According to a recent survey, about 25% of Canadians admit they wouldn’t know how to deal with $500 worth of unexpected expenses if they suddenly got hit with them. This suggests that there are a lot of people out there living paycheck-to-paycheck without having a rainy day fund in place.
What would you do if you had to pay for unexpected expenses out of the blue? If you’re not sure, you should know that you have options. There are actually quite a few ways in which you can cover the cost of unexpected expenses if you ever face them
Here are several of the best methods for covering any unexpected expenses that you might have to pay in the coming months.
Get a Gig
The gig economy is booming in Canada right now, just like it’s booming in many other parts of the world. So many people are picking up gigs outside of their regular jobs to make a little extra money on the side.
If you just found out that you’re going to have to pay some unexpected expenses, you might want to look into getting gig work. This could include doing anything from writing articles for websites to driving for a ridesharing company.
The great thing about the gig economy is that you usually won’t have to wait too long to get paid after completing a gig. In fact, there are some gigs that will allow you to collect cash within just a matter of days.
It would be worth exploring this option before doing anything else. You might be surprised to see how easy it could be to make a few extra dollars when you need them.
Borrow From a Family Member
Generally speaking, borrowing from family members is almost never a good idea. You could fracture your relationships with them if you aren’t able to pay them back.
But if you’re really in a bind, you might not have any other choice but to ask a close family member if they could potentially lend you some money to help you pay for unexpected expenses. They might be more than willing to help you out, especially if you aren’t someone who typically asks family members for loans.
Just make sure that you put an agreement in place as far as when you’re going to pay your family member back. It’ll help both you and your family member to feel better about the transaction that you’ll be making.
Use a Credit Card
You should try not to get into the habit of using credit cards to cover unexpected expenses all the time. This is how so many Canadians end up digging themselves into debt and then struggling to get out of this debt later on.
But if you have a credit card with enough room left on it that you can use to cover unexpected expenses, it might not be the worst idea in the world to use it. It’ll buy you some time before you’re able to come up with a better plan for paying for these expenses.
Try to use a credit card that has the lowest interest rate possible if you decide to go in this direction when paying for unexpected expenses. It’ll prevent you from having to spend a small fortune to pay your credit card balance off as you move forward.
Set Up a Payment Plan
Who exactly are you going to need to pay unexpected expenses to? The answer to this question could provide you with yet another solution for getting these expenses squared away.
There is a chance that the person or business you have to pay might be willing to set up a payment plan with you. Payment plans are a great way to stretch unexpected expenses out over a period of time to make them a lot more manageable.
It certainly wouldn’t hurt to ask if you could possibly sign up for a payment plan for unexpected expenses. The worst that a person or company can do is say no and force you to look for a different option.
Take Out a Loan
Arguably the best option you’ll have when facing unexpected expenses is to pay for them with an online personal loan. An instant cash loan lender like Kingcash can make it so easy to fill out a loan application when you visit kingcash.ca.
Within just a few minutes, you’ll be able to see if you’re approved for a loan that can be used to cover any unexpected expenses you want. So many people are using fast loans in Canada to take care of these types of expenses today.
With one of these no credit check loans, you can reduce the stress that so often comes along with unexpected expenses. You can also put yourself in a position to pay back online loans quickly by choosing one of the payment plans made available to you.
Need Help With Unexpected Expenses? Let Us Help
Are you scratching your head right now and trying to figure out how to pay for unexpected expenses that caught you completely off guard? King Cash would love to help you get your hands on a loan that’ll ease your troubled mind.
You can fill out an online loan application right on our site and get approved for the loan you need. You can also have cash deposited directly into your bank account so that you can cover the cost of unexpected expenses without making your financial situation even more complicated than it already is.
Contact us now for more information on our online loans.