The Secret to Dealing with Financial Emergencies

August 13, 2020 | Emma Frost

When an emergency strikes, it’s difficult to afford the fallout that is associated with these stressful events. Events such as unforeseen medical expenses, home repairs, appliance replacements, car repairs, and fixes, or layoffs can send an already tight budget into disarray. Many people in the United States are living each month paycheck-to-paycheck, with many households and families reporting little to no money saved up to handle emergency expenses. The average American only has around $400 saved up and many reporting even less than that amount. 

When emergencies happen, many turn to signing up for credit cards or taking out bank loans to deal with their financial situation, but there is a secret option that helps people obtain the funds they need without the hassle of traditional bank loans. The secret to handling stressful financial situations is a payday loan, which can help you break free from your financial hardship. Serving many locations throughout the state of Kentucky, we make finding payday loan places close to home easy. Here’s how this secret can help you out of a sticky situation.

What is a Payday Loan?

A payday loan is a short-term loan option that allows you access to emergency money often on the same day that you apply. While the amount varies from person to person, you can qualify for anywhere from $100-$500, which can go a long way with making an emergency cost more manageable. Our process is simple and straightforward. Here's how it works. 

How to Apply for a Payday Loan

Applying for a payday loan is easier now than ever before thanks to the online application process that we’ve created, which can be completed in as little as 30 minutes. The information that you’ll be asked to share it straightforward – mostly comprising of your contact information and your address. Once you submit this, you’ll be contacted by a representative from your nearest store location who will set up a meeting at the time and on the day of your choice. You control the meeting; we’ll work to make sure it fits into your schedule. To obtain the funds on the same day as you apply, however, you’ll want to schedule the meeting as soon as possible.

Your Meeting with the Representative

When you arrive at the Fast Payday Loans of Kentucky, LLC location, the representative will perform a quick evaluation of your situation to determine how much money you’ll receive on your loan. To conduct this evaluation, you’ll be asked to provide the following information:

  • A driver’s license or state-issued I.D.
  • Your most recent pay stub as proof of income
  • A blank check from an active checking account in your name

Once this information is reviewed, the representative will handle the details and get the funds deposited directly into your account. You’ve probably noticed that your credit score hasn’t been mentioned yet. That’s because we don’t take into consideration your credit score or previous financial history. We focus on your current employment to decide how much money you’ll receive which makes for a faster process than running a credit check or looking into your financial history. We understand that your financial past shouldn’t define your future, which is another reason why payday loans might be the option you need to help you out of your emergency.

How to Build an Emergency Fund

If building an emergency fund seems like an impossible thing for you to do, don’t worry. Different methods can help you bolster the number in your savings account and some of them are pretty easy to incorporate into your lives! Here are some different ways to build your emergency fund:

  • Transfer some money into your savings every time you receive a paycheck: This amount can be as little or as much as you want. If you find yourself struggling to find extra money each month, start small, with just a few dollars. That amount will grow over time.
  • Save your change: Each time you pay for something with cash, drop the change into a jar at home and watch the amount climb with each cash purchase you make.
  • Move money automatically into your savings: Having money transferred into your savings account each month is a great way to build that number passively. The automatic nature of this step can help to ensure that you’re setting yourself up for success without thinking about it.

These are just a few ways you can build your emergency fund, but if your emergency fund isn’t enough to help you through your situation, payday loans are an option that can help you bridge the gap between paychecks and ensure that your emergency doesn’t ruin you financially. Fast Payday Loans of Kentucky, LLC is a payday loan place that has your back if your emergency funds aren't enough.