Five Unexpected Reasons to Need a Cash Loan

JUAN P. | September 23, 2024

As they say, life happens, And sometimes, despite our very best efforts, we find ourselves in a financial pinch. We may have experienced a job loss. Perhaps a medical emergency arose and we need to seek care from a doctor. Or perhaps our car broke down.

But that’s not the only reason we might need or want access to funds. In fact, there are many reasons why you may need a cash loan at some point in your life. In this article, the team at Cash Store will dig into the most common reasons people need cash loans, especially those uncommon ones.

Five Unexpected Reasons to Need a Cash Loans

1. Holiday Season Funds

We all know the holidays are an expensive time. From holiday celebrations that require food and drink to the inevitable gift-giving that comes along with the time of the year, it can get quite costly. In fact, Americans often spend over $900 annually on holiday-related gifts alone. But what do you do if you don’t have those funds sitting around? 

Here are some common holiday expenses that can add up quickly:

  • Hosting holiday parties: Preparing for festive gatherings involves purchasing decorations, food, drinks, and party supplies, which can significantly strain your budget.
  • Holiday travel to see family: Travel expenses, including airfare, gas, and accommodations, can quickly accumulate, making it difficult to afford to visit loved ones during the holiday season.
  • Gifts for family and friends: Buying presents for family and friends can be one of the largest holiday expenses, especially if you have a long list of people to shop for.
  • Work holiday party attendance (attire, etc.): Attending work holiday parties often requires purchasing new outfits, and accessories and sometimes even contributing to gift exchanges or party expenses.

A man saving money in a piggy bank

2. Home Office Needs

While many companies are calling employees back to the office, remote work is still alive and well. However, remote work doesn’t come for free, despite the beliefs of many. Setting up and maintaining a productive home office often involves unexpected expenses that can stretch your budget past the point of comfort. 

For instance, remote work requires reliable hardware and technology, which might include purchasing new monitors or audio-visual equipment for Zoom conferences. Increased internet service or even emergency alternative internet options may also be necessary to guarantee a stable connection. 

Additionally, if you have family visiting or a new baby at home, you might need to rent temporary co-working spaces to maintain a quiet and professional environment. These unexpected costs can add up quickly.

3. Emergency Childcare 

Kids need constant supervision, and leaving them unattended is not only unsafe but seriously frowned upon—and all but illegal in most states. But finding last-minute care isn’t always easy, especially if you have job-related or personal obligations that can’t be missed and where the kids can’t come along.

In such situations, a cash loan can be a lifesaver, helping to cover various emergency childcare expenses:

  • Short-term daycare or babysitting: Whether you hire a professional babysitter or enroll your child in a short-term daycare program, these costs can be substantial but necessary for prioritizing your child's safety.
  • Cover expenses for a friend or family member to help you: Sometimes, a friend or family member can help, but it's considerate to cover their expenses, such as travel costs or lost wages.
  • Food and activity costs if dropping your kid off with a neighbor or others: To make it easier on the person watching your child, you might need to provide extra funds for meals, snacks, and engaging activities to keep your child occupied and happy.

4. Unexpected Utility Increases 

Utility costs have been on the rise in recent years. Last year alone, they rose by 2%. While that might not seem like all that much, even that extra 2% can really add up when you are living paycheck to paycheck or working hard to make ends meet. And beyond that, there are other things largely out of your control that can make your bill in one month significantly higher than average.

While budgeting for utilities is a good practice, sometimes it’s impossible to anticipate unexpected spikes in utility costs, especially during the peak of summer or winter. Here are a few common scenarios that can lead to unexpectedly high utility bills.

  • Increased heating costs due to winter storms: Harsh winter storms can lead to a significant rise in heating costs as you strive to keep your home warm and safe.
  • Increased cooling costs due to heat waves in the summer: Prolonged heat waves can cause a surge in cooling expenses as air conditioners work overtime to maintain a comfortable indoor temperature.
  • Shifts in service providers and losing legacy discounts or promotions: Changes in utility providers or the expiration of long-standing discounts and promotional rates can unexpectedly inflate your monthly utility bills.

When these unforeseen spikes occur, a cash loan can provide the necessary funds to cover the increased costs. 

A couple at their wedding

5. Special Life Events 

Last but certainly not least, those special life events that many of us strive for can suddenly put us in a tough place financially. Lifetime events like engagement parties, baby showers, milestone birthdays, retirements, and more deserve a special touch, but that can cost money. A cash loan can help cover the expenses associated with these significant moments

  • Milestone life events: Celebrations such as engagement parties, weddings, and milestone birthdays often require additional funds for venues, catering, gifts, and decorations.
  • Extra costs around the birth of a child: Welcoming a new baby brings joy but also expenses like hospital bills, nursery setup, and essential baby gear.
  • Extra costs around sending a kid to college: Preparing your child for college involves travel expenses, dorm room setup, and various supplies, all of which can add up quickly.

Cash Store Offers Cash Loans to Help Cover Unexpected Financial Needs

As we said earlier, life happens and sometimes we need some extra money to help us get by. That’s where Cash Store can help. We offer installment loans that can help you out when you are in a financial pinch.

To get started, apply today

The content on this page provides general consumer information or tips. It is not financial advice or guidance. Each person’s circumstances are unique. The Cash Store may update this information periodically. This information may also include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs. 

More Articles

What Are Personal Finance Apps and Which One Is Best for Me?

What are personal finance apps? Learn more about this apps that can help with budgeting, tracking expenses, and saving for the future.

Read More >

What Are the Best Side Hustles?

Looking for some creative or easy ways to add a little extra income? Here are some of the best side hustles for anyone to take advantage of and boost their bank account.

Read More >

What Should You Be Looking for in a Lender?

What should you be looking for in a lender? Learn more about the questions to ask lenders, what to evaluate, and how to compare lenders easily.

Read More >

Loan Amount is subject to loan approval. Loan terms and availability may vary by location.  Approval rate based on complete applications received across all Cash Store locations. Customers can typically expect to receive loan proceeds in less than 20 minutes; however, processing times may vary. Loans / Advances are provided based on approved credit. Each applicant for credit is evaluated for creditworthiness.

Please see the Licenses and Rates page for additional product details.

Cash Store offers consumer credit products that are generally short-term in nature and not intended for long-term borrowing needs.

In Texas, Cash Store is a Credit Services Organization. Loans are provided by a non-affiliated third-party lender. Please see the Licenses and Rates page for links to Consumer Disclosures and choose the one for the product and amount that most closely relates to your loan request.

Customer Portal residency restrictions apply. Availability of funds may vary by financial institution.

Trusted provider of cash loans since 1996

1-888-950-2274

Connect With Us
Loan Options

Loan Options

Locations

Locations