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The Most Common Financial Emergencies Americans Face Part 2

There are so many potential financial emergencies you could find yourself faced with.

You never know when a financial emergency could come up, leaving you struggling to find the cash that you need. At Your Loan Depot in Stephenville, we know how devastating a financial emergency can be, and the last thing we want is for you to have to live on Ramen Noodles or hot dog water soup because your emergency left you unable to put food on the table. That’s why we’re here to provide you with fast cash loans when you need them most. In our last blog, we touched on several financial emergencies Americans face every day. Here are a few more:

#6. Vehicle Expenses

Unfortunately, in most American cities, public transportation is inadequate. This is especially true if you work a job with irregular hours or you live in a rural area. That means that many Americans rely heavily on their vehicle to get them around, and if an unexpected expense comes up with your vehicle, it can be difficult in more than one way. For instance, if your car were to break down and it needed an expensive repair to fix, or it is beyond repair and will require replacement, not only will you have to figure out how to get the money for the repair or replacement, but you’ll also have to figure out how to get around in the meantime.

#7. Unexpected Travel

When most people think of travel expenses, they imagine luxury vacations on the beach, but not all travel is planned, nor is it all enjoyable. In some cases, you may find yourself with the need to get travel across the state, the country or the world at a moment’s notice, like if a relative gave birth or got sick. Airfare is expensive enough when you have the luxury of planning in advance, but it can be downright debilitating if you find yourself having to buy a last-minute plane ticket due to a medical or family emergency.

#8. Surprising Tax Bill

The good news is that most of us don’t have to think about filing our taxes any time soon, but when the time comes, an unexpectedly high tax bill can leave you scrambling to cover all of your expenses, especially if you were expecting a refund and ended up with a bill instead. This is expected to be a larger than average problem in 2019. The new tax law that went into effect in 2018 has allowed more workers to see more income on their paychecks, but there is a concern that many employers may not be deducting enough, leaving many more people unexpectedly owing taxes.

#9. Emergency Pet Care

Some people may scoff at the idea of pet care being a financial emergency, but most people understand how important pets are to their families. In fact, most pets are important members of the family, just like everyone else! But, if you’ve ever had to take your pet to the emergency veterinarian during off-hours, like overnight or on the weekends, we don’t need to tell you how expensive it can be. And, even if your pet is able to go to your regular veterinarian, an emergency surgery or another emergency treatment could set you back thousands of dollars.

#10. Sudden Move

There are many possible reasons as to why you may need to move out of your house unexpectedly. Maybe you’re renting your home month to month, and your landlord decided that they’d rather sell it instead. Maybe there was a gas leak or another emergency that makes living in the home unsafe for the time being. Or, maybe you can no longer afford the mortgage or rent payment for some reason. Whatever the reason, an unexpected move can be incredibly expensive and stressful, leaving you to figure out how to make it work while still putting food on the table.

When you’re facing a financial emergency, let Your Loan Depot help you find the cash you need.

In this blog series, we touched on 10 common examples of financial emergencies, but there are many more possible emergencies you could find yourself facing. No matter what kind of financial emergency you’re faced with, though, you’ll find the fast cash loan you need in Stephenville with Your Loan Depot. Contact us today to get started.

The Most Common Financial Emergencies Americans Face

Unfortunately, Americans face financial emergencies every day.

No matter how predictable and routine your life may be, all it takes is one emergency to flip it on its head. The truth is that you never know what life will throw at you; all you can do is to be as prepared as possible. But, the unfortunate reality is that many Americans simply don’t have the savings to weather the financial ramifications of most emergencies. Stagnant wage growth, high rent and lots of debt make it almost impossible for many people to scrounge enough money together to save enough to cover even a $400 emergency. But, the good news is that Your Loan Depot is here to provide you with the emergency fast cash loans you need in Stephenville and throughout Texas. Here are a few of the many financial emergencies we can help you through:

#1. Job Loss

Regardless of whether you are the one who lost a job or your spouse or partner did, it can be devastating. For most of us, our jobs are our biggest source of income, and that income is not easy to replace. Your best bet in a situation like this is to secure another position right away, but that’s not always possible. Sometimes, a short-term loan, like a title loan, is a great option to help you make ends meet until you are able to start getting paychecks again.

#2. Increase in Cost of Living Expenses

If you rent your home or have a flex-rate mortgage, then a fluctuating economy could quickly leave you with a monthly payment that is much harder to make. Or, if say the cost of gas went up, you may find yourself with higher utility bills than you’re used to and you may not be able to afford them. No matter the case, an increase in your living expenses can be hard to cover, especially if you’re already on a tight budget.

