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When faced with a financial emergency it can be difficult to get this back on track, particularly if you are out of a job as a result of the pandemic. However, it is not impossible with a few simple tips and tricks. In this article, we will be providing you with the top 3 ways that you can get the funds you need should you be faced with a financial emergency.
Consider A Credit Card
When you are struggling with your finances it can seem like an impossible task to get your finances back to a stable state. However, by using a credit card, you can pay off any unexpected loans that you have at this time and spread the cost over a few months. Each credit card has a different borrowing amount allowing you to cover all your bills at this time without damaging your finances too greatly.
A credit card can be applied for through your bank or online and can have the card with you within a week or two as long as your credit score is high enough to qualify. By checking your credit score beforehand, you will be able to make sure that you are getting the funds you need in a financial emergency.
Borrow Money From Family And Friends
If you are looking to steer clear from credit cards then borrowing money from your friends and family is one of the few ways that you can get the funds that you need as soon as possible. This can then be paid back either in one huge repayment or you can pay it back over a few months to make sure that you are paying them back slowly in a way that will not damage your credit score.
Whether this is a small amount to pay for a flat tire or you are looking to borrow a larger amount for a boiler repair, borrowing from a family member or a friend is one of the few ways you can final alternative finance without damaging your credit score at this time to benefit you as a result.
Apply For A Loan
The final way that you can get alternative finance that you need in a financial emergency is applying for a loan. With several loans out there for you to choose from such as Short-term loans or a payday loan, you can apply with ease online and have the money within your account within the next few days. This will enable you to take this money and pay off your unexpected bills with ease and leave the damage to your credit score whilst enabling you to pay off all your loans on time. The loan can then be paid back in simple monthly instalments.
With this in mind, there are several ways that you can get your emergency funds in the time frame that you need withoutdamaging your credit score. Which of these tactics will you be using in the face of a financial emergency this year.
