Unexpected expenses rarely wait to arrive until your family’s ready. They usually crash land into your life when you’re living paycheck to paycheck, you have zero savings, and your credit score is down in the dumps.
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While these financial issues make your job harder, it’s not impossible. Online direct lenders are there to help in a pinch when you need extra help covering an unexpected expense.
What Are Online Direct Lenders?
Online direct lenders are financial institutions that operate over the web, although they may have a few storefront locations.
They also operate without collaborating with any other financial institution. That means they aren’t a loan matching service or broker.
Why Choose Online Direct Lenders?
Convenience is one of the many benefits of online loans from direct lenders. Because they operate primarily online, they’ve perfected the online borrowing process. You can fill out applications on their website 24/7, so you can get help even in the middle of the night.
Another convenience is how you get your loan. You won’t have to pick up a check or drop off your payments in person. Online direct lenders arrange automatic direct deposit loans, and you can arrange for automatic payments to leave your account.
Many online direct lenders provide online loans with monthly payments. Otherwise called installment loans, these cash advances give you more time to repay what you owe. This makes them a viable alternative to fast payday loans that are due back in one lump sum.
Eligibility often doesn’t rely on your credit score, so you may qualify for installment loans for bad credit.
How Can You Save More Money for a Future?
Knowing there may be an installment loan for bad credit out there for your family is a weight off your shoulders. But these online loans with monthly payments aren’t a long-term option for every emergency that comes your way.
Like any personal loan or line of credit, direct lender installment loans come with rates and fees. Your savings, on the other hand, are free. It’s always cheaper to pay for the unexpected out of pocket.
Of course, that may seem unrealistic if you’re living paycheck to paycheck. But just keep scrolling. You may find more money in your budget than you realize by following the tips below.
1. Use a Budget
Knowing where your money goes each month is the first step to financial freedom. This document helps you catch any spending red flags that could be stealing away money better used as savings.
2. Meal Plan
Organizing your family’s meals in advance is a super-saving trick. Plan your recipes around cheap ingredients, capitalizing on your grocery store’s weekly sales. Following this plan can also help you avoid expensive splurges or ingredients that go bad before using them.
3. Eliminate Food Waste
Speaking of food waste, the average family of four throws out about $1,500 of food each year. You can save all this cash by making a few tweaks to your cooking habits. Learn how to store perishable foods to extend their shelf life. Freeze leftovers for a later day or use them up in a fresh new recipe.
4. Control Your Utilities
Utilities take a fair bit of your paycheck each month, but you can control just how much by reducing your consumption. Out of all the energy-efficient ways to save, setting your thermostat back by about 10 degrees during the workday will help you lower your heating and cooling costs by 10%.
Online direct lenders are there in an emergency. But try out these savings tips to handle your next emergency on your own.