#3. Medical Expenses

In the United States, one in five working-age Americans who have health insurance have trouble keeping up with their medical bills. The rates of uninsured Americans who have trouble paying their medical bills are even higher, at about 53 percent. Whether or not you have insurance, a large medical bill can be crippling. Unexpected bills, typically resulting from a sudden injury or illness, tend to be the most troublesome for Americans, but even medical bills that you expect, like the ones you get from long-term treatment, can make it difficult financially for many people.

#4. Natural Disasters

On August 25, 2017, Hurricane Harvey hit Texas, leaving behind $125 billion in damage and taking the lives of 88 people. The flooding from the hurricane alone forced about 39,000 people to evacuate their homes. Many of the victims of Harvey undoubtedly faced severe financial hardship, even if they had flood insurance. But, not every natural disaster has to be this extreme to put Americans in a difficult financial situation. Even something as simple as roof damage caused by hail or a flooded basement after a rainstorm can put a family in a dire financial situation.

#5. Household Repairs

When household emergencies happen, they can leave Americans with huge repair bills that can be difficult to afford. While some of these repairs may be able to wait a few months for you to save up the money, some of them require immediate attention. For example, if your hot water heater were to break, it’s not really something you can afford to live without. You need hot water for everything from doing the dishes to taking showers, and you’ll be looking at spending up to $900 for a new hot water heater, plus another $200 or so for installation. Considering that 40 percent of Americans don’t even have $400 set aside for an emergency, you can bet that $1,100 will be difficult to come up with.

When you need fast cash for a financial emergency, you need Your Loan Depot.

No matter what kind of financial emergency you’re facing, turn to Your Loan Depot. We offer payday loans and title loans that can help you get the money you need when you need it most. Best of all, we can work with almost anyone, even if you have a bad credit score.

Contact us today about applying for a fast cash loan in Stephenville, and stay tuned for our next blog to learn about more common financial emergencies Americans face.

Most Americans Don’t Have The Savings To Cover An Emergency — Do You?

The Unexpected Emergencies In Life

Emergencies come up when we least expect them and they can take many different forms. They include sudden illnesses that requires immediate medical attention, or we may incur high costs associated with a trip to the emergency room and overnight stays at a hospital to care for injuries following an accident.

An unexpected emergency can be the heat suddenly going off on the coldest day of the year on the weekend when most HVAC businesses are closed. The charges for a specialist coming in on a Sunday afternoon on short notice to get your heating system working again will add up quickly.

There are many other possible emergencies we can experience, and sometimes we may even go through multiple emergencies in a single month, depleting our savings and setting us back financially.

The Money In Your Savings Account May Not Be Enough

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Medical bills can easily run into the thousands of dollars, exceeding what many Americans have at any given time in their savings accounts. According to a recent story in MarketWatch, most Americans don’t even have $1,000 in savings. In fact, about 62% of Americans have less than this amount in their savings account.

If you don’t have health insurance, a medical emergency can cost you way more than what you have in savings. Even if you do have adequate health insurance, your out-of-pocket expenses may still exceed what you have saved up.

Other emergencies can drain your savings too. If your car engine suddenly dies, auto mechanic repair costs can easily run into the thousands of dollars. A new water heater can cost over $900. If at the same time that you need that new water heater, your child suddenly develops a painful toothache and requires emergency dental services, your unexpected expenses for the month can quickly rise above your current savings.

When You Need Money Fast

There may be few options for you when you need money fast and you don’t have enough savings to cover your unexpected expenses. You can pay with a credit card, but your interest rate may be very high, or your limit may prevent you from covering the entire cost. And if you have bad credit, you may not even be able to use a credit card when you need it the most.

You can borrow from family members, but they may be experiencing their own financial hardships. Besides, borrowing from family can sometimes lead to strained relationships and other issues that you’ll want to avoid.

Another option is to take out a loan. At Your Loan Depot, we have programs in place to help you get the cash you need fast to pay for unforeseen expenses. We specialize in payday loans and title loans that can get cash into your hands quickly to cover emergencies.

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Fast-Cash Loans In Texas

If you live in Texas, you’re in luck — Your Loan Depot has several locations to serve you. Get in touch with the office nearest you, whether it’s in Mansfield, Corsicana, Houston, Stephenville, or any other one of our convenient locations. Our fast-cash loans for Texas residents are easy to qualify for, and our knowledgeable staff is ready to answer whatever questions you may have. Apply today!

