With Australian person debt among the highest levels in the world, we know that it’s highly likely that you’ve already considered applying for an online loan.
In fact, within the past twelve years alone, levels of personal debt in Australia have already doubled. No matter the amount of debt you have, or your reasons for going into it, we know that you’re concerned about how a sudden emergency could impact your finances.
If you’re faced with an unexpected circumstance, how will you find the money to cover it?
Likely, with an online loan.
But which situations are among the most common causes for Australians to take on these types of loans?
Emergencies happen to everyone, so make sure you plan for the unexpected. Read on for the five most common reasons to consider an emergency online loan.
Read on to find out.
1. A Medical Emergency
With healthcare premiums officially on the rise in Australia, many people are concerned about how they’re going to pay for emergency healthcare, their medications, or even a simple doctor’s visit.
Especially if you’re already in debt, or if your monthly expenditures are higher than you’d like, the costs associated with a surprise medical bill can feel completely overwhelming.
Unfortunately, many people feel like they’re often forced to make a choice between their health and their finances. Many choose not to get the care that they need because they can’t currently afford it.
Your life is too important to risk, especially when you can easily apply for an online loan.
While taking on more debt isn’t always the right answer, when you’re faced with a medical emergency, you should prioritize getting the care that you or a loved one needs.
2. You Need To Make A Car Repair
When something goes wrong with your car, it can quickly impact the rest of your life.
You might not be able to get to work, you might lose sleep because you’ll need to get up earlier to take public transit, and you may even struggle to get your children to school.
In short, you don’t always realize how much your car is a part of your life until you don’t have access to it.
However, car repairs and maintenance often come with a high price–and you may not have the funds you need in your account at the moment.
This is where online loans come in.
You’ll be able to pay for your car repairs or even afford to rent another car for a few weeks while the maintenance is performed.
3. You’ve Been Hit With A High Tax Bill
Even the most careful of financial planners sometimes don’t quite budget enough money for their taxes. Sometimes, you end up owing more than you thought you would, even if your employer takes taxes out of your paycheck for you.
The last thing you want to deal with is owing back taxes, and still have more debt hanging over your head.
This is just one of the many reasons that so many people choose to apply for an online loan.
In addition to using these loans to pay off higher tax bills, many also use them to help to lower their credit card debt. Yes, loans can sometimes come with high rates of interest.
However, these interest rates are often still lower than what you’re expected to pay on your monthly credit card bill.
Loans are an excellent way to stop the cycle of debt that traps so many Australians each year.
4. You’re Getting Married
While you shouldn’t take out loans so that you can spend on a wedding that’s actually out of your price range, many find that even weddings on a budget are sometimes tough to afford.
The good news?
Thanks to an online loan, you don’t have to compromise when it comes to your big day.
Whether you need the money to pay for a dress, to rent the perfect venue, or even to help you pay for food for your guests, a loan can help. Just make sure that the interest rate attached to it truly makes it worth the investment.
5. Sudden Home Repairs
Another common reason for Australians to take out loans, especially those with an easy online application process?
Because of unexpected damage to the home.
Whether this damage is a result of a storm, normal wear and tear, or simply because of unintentional neglect, things like a dripping ceiling or uneven floorboards aren’t something you’re able to live with.
You don’t want to compromise the comfort and safety of yourself or your family members.
You can apply for a loan and quickly get accepted based on your current financial situation. You’ll most likely only need to prove your age, show your employment record, and give a copy of your bank statements to lenders (to prove you have a checking account.)
Once you’re approved, you can use the money to put towards whatever payment plan you’ve worked out with your home improvement company.5 Common Reasons You Might Need an Emergency Online Loan Click To Tweet
Need To Apply For An Online Loan?
No matter the reason for your sudden need for funds, applying for an online loan is an excellent way to ensure that an emergency situation doesn’t ruin your finances.
Of course, the specific terms and amount of the loan will depend entirely upon the lender you’re interested in working with.
That’s where we come in.
If you’re interested in short-term lending and need to borrow smaller amounts of money, we want to help you.
Spend some time on our website and blog to learn more about how to apply online for loans. Then, access our tips on how to make smarter, stress-free financial decisions for the future.