A short-term loan can be a great financial tool if you need to fill financial gaps, pay for home repairs, or get your car back up and running. Here are four other situations when you might benefit from a short-term loan.
- Medical bills
When faced with tight budgets, many people forgo healthcare to save money. However, putting off a visit to the doctor or important testing could lead to more serious health issues and higher medical bills in the future.
You may use a short-term loan to pay a co-pay or a medical expense if you haven’t reached your deductible. If you don’t have health insurance, a short-term loan could cover an emergency visit to urgent care or urgent medical testing. Don’t let your health fall by the wayside. Address medical issues when they occur to save money and your health.
- School expenses
Whether you have to pay school expenses for a child or yourself, a short-term loan can help. You can use short-term funding to pay for tuition, books, supplies and more. You could even use a short-term loan to cover housing for a month if you find yourself temporarily short on funds.
Education is important. You or your child should have the supplies needed to be successful. If you are paying for college, missing a semester due to financial hardship could cause you to lose your spot. You can re-enroll, but there is no guarantee you will be accepted. Don’t lose your spot because you’re temporarily short on funds.
- Natural disasters
The damage caused by natural disasters is increasing as these weather events become more intense. Depending on where you live, your home could be in the path of a wildfire, flood, hurricane or tornado. If a natural disaster hits your town, you could suffer home or vehicle damage. Insurance can help you cover many costs depending on your coverage, but it can take weeks to months to get paid by your insurance provider. A short-term loan is a quick and easy process where you can borrow up to $1,500 to cover a wide range of expenses during a crucial time for you and your loved ones.
- Everyday necessities
There are many reasons why you might fall short on cash one month. Even if you budget well, life happens. Your child may need to pay for a school trip or need a costume for a school play. You could have to take an unexpected to trip to see family. If you fall short on cash, a short-term loan can help you cover everyday necessities and help you keep the lights on until your next paycheck.