Life is not an easy path. The ups and downs are inevitable when you live in society and have a certain lifestyle. You must be facing various emergencies now and then, mainly financial. A financial emergency can be of any kind and must to dealt with to avoid any unwelcoming consequences. Here we have listed some of them below along with the solutions as to how you can tackle these financial emergencies.
Medical emergency:
A medical emergency often calls for a financial emergency. Even if you have health insurance, you might require additional funds. Sometimes even insurances do not cover specific medical expenses. Here your medical emergency fund comes to your rescue. Here you can get a personal loan or a loan against property for your medical financial emergency.
Debt consolidation:
Having an ongoing home loan and car loan simultaneously is not a big thing. But if you also have a huge credit card outstanding then it might be a concern. Sometimes many can’t manage and plan efficiently when it comes to paying multiple debts at the same time. Eventually, you can face late EMI payments or worst a loan default situation. To avoid such a thing, you can opt for a loan against property also known as LAP. You can consolidate your debts when you are facing a need for finances immediately to pay your EMIs.
Equipment purchase:
Nowadays everyone is heavily dependent on various types of equipment and gadgets. But buying new equipment can be financially expensive thus this can be considered as a financial emergency. Here you can purchase the equipment/gadget of your choice by using your credit card. You can buy it on credit and pay later. Also, if you want, you can convert the credit card bill amount into smart EMIs.
