting financial pressure can quickly become a sobering reality. Gaining access to money as soon as possible is important. For those who’ve planned ahead and been able to build an emergency savings account, this is the time to draw from it. For those who don’t have the savings, it’s the perfect time to consider pursuing emergency loans that will help you get the money you need quickly with a streamlined process.

Consider these options related to the financial aspects of emergencies.

It’s always good to be prepared for the worst, not by worrying but by knowing your options. Put your emergency plan in place. Begin saving now, if you don’t have insurance, get it, and know that you can get an emergency personal loan from Discover for added security in a time of need.

1. http://www.bankrate.com/finance/savings/how-big-should-emergency-fund-be.aspx