Money struggles can happen to anyone. You could have the perfect budget, and you might have saved money for years only to find that an accident or illness might require that you spend all your savings just to get back to health. If you are in a tight situation, an emergency loan might give you the assistance you need to regroup and move on without penalties.

The Emergency Loan Defined

An emergency loan is simply what it sounds like. It’s a loan for a dire situation – not a house loan and not a loan for a vacation. In most cases, you can get an emergency loan for a smaller amount of money than other loans. You can also pay them back more quickly.

Who Can Get an Emergency Loan

If you want to get an emergency loan with as little hassle as possible, you must meet the basic criteria and know the rules. Although the rules vary according to which business you borrow from, you will find that most businesses require the borrower to be at least 18 years old. The individual should also have a valid checking account and a regular source of income.

Where to Get an Emergency Loan

When you go to apply for an emergency loan, look for a credit union or a bank. Another option is a payday installment loan from Great Plains Lending. Another way to get an emergency loan from a bank includes charges on a credit card. Watch out for these loans since they frequently come with high interest rates for payback.

You also might get a home equity loan or a home equity line of credit. A home equity loan is a kind of second mortgage. The home equity line of credit is a pool of monies available for borrowing. Your home is used as collateral for this type of loan.

If you have a good history of credit, you might find that you are eligible for an unsecured loan. If you default on the loan, your credit is marred. If you have poor credit to begin with, you might want to go right to a credit union for business transactions. The credit union can offer better options for your situation than a bank.

When you get a payday loan, you sign up for a very short term loan (generally around two weeks). Your goal is to pay back the loan (along with interest) by your next paycheck.

Sometimes getting an emergency loan is the smartest way to get on your feet once again. Keep your good credit reputation and avoid more fees with this type of short-term option.

Image via Wikipedia

Every month, people work hard in order to receive their salaries, but in turn, they’ll still have to pay a specific amount of money to the government, depending on how much they earn each month. This is what they call income tax; a deduction from their salary to support the government. Many people, who desperately need the money, avoid paying these taxes, eventually resulting in huge income tax debts.

Why pay taxes?

Income tax is something that everyone is required by law to pay. Non-payment, or not filing taxes can land the debtor in serious trouble, not only with the debt to pay but because of financial penalties that are added as an incentive to make sure that these debts are paid on time. This, in turn, magnifies the problem.

If the right approach is made by a legal representative of the debtor, then the Inland Revenue Service (or IRS) are obliged to work with the legal representative and give more flexible terms for the repayment of the sum owed.

In the situation of a bankruptcy, there will still be creditors to pay. Legally, the first to be paid is always the IRS. No other debtor is paid until the debt to the IRS has been settled in full. Often, the IRS will force a company into liquidation to claim back the taxes that are owed.

In order to get through these problems, it is important to seek legal options when dealing with income tax debts.

Exploring the legal options

Lawyers who are experienced in this field can help you by laying out various options for you. They can help negotiate with the debtor and you might be able to get the best possible solution or a good outcome where both parties will be satisfied.

These options may include an extension of your time for payment, negotiating on an installment plan for your income tax, the use of savings or loans just to pay your income tax and the possibility of compromising for less than the amount you actually owe. Your lawyer can help you get one of these options, whichever one will work best for you and your current situation.

Results

By seeking legal advice when dealing with income tax debts, you may be able to find yourself with less worries and a better payment plan for your income tax. Work with your income tax lawyer to arrange the legal option you’re most comfortable with.

Just like all other debts, income tax should not be piled up to hassle you eventually in the future. Make sure that your employer has rightfully withheld tax from your salary so that you don’t have to worry about any debts by the end of the year.

I am not saying I haven’t been in debt. In fact, I have been there. I’ve done that. And I’ve learned my lesson well. It is really better to pay in cash and if it’s going to be such a big ticket item, even if it’s on 0% interest, it will be advisable if you already have half of the money in cash already. Or else, there will be a hard time paying up. Six months to pay is so long for me already.

And when you have a delinquent account, that is where problems come in. However, I have to admit we take advantage of the best credit card deals from the best credit cards like citibank credit cards. We get a lot of free miles when we use them for everyday groceries – we just pay in full every time!

Financial teachers would recommend people with financial problems undergo credit counseling or consumer credit counseling so they will be educated on the financial options they can avail of to further manage their debt problems.

Most of them would opt for credit card consolidation so that they can easily manage paying all their debt off with just one institution. Usually, they are also given longer payment options so that their minimum amount dues are manageable. The main point of consumer credit counseling service is to educate consumers how to eliminate debt without it overtaking your financial life. Slowly paying off debt without incurring more in the process is the main goal.

Well, coupons and Overstock.com. I always shop there and use my Overstock coupons. Their clearance section always has very good steals so I make it a point to check that section.

So shopping won’t make you feel guilty, use coupons!

I have made a resolution to put aside a fixed 10% from my monthly earnings from my sideline job as savings. I know, this “should” be mandatory but we really have not been diligent with this. Maybe if we have enough we can look into trusted ways to let it grow. Investing on the dollar is too risky – so it encompasses mutual funds and trust funds. Monex Precious Metals are actually a good, steady (stable) investment. Gold and silver are worth more than ever because world demand has exceeded world production.

I would need to consult this with my husband and let us see if we can afford to get even one bar!

Now, if I were to get a personal loan, it would either be for 1) my son’s tuition fees, 2) hospital emergencies or 3) death of family (which I hope NOT to happen in the next fifty years).

I told him to bring his father’s RevO when he goes home tonight as Im not comfortable with him driving the jeep even if it’s fixed. He still wouldnt budge even if fuel prices had two-peso rollbacks for the past weeks. The RevO drinks like a horse when it comes to gasoline. He’d rather bring the jeep instead. So Im worried to death. I need to check if there are auto insurance comparisons I can present to him for the jeep.

Food-wise, I think we will be cutting expenses down to 75%. Yes, that big. For one, we eat around 3 times a week at my parent’s house (either lunch or dinner). I cooked afritada (1/2 a kilo of chicken) and it’s two days and we still havent finished it. Our rice can last with only 2 “takals” (around 2 cups) with leftovers. It helps that Im also on a diet

We just are big on juices, biscuits and bread. Last Monday, I went grocery shopping and our menu and grocery items were just a thousand bucks! Such a relief – we would not need to avail of the payday loans Edil’s office gives to its employees – there are many who avail of it especially now that times are hard.