How to Deal with Financial Problems: Step-by-Step Guide

March 12, 2021 | Mason Roberts

how to deal with financial problems

The absolute majority of Americans have undoubtedly had to face a financial problem or two during 2020. In fact, chances are most of us are having to deal with an ongoing financial problem right now – since the pandemic has yet to let up, and we’re still in the worst economic recession since 2008.

So, how do you do it? How do you deal with a financial problem, without losing your mind in the process? We’ve got the answer! We also show you how a payday loan can help.

Step-by-Step Guide on How to Deal with Financial Problems

1. Identify the Problem

What is the financial problem in question? Is it a singular small one, or does it consist of multiple aspects? If former, you need to figure out if it can be broken down into smaller sections. If latter, you need to break it down into those aspects and figure out which ones need to be dealt with first.

2. How Much Money Do You Need?

The next step is to figure out how much money is needed to handle the financial problem in question. Sometimes this is easy – if it’s some kind of a bill you’re looking at, then you’ve got the exact number to deal with.

But if it’s an unknown kind of problem – a clogged sink, a broken lock, a car ignition switch getting stuck – you need to figure out how much it could cost you, before you move to the next step.

The easiest way is to contact a specialist, who offers free estimates but make sure to do some research first to make sure you’re not being overcharged.

3. Adjust Your Budget

Can you cover your financial problem using only your paycheck? Sometimes it may not be possible. But how much of it could you cover? Adjust your budget in a way that lets you throw as much of the money you’ve already got at the problem as possible.

4. Consider the Timeline

Here’s where you determine how urgent the issue is and how much time it will take to resolve it. If it’s something that can be postponed a bit – even a week or two – that means you have the opportunity to seek avenues of income that won’t interfere with your current financial responsibilities: ask friends for help, work overtime, find a side-hustle. But if the problem is exigent, then you need to find a quicker solution – even if it means applying for a loan.

5. Be Realistic when Considering Your Options

As mentioned above, multiple factors converge when you’re dealing with a financial problem – how urgent it is, how much money you need to deal with it, how much of that money can come from your paycheck, etc. We always hope for the better, but sometimes it can result into postponing, which in turn tends to result into more serious consequences.

For example, if you have a toothache, the line of logic shouldn’t be “it’s probably not that serious, I can wait for a couple of months to save more my visit to a dentist”. It’s better to think “this issue could easily escalate and cost me more down the line, so I should fix it as soon as possible”.

So, if you find yourself facing a financial problem when time is of the essence, you might want to think about applying for a short-term fast loan – like a payday loan.

What Makes Payday Loans an Optimal Decision in an Emergency?

Payday loans are easy to apply for, and if you’re a resident of Tennessee then Tennessee Title Loans, Inc. can become your best friend. We accept any type of income and welcome all sorts of credit. This means that you can qualify even if your credit score is bad or outright nonexistent.

payday loan emergency cash

They’re also fast – you won’t need to jump through multiple bureaucratic hoops and wait for weeks before you get approved. As long as you provide proof that you’re over 18, have some kind of income as well an active checking account, you will be considered. Plus, the application-approval process can take as little as 30 minutes, and if approved, you’ll get your cash the very same day.

Additionally, payday loans are typically on the smaller side. With us you can get up to $400 – which makes them extremely hard to abuse, since you’re unlikely to be able to “over-borrow”.

How Do I Apply for a Payday Loan?

Applying for payday loans is simple – you can start the application process online, without having to leave your couch. Just find a short online form on the top left of our website and fill it out. You’ll be contacted by our loan representative from one of the payday loan locations who’ll set up a meeting with a verification agent for you.

For your meeting with the agent and finalizing the process, you’ll need:

  • Your government-issued ID;
  • Your most recent pay stub;
  • Your most recent bank statement;
  • A blank check from an active checking account in your name;

The verification agent will assess your documents during the meeting and determine if you qualify for the payday loan. If approved – you’ll get the cash the same day.

Get Started with your Tennessee Payday Loan Today!

If you find yourself with a problem requiring immediate action, postponing to deal with it hoping that it won’t get worse isn’t the way to go, as it most likely will. This is the main rule that all emergencies follow: if you ignore them now, they will get worse and become more expensive to deal with in the future.

So, don’t let it happen and apply for your Tennessee quick payday loan cash today! Contact us for more information, and we’ll be happy to answer any of your questions or help you get started with your payday loan process!