Although Shakespeare’s advice is very strong—”Neither a borrower nor a lender be”—there are certain times in life when you may need cash fast. Here are three times in your life when you may need to borrow some moolah.
To Combat a Health Emergency
There’s nothing wrong with borrowing money when it concerns your health, as long as you’re making the right healthcare choices. Although you may have health insurance, a medical emergency can still be extremely inconvenient. There may be extra fees for co-pays, you may have a high deductible and tests can also cost a great deal. When you need to get your health back on track, do not feel any remorse about reaching out for a loan. You’ll want to make sure that the terms are reasonable, with decent interest rates and a logical timetable in which you will pay back the loan.
When You Lose Your Job
Although we’ve all become accustomed to hearing the general advice that it’s good to have six-month emergency fund, the reality is that it can be highly difficult for people to save money in this economy. While economic conditions have improved steadily, many are still managing to scrape by on the same salaries that they earned years ago.
This is why it can be so catastrophic when someone loses their job. If you have been living paycheck to paycheck, job loss can be absolutely devastating. While you’re figuring out issues like severance pay and unemployment, it can help to have a small cushion of money to tide you over during the lean times. Whether this is a formal loan or maybe just some cash from a family member, it can provide an invaluable boost when you’re trying to get your life in order.
When Your Living Situation Changes
Sometimes, life can throw you a curveball. An apartment that was perfect for years may suddenly get sold or you may break up with a significant other, necessitating a change of scenery. Moving fees can be quite costly, as can security deposits. Rent in U.S. cities like Los Angeles has been steadily increasing. In times like these, you’ll want to make sure that you have a new place to stay. By securing a quick loan, you can take care of your basic housing needs.
Although it’s not always fun to think about asking for a loan, there are times in life when it becomes absolutely necessary. Just focus on paying it back as soon as you can, and you’ll be back on track in no time.