Best Things to do if You Are in a Financial Emergency and Need Help

Published: Mar 04, 2020

Get Help During a Financial Emergency

There are many reasons that someone might run into a financial emergency and they need help.  Before we go into details about the things you should try to do to get the help you need, the best way to deal with financial emergencies is to have prepared for them.  This means you have an emergency fund set aside for this specific reason, and you are then able to handle the problem without and difficulties.  Now we know many people do not do this, and that is a shame, as it would save significant problems for many people.  However many people don’t have an emergency fund, and that is why we have created this list of things to do if you need help during a financial emergency.

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Here are the top Ways to get Help during a Financial Emergency:

  • Request an extension or try and negotiate terms.  If Depending on the financial emergency we always recommend you find out if there is anything you can do to get an extension on having to pay it off or you can try and negotiate the terms of the financial problem.  For example, if you’re behind on your bills, contact your creditors and ask about an extension. Creditors may be willing to grant an extension for a short period of time if they believe you’re acting in good faith and the situation is temporary.  In other situations, you may be able to negotiate a settlement option for it.  Whatever the case is, you recommend that you explore all options into the timeframe of it and the terms of it.
  • Ask for help from friends and family. Asking for help or borrowing money you’re your friends and family is the best way to get help during a financial emergency.  It can be very hard for many people to do.  It might not always work either, but it is a good way to not be charged a large amount for the help you need. Many people get help from friends and family, and they are very grateful and happy that they went and asked for help!
  • Use a credit card. A credit card is a great option for getting the help you need during a financial emergency.  Many times you won’t be able to qualify, but you should try to get a credit card if you don’t already have one and have a financial emergency.  They have lower rates then typical loans, and if you pay it in full right away, you might not even have to pay any interest!  
  • Get an unsecured personal loan. You can get an unsecured loan with no credit or employment check when you need financial help and don’t have anywhere else to turn to! They can be expensive, but they are typically a much better option than letter a financial emergency get out of control and have helped many people overcome financial emergencies when they had nowhere else to turn to!
  • Use your tax refund. If you have a tax refund coming to you, then you can use this to help with any financial emergency you might have.  Using your tax refund in a smart way is something that you should think about no matter your current financial situation, as it something that many Americans do poorly and then regret it in the future!