Posts Tagged: Financial Management

How Britons Manage Financial Emergencies While Visiting the United States

Lonely Planet - USA

Sometimes financial disasters can’t wait simply because you are visiting the United States. When an emergency happens, you need to be able to act quickly no matter your location. Luckily, there are a variety of mechanisms that can be used regardless of your current location. To help you navigate these tricky situations, here are some options that can help you manage until you return home to the UK.

How Britons Manage Financial Emergencies While Visiting the United States

Direct Payday and Installment Loans

A traditional way to get cash fast is with a payday loan or short-term installment loan. Many modern lenders in this arena accept applications online, making it a practical option when you are on vacation in another country, like the US.

Depending on your precise needs, one option may make more sense than the other. For example, if you need a very small amount of funds that can be easily covered by your next paycheck, then a payday loan may suffice. If you need a larger sum, and require the option to repay over time, then an installment loan is a better choice.

Bridging Loans

While completing a property purchase may not seem like an emergency initially, if you only have a limited amount of time to move forward it can be more dramatic than it seems. Bridging loans give you the ability to schedule property improvements, help you transition from your current residence to a new one, or allow you to be treated as a cash buyer at property auctions.

One benefit of a bridging loan, as reviewed through the Euroguide adverse credit bridging service, you can move forward even if you don’t have spectacular credit or don’t have access to proof of income. Most bridging loans can be processed quickly, and can often be managed over the phone or online, allowing you to handle the situation without having to abandon your vacation in the US.

Friends and Family

If you have friends or family members you can turn to in your time of need then that is an option as well. Often, there is some debate regarding whether lending to friends or family is a wise move, as issues regarding the repayment of the funds can damage relationships. However, if only a small amount is needed, and it can be repaid quickly, then it may be a suitable alternative to traditional financing options.

A Word of Caution

Borrowing money, whether from a lender or a person in your life, comes with an obligation to repay in a timely manner. It is important to ensure you can safely repay the borrowed funds without any undue hardship before going forward by becoming an official borrower.

When you borrow funds from a lender, failure to repay as agreed can result in financial penalties, as well as have a negative impact on your credit report and associated score. This can make it more challenging to obtain funds in the future or may lead to higher interest rates if a lender approves a loan application.

Failure to repay friends or family as agreed can have a damaging effect on the relationship. This can range from general discomfort during social situations or even the loss of the relationship entirely. Consider all of the potential impacts should repayment become difficult before accepting money from an individual in your life. That way, you can make sure never to borrow more than you can afford to repay as agreed.…

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