If you were forced to pay for an emergency home repair today, would you be able to afford it? Unfortunately, many Canadians wouldn’t be able to pay for it out of pocket.
According to a recent poll, almost one-fourth of Canadians are “completely out of money” in 2023. It’d make it impossible for them to finance a home repair with what they have in their savings accounts.
But not to worry. If you fall into this category, there are other ways to cover emergency home repairs. You might need to get a little creative to pay for these home repairs, but it’ll be nice knowing you have different home repair financing options.
The next time an emergency home repair pops up out of nowhere, make sure you’re prepared to tackle it. Here are several ways in which you can afford to take care of this type of repair.
Use a Credit Card
A recent study discovered that more than 70% of Canadians pay off their credit card balances each month. If you’re someone who does this, you should have available credit on at least one of your credit cards.
In this case, you can pull out a credit card and use it to pay for an emergency home repair. It’ll be the simplest way to do it when you know you can’t afford to pay for a home repair with cash.
Just make sure you have a plan in place for paying off your credit card balance in the not-too-distant future. Be sure you use a credit card with a low-interest rate, too.
Borrow Money From Family
To be clear, borrowing money from family isn’t usually the best idea. If for some reason you aren’t able to repay them down the line, it could cause a huge rift between you and the family member or members who lent you money. It could even damage your relationship with them for good.
For this reason, you shouldn’t borrow money from family unless you’re 100% sure you’ll be able to repay them. You also shouldn’t borrow it unless you’re willing to put something in writing saying you’ll repay them.
By doing this, you’ll make both yourself and your family member or members feel better about this situation. Neither of you will have to worry about how things will turn out when you have an agreement set in stone.
Sell Something of Value
Is there anything you own that you could sell to put a little extra cash in your pocket? Maybe you have a TV you don’t need anymore, or maybe you have an old car that you haven’t driven in months.
Whatever the case, you should give some thought to figuring out a way to sell things that are worth the money you need to make an emergency home repair. It could be the key to financing a home repair without putting yourself into any debt.
Obtain a Home Equity Loan
If you have enough equity built up in your home, you may be able to use it to secure what’s called a home equity loan. A home equity loan is a fantastic option for anyone who is facing an emergency home repair.
You’ve likely worked hard to create this equity. So why not make the most of it by getting your hands on it when you could really use it? It might end up being the solution to all your problems.
Take Out an Installment Loan
All of the emergency home repair financing options listed here will work wonders for you when you’re in a financial bind. But taking out installment loans is sometimes the best option for those who need to make home repairs quickly.
You can apply for fast loans in just minutes and have them deposited directly into your bank account within 24 hours if you’re approved. It makes online loans a very convenient option for anyone who can’t wait any longer to pull off a home repair.
As long as you meet some basic requirements, you should be able to get the approval you’re looking for after applying for installment loans. It’s why so many Canadians have turned to them early and often over the years.
How Can You Choose the Right Online Loan Lender?
Do you like the idea of using an installment loan to pay for an emergency home repair? You’ll find that there won’t be any shortage of online loans out there.
You shouldn’t just apply for one of the first fast loans you can find, though. Instead, it would be worth shopping around for the best online loan lender of the bunch.
Tekaloan will prove to be a wonderful option for those in the market for online loans. Just visit tekaloan.com to get more information on how easy it’ll be to apply for a loan to cover the cost of an emergency home repair.
Apply For a Loan to Cover an Emergency Home Repair
Did you just get caught off guard by an emergency home repair? You might be freaking out and worrying about how you’re going to pay for it.
Fortunately, Teka loan is here to help. We specialize in helping Canadians obtain fast loans for between $500 and $750. That should be enough to pay for your emergency home repair and provide you with some temporary financial relief.
Are you interested in getting more information on how our online loans work? Contact us today and we would be more than happy to tell you all about how they can benefit homeowners like yourself.