Three Interesting $5,000 Signature Loan Scenarios
Let's say you live in a place where it snows for three weeks solid - and you end up with six feet of snow piled up on your roof. It may not be long until your roof either collapses or gets seriously damaged by the snow. Expensive repairs require cash, and in the absence of cash you may end up needing a speedy $5,000 loan.
Just think of the alternative - leaving the roof unrepaired and letting all that cold air and snow flow into the house? I don't think anybody would be in favor of that idea. So if you don't have the cash on hand and you don't want a big snow drift in your living room, you'll need to find someone who will lend you the money to get it fixed.
Here's another possible scenario - it might already be late January and you're in charge of your local Super Bowl party. You've got the right food, the right furniture arrangement - but one thing is missing - the huge high def TV that will let all forty people who are going to be sitting in your living room enjoy the game.
No - you can't. And in this kind of emergency the only real option for making sure your neighborhood reputation stays intact is to get some kind of short term loan and buy the kind of TV that will make your friends proud.
Now it's clear that neither of those situations are going to mean life or death for your family. But there are a myriad of other problems that could occur in your life. It could be the middle of summer when a close family member or friend suddenly passes away and you have to purchase last minute airfare to comfort the family of the deceased.
Can you imagine the cost of the airfare? We could be talking about thousands of dollars worth of plane tickets. Either the money is sitting in your bank account or it isn't, and if it's not there then you're going to have to borrow the money.
Going into debt is never the ideal scenario - and these three situations are totally undesirable. I'm especially unenthused about you going deep into debt for a massive television you only need for a three hour party.
But the fact is you may have to borrow money under less than ideal circumstances and when that time comes, you need to know your options. Signature loans are probably the only way out if you don't have any cash laying around or room on your credit cards. Just make sure you're smart enough to set up and immediate repayment plan, and your long term goals should be relatively unaffected.
Just think of the alternative - leaving the roof unrepaired and letting all that cold air and snow flow into the house? I don't think anybody would be in favor of that idea. So if you don't have the cash on hand and you don't want a big snow drift in your living room, you'll need to find someone who will lend you the money to get it fixed.
Here's another possible scenario - it might already be late January and you're in charge of your local Super Bowl party. You've got the right food, the right furniture arrangement - but one thing is missing - the huge high def TV that will let all forty people who are going to be sitting in your living room enjoy the game.
No - you can't. And in this kind of emergency the only real option for making sure your neighborhood reputation stays intact is to get some kind of short term loan and buy the kind of TV that will make your friends proud.
Now it's clear that neither of those situations are going to mean life or death for your family. But there are a myriad of other problems that could occur in your life. It could be the middle of summer when a close family member or friend suddenly passes away and you have to purchase last minute airfare to comfort the family of the deceased.
Can you imagine the cost of the airfare? We could be talking about thousands of dollars worth of plane tickets. Either the money is sitting in your bank account or it isn't, and if it's not there then you're going to have to borrow the money.
Going into debt is never the ideal scenario - and these three situations are totally undesirable. I'm especially unenthused about you going deep into debt for a massive television you only need for a three hour party.
But the fact is you may have to borrow money under less than ideal circumstances and when that time comes, you need to know your options. Signature loans are probably the only way out if you don't have any cash laying around or room on your credit cards. Just make sure you're smart enough to set up and immediate repayment plan, and your long term goals should be relatively unaffected.
About the Author:
College kids under a cash crunch should consider student signature loans as a way of getting by. Mark's website, Loan-Doctor.org is the place to find them.
posted by Credit Counseling at
12:59 PM
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