Sunday, January 11, 2009

Three Reasons You'll Need An Emergency $5,000 Signature Loan

By Mark Matthews

It snows a lot where I live, and if it snows too heavily for too long, you might find yourself with a collapsed (or at least seriously damaged) roof. If you're roof starts to fall apart, and it's the middle of winter, a fast $5,000 signature loan might be the only thing that saves your tail.

It's not like you can hang out from December to May with a caved-in roof and a $3,000 per month heating bill as you blow hot air out into the atmosphere. If you can't write a check for the amount needed to get the roof fixed - a fast short term loan may be the only way you'll make it through the cold months.

Or how about this - it's the week before the Super Bowl, and you're hosting the neighborhood party. All your friends are counting on you to throw the party of the year, and you have everything in place except the big screen TV. You obviously can't have all your buddies sitting around your pathetic four year old 32" low def right?

The 27" obscenity sitting on your TV stand right will not do, and you might only have one way out. Head to your local electronics store and pick up the TV you need to impress the guys. You're either going to pay cash, put it on a credit card, or hope some local payday loan store will give you a signature loan, because you need that TV.

Neither of those scenarios are really life and death - one is physically uncomfortable and the other socially important - but survivable. What if it's the holiday season, there's a death in the family, and you have to travel across the country for a funeral on a moment's notice.

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. - 14915

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