Most people experience financial worries at some point in their lives. This may be due to unexpected costs including household emergencies, or unforeseen circumstances such as long-term illness preventing you from working.
In these situations, it is important that you know where to go to get advice and support. Fortunately, there are resources available to help you if you require emergency financial assistance.
With this in mind, here are some of the key places to turn for financial help.
Short-term loans can provide individuals with quick cash in an emergency i.e. you need to pay for medical bills or fund emergency home repairs. The main benefit of a short-term loan is that they typically have to be paid back within one year. This means that there are fewer interest rate payments. Short-term loans are also generally easier to qualify for than other types of loan agreements.
There are various different short-term loans available including payday loans, lines of credit, and invoice financing. Bridging loans can be another good option as they allow you to take capital out of your home and provide you with quick finance on a short-term basis. If you are considering taking out a short-term loan, then be sure to choose a specialist provider who has a quality track record and positive customer reviews.
Keep in mind that you should only ever borrow what you can afford to pay back. You must also have a clear plan in place to make the repayments so that you don’t get into further debt.
Family and Friends
Family and friends can be a valuable resource when you find yourself faced with financial problems. The main advantage of borrowing money from your family and friends is that you will usually have a much lower interest rate, which means you can reduce your overall debt level.
Accepting loans from family and friends may be difficult, but your loved ones are likely to be willing to help you in a financial emergency if they have the funds to do so. However, you should be aware that borrowing money from family and friends can cause strain on your relationship. If you borrow money, then be sure to set clear boundaries and have a plan in place to make the repayments.
This will avoid any awkwardness or uncertainty regarding when the repayments will be made. You can find lots of useful advice on how to borrow money from family and friends.
Government assistant programs
The government offers various grants and subsidies to support individuals and families who require emergency financial assistance. For instance, Temporary Assistance for Needy Families (TANF) is a government program that was designed to provide families with basic necessities such as food, housing, and so on.
The Medical Savings Programs is another government scheme that was brought in to help low-income individuals and families who are struggling to pay for medical expenses. There are many government programs available to help those struggling with their finances, so make sure you check whether you are eligible for support.