Reports show that 64% of Canadians have adequate emergency savings that they can rely on. Making up more than half of the Canadian population.
But what about the other 36% of Canadians who don’t have emergency savings? If this is the case for you, you will need to have other options in place.
Emergency expenses are bound to come up in everyone’s life at some point. This could be the water heater dying or your car breaking down on the side of the road.
There are so many emergencies that can come up without you being prepared for them. Because of this, it is important to have something to fall back on.
Even if you are broke, there are certain things that you can do. Keep reading to find out how to pay for emergency expenses that come up.
Ask for a Loan From a Loved One
If something comes up in your life that needs to be fixed immediately, you may not be prepared. If you don’t have emergency savings, it can be hard to know what to do.
Many people end up having to turn to friends or family members for help. Asking for a small loan to help them cover these emergency expenses.
These are usually short term loans that you pay off as fast as you are able to. This will depend on the person giving you the loan and what the two of you agree on.
If you are borrowing a loan from a loved one, you should be upfront with them. Let them know how much you need and how quickly you can pay them back.
You could even set up a payment plan each month so that you have a deadline to meet. It just depends on the situation and the person giving you the loan.
If you choose this option, you need to make sure you can pay them back. Don’t borrow money from someone without knowing that you can repay them in the future.
Sell Items You Own
If you have a sudden expense come up, you may have limited options for paying for it. One thing that most people can do is sell their old items.
Selling items that you already own is a great way to earn some extra money. This can help you to collect enough to pay for whatever expenses have come up.
You don’t even necessarily have to own anything of high value, as many items can be sold. You could sell furniture that you have or sell jewelry to a pawn shop.
You could also sell gently used clothing if you have a lot that can be sold. Any little bit counts and can quickly add up to help you pay for this expense.
If you have items that are worth something, these are great pieces to sell. You may not want to sell these items, but it may be necessary if you have emergency expenses.
Apply for a Loan
If your emergency expenses are quite large, you may need to consider online loans. These allow you to get fast loans to help you cover these expenses.
Loan services like EasternLoans provide fast loans in Canada. These are no credit check loans that almost anyone can get access to in a pinch.
These are the best options if you don’t have an emergency fund and have a large expense. Maybe your car broke down, or your roof has a leak that needs to be repaired.
These are significant emergencies that you need to fix as soon as possible. Online loans can help with this and are available to most people who need the money quickly.
You will also have access to short term loans if you need a smaller amount. These are easy to pay back, so you won’t have to owe money for very long.
Ask for a Personal Favor
If you have an expense that has come up suddenly and needs to be resolved, you may not have many options. One thing you can do is call in a personal favour.
This is going to depend on what the emergency is and who you know. If your car has broken down, maybe you could ask a friend or family member to fix it for you.
You could do a favour for them in the future or pay them what you have for their effort. If you have a leak in your home, you could ask a loved one with experience to fix it.
If you know someone who can help you, you can always ask for a favour. Most people are more than happy to help if you are in a tight financial position.
This can also be more realistic than asking a loved one for a loan. Not everyone has money to give, but they can offer their experience and time to help you out.
Use a Credit Card
If emergency expenses come up and you are broke, you could always rely on a credit card. This isn’t the best option, but it can work if you have no other options.
You can use a credit card to pay for an emergency expense very fast. This gets it out of the way so that you don’t have to worry about it.
Though you should only do this if you can pay off that credit card expense. You should be able to pay it off before the interest starts to accumulate and gets out of hand.
How to Pay for Emergency Expenses
If you are broke, you may not have many options if emergency expenses come up. Though there are some things that you can do to pay for these expenses.
Do you need to get no credit check loans fast? Contact us today at EasternLoans for fast loans in Canada.