53% of Canadians say they would be unprepared for a $1,000 unexpected expense. Building a nest egg in today’s world can be a challenge. Yet, life is full of surprises where you might need some money that is a larger amount than what you have tucked away.
So, what do you do when you don’t have the cash flow you need? One option is to apply for a loan.
Short-term loans can help to resolve a cash crisis when you need money. Read on to learn about some times when a short-term loan could help you out.
1. Emergency Expenses
Life is full of surprises, some of them unpleasant and expensive. You can never know when an emergency will come your way.
You could suddenly have funeral expenses, an unplanned vet bill for your beloved pooch, or a plumbing bill to fix the toilet that will not unclog.
The truth is that being an adult means life is full of surprises, sometimes unwanted, expensive ones.
If you need emergency money, a short-term loan will help cover the expense while you work out the emergency.
2. Home Remodeling
If you’ve recently purchased a home, you might be eager to get started doing some home remodeling or renovations. Many new homeowners face problems because they’ve used their cash flow to get into a home and don’t have the funds for renovations.
A homeowner might also plan and budget for a home renovation project only to get some costly surprises once they start. Sadly, home remodeling often comes with added expenses you can’t anticipate.
A short-term loan would help to address those unexpected renovation costs or allow you to tackle a project you want to be done now.
3. Start-Up Costs
There are 1.22 million small and medium-sized businesses in Canada. All of them need financing to operate.
It’s not uncommon for small businesses to struggle with financing to get started.
A small business might need some financing for inventory, marketing, advertising, or even office supplies to get its business going.
Some businesses get started and find they are struggling with cash flow. While the business is up and going, sometimes their accounts receivable don’t come in quickly enough.
Small businesses can benefit in various ways by taking a short-term loan to get some cash into their business.
4. Large Unexpected Purchases
Emergencies occur all the time in regular households. For that 53% of Canadians, though, those emergencies can be challenging without the finances to handle them.
Maybe your car stops running. Maybe your furnace breaks down. Maybe your washer or dryer stops running, and your family produces a lot of dirty clothes.
Large unexpected expenses can put your family budget into turmoil and make it hard to recover. A short-term loan can help ease the burden of a large unexpected expense for your family.
Sometimes you can’t always plan for those large purchases.
5. Vehicle Repairs or Financing
You already know that without your car in good working order, you can’t get to work and collect a paycheck.
Unexpected car repairs can be expensive and often hit at the worst time.
If your budget is unprepared for a car repair that throws your life into turmoil, a short-term loan might be just what you need.
Likewise, you might need some cash to make a vehicle purchase. Maybe you’re hoping to buy a small boat or a motorcycle, and the short-term loan will be just what you need to make that purchase.
6. Moving Costs
If you’re about to move, you may face a laundry list of expenses. Whether you’re moving locally or long distance, moving requires extra cash.
You may have used up saving reserves for a security deposit or furniture needed for your new place.
When it comes to the actual move, you might decide to make a move yourself, buy boxes to pack, and rent a moving truck. You may opt to hire movers to assist in the tenuous process.
You might face a cash shortage with all the related moving expenses. This is a good time to seek a short-term loan.
7. Medical Expenses
You can never plan when you or someone you love will face a medical crisis.
Maybe you need a trip to the emergency room because of an illness. Perhaps you’ve been in an accident and have long-term medical needs to heal.
This might also mean you’ve missed some work on top of having additional medical expenses.
A short-term loan could help get you back on your feet when facing a medical crisis.
Sometimes in life, you just need to treat yourself with a getaway. Nobody recommends taking out a loan every time you feel like you need a vacation.
Yet, you might be planning a trip for a special occasion. Maybe you’re planning something special for a honeymoon trip that requires a little extra cash.
A short-term loan can help with the cash you need to plan a memorable getaway. Maybe you need a deposit for a once-in-a-lifetime cruise.
9. Wedding Expenses
If you’re getting married and planning a wedding, you know there are plenty of expenses in your life right now. Whether you’re paying for deposits for your big day or covering other related expenses, a short-term loan can help.
When you get married, you usually combine households with your new spouse. This is another time when cash flow can be a problem, and a short-term loan would be helpful.
Short-Term Loans When You Need Them
Life is full of unexpected events that can have you facing a cash flow shortage. A short-term loan could help you get over the hurdle you’re facing.
If you need a short-term loan, we can help. Learn more about our no-credit-check loans today.