If you’re like most people, you don’t have extra money lying around waiting for a reason to be spent. You worry all the time about emergency expenses that can leave you choosing between having the lights on and feeding your family. You never know when emergency expenses might arise, but when they do, you need a way to take care of them and keep your finances in order. You know that if a bank does a credit check, they aren’t going to help you out – and you need another solution. A same-day loan can be the answer to your problems.* It’s time to explore how online loans work best when emergency expenses come up.
What Are Some Common Emergency Expenses?
Even though they occur suddenly and unexpectedly, emergency expenses are common. Some of these emergency costs can put your finances in a tailspin. Here’s a look at a few of the most common.
Illness and Injuries
Sometimes, you get sick or injured, and you must see a doctor for treatment. Unfortunately, illness and injuries can create a double strain on your finances because you have to pay to see a doctor and for any prescriptions, while also losing income if you’re not able to work.
Car Repairs
You rely on your car to get you back and forth from work, to pick up groceries, and to help your family. When the car breaks down, the bill can leave a strain on your budget, but you have to have the repairs done.
Home Repairs
When a pipe bursts or you notice water leaking through your roof, you need to take care of it immediately. There are many things that can require repair around your home. However, this unexpected emergency expense can leave you broke with no way to pay for food or other normal expenses.
What Is a Same-Day Loan?
If you’ve ever tried to get a loan from the bank, you know that it can be a long and drawn-out process. It seems like after you provide all the information they ask for, they call and ask for more. A same-day loan is one that you apply for, get approved for, and receive funding all in the same day. In some cases, these are online payday loans or a fast loan advances. Same-day loans are also available as installment loans.
If you opt for a payday loan or a fast loan advance, you may find yourself struggling to repay the loan while meeting your regular bills. You may want to look for an online loan that offers installment payments with same-day deposit. The company loans you a set amount of money, and you pay it back on a set schedule for a predetermined number of payments.
An installment loan, like MaxLend offers, allows you to know how much money you need to repay each payment. You’ll be able to gauge how it will impact your budget and existing bills. You also know how many payments you need to make and the amount of each one. An installment loan typically allows you to pay off the loan over a longer period of time than a payday loan. You may find that it’s easier on your budget while getting you the money you need now.
Benefits of an Installment Loan
When emergency expenses are more than you can afford, you have choices in how you borrow the money. You’ll find that installment loans come with benefits that could make them a smart choice for you. These benefits include:
- Higher borrowing capability: Because you aren’t expected to repay the loan in full on your next payday, you may be able to borrow more than you would on other types of loans. This may help you with emergency expenses.
- Consistent payments: The repayment of your installment loan is divided into a number of payments. You won’t have any unpleasant surprises that leave you looking for more money to make your payment.
- Fast funding: When you find a same-day loan company that offers installment loans, you may be able to get the money you need quickly. You don’t need to spend a week working with a bank and waiting on an underwriter.
You can take charge when emergency expenses happen.
Choose MaxLend When Emergency Expenses Are More Than Your Budget Can Meet
Emergency expenses can hit you hard, but you have options. At MaxLend, we take pride in offering installment loans of up to $3,750. You can repay your loan with installments over nine to 10 months. If it suits your needs, you can also pay back the loan early without penalty and potentially save on fees. We make sure that you understand the terms of your loan and repayment schedule. Same Day Funding is typically available on business days.* You can complete your confirmation call 24/7, making it more convenient for you. We also offer the MaxLend PREFERRED Rewards Program to reward returning customers. Apply online or contact us now.
*Same Day Funding is available on business days where pre-approval, eSignature of the loan agreement and completion of the confirmation call, if a call is required, have occurred by 11:45 a.m. Eastern Time and a customer elects ACH as payment method. Customers who complete this process by 1:30 p.m. Eastern on business days may still receive funds on the same day, but some banks may not disburse the funds until the next business day. Other restrictions may apply. Certain financial institutions do not support same day funded transactions. When Same Day Funding is not available, funding will occur the next business day.