How to Save For Financial Emergencies In Nevada
October 6, 2020 | Emma Frost
Life is what happens when you’re making other plans. We all know what it feels like to suddenly be hit by a financial emergency. Someone gets sick, you need to make a huge house repair, or your home business experiences a temporary cash-flow problem. What do you do when you face this kind of crisis? Here are some practical tips on how to save and where to get quick emergency funds through title loans and online payday loans in Nevada.
Start Saving For An Emergency Fund
It is always a smart idea to start an emergency fund. Your emergency fund should have at least three to six months’ worth of household or business expenses. Calculate the amount, and then set this as your savings goal.
Then, break this down into monthly savings goals. Commit to saving that amount no matter what happens – even if you have to cut back on other expenses. This is also a good time to look at your budget and identify unnecessary expenses like dining out. You’d be surprised at how much you could save just by eating at home or packing your own lunch.
To avoid temptation, automate your savings. You can ask your bank about creating another account and connecting it to your payday account. Arrange for a portion of your salary to be automatically transferred to your “Rainy Day” fund every month.
Ideally, your emergency fund should be easy to access in times of great need—and that includes the unfortunate event that something happens to you. Inform someone you trust about your emergency account, so he or she can quickly withdraw funds on your behalf.
Related content: 5 Ways To Save Money On "Back-to-School" Supplies
Title Loans And Payday Loans Can Also Help Out
What if you need emergency money now? Or what if the amount in your emergency fund isn’t enough to cover what you need? Then you can take a look at title loans or payday loans in Nevada.
How To Get A Vehicle Title Loan
Title loans are considered secured loans. These are loans where you use your vehicle as collateral. They are a good option for people who have a low credit rating. The title loan process in Nevada is very quick and efficient; there’s no need to go through the ordeal of submitting tons of documents and being passed on from one loan officer to another. During an emergency, time is of the essence—and a title loan is one of the fastest ways to get access to some money.
The amount you can borrow depends on the value of your car. So a loan representative will inspect your vehicle to figure out how much you qualify for. And don’t worry: you don’t have to surrender your vehicle just to get a title loan. As long as you make the monthly payments, you will be able to continue using your car.
How to get a payday loan
Sometimes, you just need enough money to tide you over until the next paycheck. ‘Money is coming in, I just need money right now,’ you may be thinking. If you’re stuck in that situation, then a payday loan in Nevada is a good option.
Our payday loan process is very simple to go through. You just need to provide your most recent pay stub, a valid government-issued ID, a blank check, and an active checking account. You can qualify for up to $500, which will need to be paid back by your next paycheck. Just fill out our online form, gather your necessary items, and come visit us anywhere in Nevada. We will sit down and explain everything.
Many payday loans can be approved within the day, so it is an easy and fast way to raise emergency money. They are also a good option if you do not have a car to use as collateral for our title loans.
What Can Payday Loans Or Title Loans Be Used For?
Payday and title loans are short-term loans that can be used for raising funds for any personal financial emergency. This can include hospitalization and medical expenses, vehicle repairs, big house repairs, late household bills, unexpected unemployment, and other unexpected expenses. However, you shouldn’t use these loans for things like getting out of debt.
While it’s ideal to have an emergency fund, the very nature of emergencies is that it happens when you least expect it— and often, least prepared for it. It can happen to the best of us. There's no shame in being in a situation where you need money quickly because of an unexpected crisis. Payday and title loans exist because there are many people who have been in exactly the same situation -- and offer a solution to those in need.
Benefits of title and payday loans
Payday loans and title loans can help be that “financial bridge” that helps a bit get you through the crisis. They can be processed quickly, and do not require as many documents or high credit scores as traditional types of loans.
Of course, as a responsible borrower, you will need to manage your finances in order to pay off either loan. Even if you are able to get a payday or title loan, do take a look at your budget to know how much you can afford to pay. While emergencies do happen, you can take charge of your finances. As they say, wealth is not about having a lot of money, but knowing how to manage the money you have.