7 Situations in Which You Might Need a Short-Term Loan

Life can sometimes throw a curve ball  that creates unexpected expenses, prevents you from paying your bills, or causes situations where you don’t have the money to pay for something you or your family needs. Fortunately, I’ve found that short-term loans can often provide a quick and easy solution to money needs by offering the cash up-front — and the time I need to pay it back later.

While everyone’s lives and situations are different, the scenarios listed below are all among the most common reasons for when you may find yourself short on money. A short-term loan, such as a cash advance, installment loan, or title loan, can often be an ideal solution to get the money you need quickly to pay for these unexpected situations and get yourself back on track.

Loss of a Job

Even those who work at the most stable and secure workplaces can experience unexpected layoffs and terminations. Aside from the emotional aspects that often follow unexpectedly losing a job, the financial implications are always far greater — especially if you’re one of the estimated 78% of people living paycheck to paycheck.

Losing your job can put you in an immediate tailspin when it comes to taking care of your financial obligations, mainly in regards to bills, house payments, food, and gas. I’ve been there and know how stressful losing a job can, but thankfully a short-term loan can keep you afloat while you interview and transition to your next job.

Car Repairs

An unexpected car repair is one of the primary reasons many people obtain short-term loans. The reason? Car repairs are expensive! Even small repairs can rack up high costs due to labor. Unfortunately, car issues always seem to happen at the worst times, and the bills are usually higher than what most of us can afford up-front.

In my experience, repair shops rarely offer payment plans, so short-term loans can help shoulder the burden of the bill, with the convenience of paying it back later after you’ve saved up enough to cover the costs.

Medical Bills

Just as with car problems, health issues can strike at the worst times, leaving you with unaffordable bills that you’re not able to pay off immediately. This is true whether you’re stuck with a bill after an emergency room visit, or after going to a walk-in clinic for strep throat. Short-term loans can help you with the costs of everything from copays and out-of-pocket expenses to the cost of prescriptions and everything else you’ll need for your recovery.

Emergency Home Repairs

If you own your own home, emergency repairs can quickly deplete any spare money you have set aside — or consume your paycheck entirely! Broken appliances, problems with plumbing, and issues with your HVAC system are all common examples of trouble that’s sure to strike at some point when you least expect it. If the ensuing repair bill is beyond your means, a short-term loan can help you pay to have the problem fixed quickly.

Pet Emergencies

If you’re a pet owner like me, you probably associate typical pet expenses with things like food, toys, and grooming supplies, which usually don’t cost too much and can be incorporated into your monthly budget — unless you own 20 dogs or a few elephants! However, just as with humans, there are bound to be health emergencies or issues at some point.

Pet health insurance can cover some of these expenses, but surgeries and other procedures can amount to hundreds or even thousands of dollars. Taking out a short-term loan can help you cover the vet bills so that your furry friend can get to feeling better, even if you’re not able to afford it right away.

Falling Behind on Bills

There’s no doubt that car repairs, home emergencies, losing your job, and health expenses can all cause you to fall behind on your bills. With that said, sometimes you simply may not be making enough at work for a number of different reasons. Other times, your bills may be higher due to extreme weather in the winter and summer seasons that cause your electricity bill to skyrocket. Don’t let your bills continue to fall behind, accumulate late fees, and risk having your utilities cut off. Short-term loans can help you get caught up while you make a plan to get your debt in check.

The Holidays

The holiday season can be a major drain on your financial resources, especially if you have a lot of presents to buy for friends and family. All the planning in the world is still not a safeguard from all the last-minute expenses that are sure to pop up! In addition to all the added expenses, many workers lose hours off of their paychecks due to their workplaces being closed or having shorter hours during certain parts of the holidays.

Regardless of the primary cause of your holiday-induced money issues, a short-term loan can take some pressure off your shoulders and help things go much more smoothly. Get Help From The Cash Store!

If you’re currently in need of a cash loan for any reason, your local Cash Store is ready to help. Just fill out our quick and secure online loan application to see if you pre-qualify for a cash advance, installment loan, or title loan! If you’d like more helpful tips on saving money, budgeting, travel, and even gift ideas, be sure to check out more from the Cash Store blog.