These Are The Most Common Financial Emergencies Americans Face

Unfortunately, life is full of uncomfortable — and often expensive — emergencies. Sure, planning for a rainy day is possible. But what about when the emergency hits and your savings account is depleted? Sometimes, you just need cash fast. If you’ve gone through or are going through any of the financial emergencies below, consider getting a fast cash loan through Your Loan Depot in Texas. We’re here to help you get back on your feet.

Medical Emergencies

Whether you have health insurance or not, medical emergencies are still expensive and can put a damper on both your savings and checking accounts. Additionally, there are some medical emergencies, like the family dog needing surgery, that are so far off our radar that we really don’t plan for them.

  • You or your loved one. Planning for a medical emergency doesn’t mean it’ll happen. It simply means you’ll have the money to deal with it if it does happen. Of course, you never know what the medical emergency will be, when it’ll happen, or how much it’ll cost. If you’ve been saving and something happens and you don’t have enough, a payday loan or title loan can help supplement the difference.
  • Your teeth. You take care of your teeth and go to the dentist for annual checkups, but what about when you need an expensive root canal or accidentally chip your tooth? This is an often-overlooked scenario that could be costly.
  • Your pet. Our pets are our family, right? But if a pet is injured or needs a surgery and your finances are tight, it can be an uncomfortable situation.

Changes In Jobs

If you or your spouse changes or loses a job, you’ll be dealing with a lot of emotions. If you’re getting your dream job across the country, you’re likely excited. If you lost your job or got laid off, you’re most likely feeling dejected. With both of these situations, however, there’s reason to be anxious about your finances.

  • You lost your job. Whether you had notice or were completely surprised with the change, this is a huge strain on finances. If you don’t have a job lined up immediately afterward and you don’t have much in savings, a payday loan or title loan can make all the difference.
  • Your spouse lost his or her job. When you and your partner decided to be together, you decided to help each other through the thick and the thin. If you’ve been living with two incomes and one is suddenly lost, the effects could be devastating. Hopefully, you were saving all or some of the second income in case of an emergency like this. If not, consider getting the cash you need through a payday or title loan company until you can start paying bills again.
  • You’re getting a new job. This could result in a sudden move across the country or simply across town. Either way, it could be expensive. Your new company will likely cover some expenses, but not all. You’ll also be taking time off of work to get everything done that you need to for the move, which means less time you’re working and earning money.

Unexpected Repairs

Part of the responsibility that comes with owning a home or a car is being able to pay for repairs. Unfortunately, not many of us plan for either of these situations. Whether an accident that was or wasn’t your fault, a natural disaster, or a crack in your foundation caused the need for repairs, your insurance most likely won’t cover the whole bill. Many Americans go into more debt because they don’t have enough money in their savings for unforeseen, but necessary, repairs.

Unexpected Travel

You don’t want to seem morbid, but you also need to be prepared for unexpected travel, which often occurs because of death. If your friend or family member is dying or you need to attend a funeral, it’ll be expensive. Flying is expensive even if you plan ahead! When you buy a plane ticket to visit your hospitalized family member, you’re likely not planning in advance. In a situation like this where you need cash fast, you could opt for a payday loan. Don’t let your finances keep you from being with your friends or family in a time of need.

Unexpected Financial Changes

Everything we’ve talked about thus far involves emergencies that will cost you money. But what about when there’s a change in something you already owe or earn? Will you have enough in savings to make up for it?

  • Large tax bill. You may not know how much you’ll owe in taxes, but not saving up for tax season could be detrimental. You’ll want to make sure you have enough to cover them.
  • Loan payment increases unexpectedly. Do you have a loan, such as a mortgage or a student loan, that you regularly make payments on? If your repayment plan is based on your income or on interest rates, you could see your payments increase significantly.
  • A commission-based job. If you have a commission-based job, then your paychecks will vary from month to month. Perhaps you’re out of the office for a few days or you don’t make as many sales as you typically do. If this happens and your paycheck doesn’t cover your monthly bills, a fast cash loan could help.
  • Frozen account or reduced credit line. If you don’t have sufficient funds in your account or if a debt collector collects on a past-due debt, your bank can freeze your account or reduce your credit line without warning.

Planning for any of these events isn’t necessarily fun. But by planning ahead and having money for a rainy day, you can save yourself a lot of stress and have financial peace. If you’re not quite there yet, don’t worry. Many people face these financial emergencies without much in their savings accounts. Get a fast cash loan through Your Loan Depot in Texas, get through the emergency, pay your loan back, and then start saving for the next time an emergency comes up.