There are some home repair jobs that can wait. If, for example, you have a hole in one of the interior walls in your house, you don’t have to fix it immediately.
But there are also quite a few home repairs that are considered emergencies.
A leaky plumbing pipe, a broken window, or a hole in the roof should all be fixed right away to prevent further problems within your home.
If you can’t afford to fix these issues, there are ways you can get your hands on an emergency loan in a matter of days.
This type of loan will provide you with the funding you need to get your home back in order in a hurry.
Want to know where you can look to get access to an emergency loan? Here are five good options.
1. Ask Your Family or Friends for a Loan
If you suspect that many of your family members and friends might be in the same kind of financial situation that you’re in, don’t ask them for an emergency loan.
You’re going to put them in the uncomfortable position of either having to say no or lend you money they can’t afford to give you.
There is also a chance that the loan you take out from your family members or friends could change your relationship with them.
You might even sever the relationship if you fail to pay them back quickly enough.
That being said, some of your family members and friends might not mind lending you money if you ask.
It never hurts to ask them if you know that they have the money to lend to you.
Just make sure you come up with a repayment plan. Consider drafting up a contract with your family member or friend so that you’re on the same page as far as when the loan will be paid back.
2. See If Your Bank Will Give You a Loan
If you don’t want to ask a family member or friend for an emergency loan, how about running down to your bank to see if they can extend a loan to you?
There are some banks that will drag their feet when giving out loans, which is why they’re not always a great option for emergency loans.
There are also some banks that won’t give out loans to those who don’t have great credit and plenty of money set aside in the bank.
But it’s not a bad idea to at least try to take out a loan through your bank. It’s a good option for those who already have a working relationship with a bank in their community.
3. Talk to Your Church About Taking Out a Loan
If you don’t belong to a church, this obviously won’t be an option for you.
But if you are a member of a church, you might be surprised to hear that many churches have funds set aside for those people who face financial hardships.
With this in mind, you should think about contacting your church once you realize that you need an emergency loan.
They can tell you about whether or not they might be able to help. They may also connect you with a fellow church member who can assist you.
You don’t want to turn to your church too often for loans and make them feel as though they’re like a bank to you.
But many churches are happy to help their members when they face tough times.
4. Take Out a Loan From Yourself
Unfortunately, about 50% of Americans don’t have access to a 401(k). It’s not something that everyone gets when they accept a job.
But if you’re lucky enough to have a 401(k) set up, you might want to consider taking out a loan—from yourself!
As long as you have a nice chunk of change in your 401(k), you’re free to take out a loan from it and then pay yourself back over time.
This is a great choice for those who plan on staying at a job for a long time.
But a word to the wise: You will face hefty taxes and penalties if you leave or lose a job without paying yourself back.
It’s important to keep that in mind before pursuing a 401(k) loan.
5. Find a Reputable Online Lender for a Loan
In 2019, there is no excuse to take out any loan, emergency or otherwise, without looking around online and trying to find a lender to give you a loan.
There are so many online lenders that can provide you with the money you need to make home repairs.
The key is to look for a reputable online lender when trying to find one to give you an emergency loan.
They should have extensive experience in the industry, and they should also be prepared to give you a loan, no matter where your credit score stands.
You can fill out an application for an emergency loan through an online lender in minutes and find out if you’re approved for it in under an hour in most cases.
You can also have the money for your loan deposited right in your bank account on the same day in many instances.
This is, hands down, the easiest way to get a loan to pay for emergency home repairs.
Apply for an Emergency Loan Today
Stop trying to convince yourself that it’s OK to live with a leaky plumbing pipe, a broken window, or a hole in your roof.
Apply for an emergency loan right away and get the money you need to make urgent home repairs.
You’ll sleep so much better at night knowing your home doesn’t have any major issues in it.
You’ll also give yourself the time you need to pay for an emergency home repair.
Take a look at our blog to learn some more tips for making emergency home repairs and renovations without breaking the bank.