Echo Credit offers an online line of credit. This means you could get approved in minutes and request as much or as little cash as you need up to your credit limit and get it as soon as today, if you select electronic funding. This gives you the chance to have funds in case of an emergency.
If you don’t have an emergency fund or extra cash in a savings account, having a line of credit can provide a cushion when the unexpected happens.
Here are the most common ways folks use emergency cash, according to GoBankingRates.
6 Ways to Use an Online Line of Credit
1. Major household repairs
The most common reason to use emergency funds by a thin margin ismajor home repairs. This could be anything from a broken window to a leaking roof.
Home is a big part of life. And if issues aren’t addressed quickly, they can often become worse and more expensive.
With a line of credit through Echo Credit, you could have funds in your account as soon as the same business day. This could be a huge help if you need cash fast.
2. Auto expenses
The next most common use for emergency funds is for car repairs and transportation. Unless you live in a place with efficient public transportation, you likely rely on a car to get to work each day. If your car needs work, it can leave you without a way to get to your job.
Many people get necessary car repairs with their emergency funds so they can get back to work quickly.
3. Medical emergencies
Medical emergencies are the third most common reason for using emergency funds. Medical costs continue to rise and for some, medical bills are not usually top of mind when saving money. Instead of possibly avoiding medical care, you could get the medical attention you need and repay the expenses on a fixed schedule, like having a line of credit from Echo Credit.
4. Job income replacement
If you lose a job, you might need help to manage basic expenses like rent or loan payments until you can find another source of employment. Having a safety net is important during times like these, so you can stay afloat while you regroup.
A personal loan like a line of credit or installment loan can be a way to keep making on-time payments until you can get regular paychecks again.
5. Cost of living increases
If you have a sudden change in overall monthly expenses, like an increase in rent, a change in mortgage payments, or new expenses like childcare or a longer commute, you may find yourself spending money faster than anticipated.
For this reason, having extra cash could help your cash flow while you manage your expenses or are waiting for income to arrive.
6. Sudden moves
The last most common way folks use emergency cash is for unexpected moves related to things like a new job, divorce, or relocating to care for a family member.
Moving can be one of the most stressful and expensive things to do, especially if you feel like you’re running out of cash. Having extra cash in hand can be a big relief as you get settled into a new place.
And with the country’s economy booming in new areas, jobs can be a big draw and a worthwhile expense to get started on a new career path.
Bottom line
Having an online line of credit (like an Echo Credit line of credit) can give you a fast cash injection when you need it most.
With Echo Credit you could have cash in your bank account as soon as the same business day. The most common ways customers use emergency cash include:
- Household repairs
- Auto expenses
- Medical costs
- Job loss
- Cost of living increases
- Sudden moves related to life changes
Check here to see if Echo Credit is available where you live. We’re happy to be your line of credit solution.