Did you know that almost 40% of Canadians don’t have enough saved for a financial emergency? If you’re one of those 40% you’ve come to the right place. We’ve put together everything you need to know about Teka Loans and emergencies.
While you have good intentions to save for emergencies, life happens. Whether it’s a car accident or an emergency home repair, something expensive is bound to come up. Continue reading for a go-to guide that will help you determine if an online loan is right for you.
What Is an Instant Online Loan?
An instant online loan is different than other types of loans such as a mortgage or student loan. To start with, online loans are for much smaller amounts. Loans typically range from $500-$1,000.
With an instant online loan, the approval process is much quicker. You don’t need lengthy credit checks, bank statements, and a sparkling credit history. These loans are designed to come to your bank account quickly.
Online loans are perfect when you need access to money fast. There is no need to ask family or friends for money either. Get access to cash quickly, securely, and in private when you need it most.
Another benefit to using online loans such as a Teka Loan is that you pay them off in a short amount of time as well. You won’t have years of payments and interest hanging over your head. Unlike a credit card with a minimum balance that you pay for years, your loan is paid within months.
Why Use a Fast Loan?
There are several common reasons why people use fast loans. Many people use them to cover financial emergencies when they can’t pay for them out of their own pocket. Examples of financial emergencies include medical bills, home repairs, car maintenance, or debt payments.
If you have a medical emergency arise, for example, you can’t always wait for payday. There isn’t always enough time to wait for lengthy approvals either. In a financial crisis, you need access to cash in a hurry.
With emergency home or car repairs, for example, it’s also a safety issue. If your heater stops working, and you have kids at home, you need this fixed right away. The same goes for getting to work if something breaks on your car.
An online loan puts the money in your account within days. You’ll receive your money through an instant deposit as well. There is no need to run to the bank or do anything in person.
How Do Installment Loans Work?
An installment loan is one that you pay through payments over time. You make installment payments each week or month, for example. This is different than a payment you make in one lump sum.
Installment loans allow you to make comfortable payments over a set amount of time. These dates are agreed upon before you receive your funds.
This means no surprises or auto-debits. Get access to the cash you need without guessing when and how to make the payments.
The other great thing about installment loans is that you always know the due date. Your payment is set to auto-debit directly from your bank account on a set date. This helps ensure you don’t miss a payment.
To start this process, you’ll fill out a quick online application. From there, you’re notified of your approved loan amount and your payment terms. Shortly after, the funds are sent right to your bank account to use as you need to.
Emergency Funds and Saving Tips
While it’s ideal to have three to six months’ worth of funds saved, this isn’t always realistic. If you’re already living paycheck to paycheck, it likely seems impossible to have enough saved for an emergency. This is where fast online loans are a lifesaver.
In the meantime, between emergencies, start creating a budget for yourself. Write down expenses and income streams to really see where your money is going. If there isn’t enough left for everything you need to do, make a plan to stash away a few extra dollars a day or week.
Even $5 a day adds up to $1,825. That’s less than many people spend at the coffee shop every morning. This extra money is huge to have on hand when you need it. And if you need a little to float you, there is always a Teka Loan to help make up the gap.
Fast Cash Vs. Credit Cards
If you are used to relying on credit cards as your emergency fund, this will add up quickly. Pretty soon your balance gets high, and you’ve maxed out your card. Now you don’t only have it for emergencies, but you also have fees and extra interest.
Credit cards are a tricky balancing act. While they help boost your credit and your financial situation in some cases, they also drag down your score and cost you money in others. The key is to only spend what you can pay back when it comes to credit.
Using a fast cash loan means not dragging out your payments for years on end. You don’t need to raise your credit limit, max out your cards, or pay extra fees. Keep it clean and simple with an easy online loan.
Keep your credit card limit and your credit score intact. Don’t get caught in the vicious and expensive cycle of credit card debt. Save money when you need it most by using an online loan instead.
Need Money in an Emergency? Fill Out an Application on Teka Loan
If you need money in a hurry without a lot of red tape, a Teka Loan is a great option. Emergencies happen. Whether it’s a broken sink or a flat tire, there are just some emergencies that can’t wait until your next paycheck.
Using an online loan is like a lifeline when you need it. If you’re ready to apply for a fast, online loan, fill out the application form here on tekaloan.com. We’ll help you get the money you need in a hurry.