What Expenses Can I Pay For With An Emergency Payday Loan?
Due to the simplicity of the process and high approval chances, many people use emergency payday loans to pay for their wants, not their needs – which throws them into a bigger financial hole causing more problems down the line. That happens because many people do not realize how emergency payday loans work and what they are meant for. From this post, you’ll learn when it’s a good idea to get a payday loan and make it work for you, not against you.
What Can You Pay For With an Emergency Payday Loan?
In short, you can use an emergency payday loan for just that — emergencies. If your situation would worsen without payment and you don't have any other way to get money, a payday loan (sometimes called a cash advance loan) could be the right option.
We're looking at the most common circumstances that justify a payday loan. But that doesn't mean you can't use one for other scenarios. Provided you have a justifiable reason, you can acquire and use a payday loan to bridge the gap between paychecks. So, without further ado, let's take a closer look at the top five usages:
1. Medical Bills
Paying medical bills is probably the first expense that comes to mind when considering a payday loan. After all, they can be horrendously expensive and are often unexpected. Even with health insurance, people struggle to pay their medical bills. Sometimes, the insurance plan doesn't cover a specific procedure or treatment, and other times, the coverage requires them to pay the amount initially and then make a claim. All of this can be incredibly hard to deal with, especially without a sufficient emergency fund.
So, you can use payday loans to pay for all kinds of medical bills.
2. Rent or Mortgages
It's worth mentioning here that payday loans should only be utilized for short-term monetary issues. If you are regularly having trouble keeping up with your rent or mortgage payments, it's time to look for help elsewhere. However, if something unexpected happened one month that required an influx of money and paying for that means you're struggling to meet your rent or mortgage payment, you can use an emergency payday loan.
3. Car Repairs
Needing car repairs is never sweet. You can't plan for them, and they seemingly pop up out of nowhere. Thankfully, you can use payday loans to cover the costs if you can't find another way to get fast cash.
Here are a few types of car repairs you may face:
- Spark plug replacement
- Oxygen sensor replacement
- Fuel cap tightening
- Brake work
- Fan belt replacement
- Oil changes
- Tire repairs and replacements
- Battery swap
- Aftermarket alarm removal
4. Home Repairs
Just like car repairs, necessary home repairs often come when you least expect them. And as we're sure you know, they can be pretty costly.
Luckily, you can also use emergency cash advances to pay for them. After all, it's generally better to hire a professional to fix integral parts of your home instead of trusting amateur DIY skills (you'll only end up paying more to fix these mistakes).
Some common home repairs justifying payday loans are as follows:
- Roof repairs like shingle replacement
- Water heater repair
- Foundation repair
- Siding repair
- HVAC system repair
- Sewer or water line repair
- Deck repair
- Septic system repair
- Pipe repair
- Mold damage
- Driveway repair
5. Utility Bills
Finally, you can use payday loans to cover utility bills. Often, failing to pay for electricity, water, and similar bills leads to late charges. Therefore, it's usually best to pay them as soon as they are due, even if that means taking out a loan.
How To Get An Emergency Payday Loan To Pay For These Expenses
Our in-person process for Tennessee payday loans takes just 30 minutes, and you'll receive the money you need either on the same or the next business day when following the steps below:
- Complete the online form on this website. It takes roughly five minutes.
- Wait for one of our loan representatives to give you a call. They'll discuss the process and ensure you have everything you need to get your emergency payday loan.
- Head to your nearest Tennessee Title Loans, Inc. storefront with your state-issued I.D., most recent 30-day bank statement, most recent pay stub, and a blank check from your active checking account.
- One of our loan representatives will meet you and verify your documents.
- Once they've ensured you qualify for approval, they will walk you through the final steps of the approval process, including the simple paperwork.
- Finally, you receive the money you require for expenses on the same or the following business day.
Get An Emergency Payday Loan Today!
Whether you need to fund medical bills, repair your roof, replace your car's fan belt, or avoid utility bill late fees, an online payday loan in TN can help you do it. Get one today by filling in the short inquiry form on our website.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.