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Ways to Pay for Emergency Expenses


Most of us will have a sudden expense at some point. For example, the car or air conditioner may break down. We may be hit with a huge medical bill. Dealing with an unexpected expense can be difficult. Fortunately, there are a variety of ways that you can deal with unexpected expenses.

Use Your Emergency Fund

It is always a good idea to have extra money put away for unexpected expenses. If you have a savings account then you should use it to pay for a sudden expense. An emergency fund can make it a lot easier to deal with an unplanned event.

Personal Loan

If you do not have enough in your savings account to pay for the expense, then you may want to take out a personal loan. The requirements for getting a personal loan can vary from lender to lender. While a checking account and a source of income are usually enough to look for fast installment loans online with success, banks will want to see an excellent credit history and high credit score on top of these other qualifiers.

Credit Card

If you have a credit card, then you can use it to cover your expense. However, you should make sure that you pay off the credit card as soon as possible. Many credit card companies charge high interest rates.

Sell or Pawn Your Belongings

If you have things in your home that you no longer need, then you can make money by getting rid of them. You can sell them or pawn them. If you take your items to the pawn shop, then you will be able to get your items back if you pay the pawn shop back.

Sell Plasma

Selling plasma allows you to make money and save lives at the same time. You can make anywhere from $25 to $75 by donating plasma. You can donate twice a week. It can take up to two hours for you to donate plasma. You will have to fill out a lot of paperwork and undergo a physical exam in order to sell plasma.

Dog Walking or Pet Sitting

If you love animals, then you can make money by pet sitting or dog walking. There are a number of websites that will let you set up a profile as well as guides to dog walking to help get started. People who are looking for a dog sitter or dog walking will look through the profiles.

You can start working shortly after you are approved. You will likely be able to start earning money within one or two weeks of setting up your profile.

Borrow Money From Family Members and Friends

This should be a last resort. It can be humiliating to have to ask for money. However, it may be your only option. Make sure that you let the person know that it will be a one-time thing. You should also let them know that you will pay them back. Most people will not mind lending money if they can trust you to pay it back.

Additionally, you can offer to do a favor for them in exchange for money. For example, you can watch their children, clean up their house or do yard work for them.

So, what do you think ?