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An emergency loan is never going to be a great thing, especially if you have bad credit. If you have bad credit, there will usually be a way to get money but it will cost you dearly in fees and interest. Here are some examples.
Payday Loans in Baytown
With an APR usually over 500 percent, this is often one of the most costly of emergency loans. While the loan does not have interest, it has high fees. When expressed ad an APR, this amount is huge because of the short loan term.
And, speaking of that, this is one of the drawbacks of the payday loan. You have to pay it back very soon, with 14 days, in most cases. This can make it hard to get things in order in Baytown, financially at least.
Baytown Title Loans
A title loan is also an option but it does not come much cheaper. With these loans, interest is capped by the state of Texas, but fees are not. This makes these loans almost as costly with APR’s usually over 200 percent.
An added negative about this type of loan is that it is secured. Default and you can lose your vehicle. That would leave most people in a world of hurt.
Pawn Shops In Your City
Last but not least is the option of pawning something. These loans will cost you just as much money as the other two loans and they also have the risk of losing your property.
The biggest drawback they have is the limited size of the lawn. That Baytown pawn shop is only going to give you a small portion of the value of your item towards a loan. This means that most of these loans will be for around $100 or less, not a lot of money.
Avoiding Emergency Loans
Sometimes you have to do what you have to do and that might mean taking an emergency loan out in Baytown. Once things settle down though, you need to look into how to prevent it from happening again.
Establish An Emergency Savings Fund
This is the key to avoiding a costly loan in a financial crisis. Ideally, you need to have at least 3 to 4 months of expenses in an account. This sounds like a lot, but do not let it intimidate you, you can do it. Just break it into small chunks.
The last thing that you want to do is have your goal be 10,000 dollars or even 15,000 dollars in savings. For most people, it would look unattainable. Instead, set small goals. Make it a goal to save $200, then $500 and then $1000. Keep gradually increasing your savings total and you will eventually get there.
One little tip, open a separate savings account. Do not simply open a savings at your regular bank because it would be too easy to get to. Instead, open up an online savings. You will still be able to get your money easily but it will take a few days. That can keep you from making reckless purchases. As a side benefit, you can probably get a higher interest rate than you would from your main bank.
Freeing Up Money To Save
Now that you know that you need to save and where to save it, let’s look at some ways to free up money for savings in Baytown.
The easiest way is to simply add some extra income. That might seem impossible, but these days it is actually easier than ever. If you have a smart phone in your possession, you have a great tool right there. Sign up for Uber or Lyft and just drive a few hours a week. With minimal time behind the wheel, you could earn an easy hundred dollars a week. Money that can go right into that savings account.
Another way to add some extra income in Baytown is to take on a retail job. Many stores such as Walmart are open extensive hours and they need help. You should be able to find a shift that fits your schedule without too much difficulty. Just add one shift a week and start adding 200 to 300 dollars a month to your savings. You will have it built in no time.
If you can not add extra work or simply want to ramp up your savings even more, you can cut some bills in Baytown. Nearly every budget has some fat that can be trimmed off of it. This could be something as simple as taking your lunch to work every day, to something harder like moving to a cheaper place to live.
Take a minute and write down all of your bills and see where cuts can be made so that you can save. Some of your choices might be difficult, but these are the hard choices that you have to make in order to put yourself in a better financial position. Nobody ever said that adulting would be easy.
Money might be just around the corner.
- Staff Summary
If you need some fast money, this article might be able to help you out. See how you can find an emergency loan and ways to make sure that you never need one again in Baytown.