Your water pipes are broken, and insurance has just come back saying that they don’t cover repairs like that. Now what?
You need money fast, but you don’t have time to compare loan costs. You need those pipes to be repaired immediately, but it isn’t within your budget.
Let’s take a look at what to do if your insurance doesn’t cover your broken water pipes and you need the repairs done straight away.
1. Try a Personal Lender
A personal lender is going to be a great way to get a good interest rate and small fees on your loan. Personal lenders usually process the loan within one to three business days, which is a quick turnaround time.
Depending on your current credit score, you can expect an interest rate of 10 to 15% with a personal lender.
2. Use a Credit Card
If you already have a credit card, then it could be worth utilizing this line of credit. There are two ways that you can use your credit card to your advantage in this situation.
The first is by placing an emergency expense on it. The second is to take out a cash advance. You simply visit your local bank branch, and they will give you cash in return for charging your credit card.
Some credit card companies will even let you carry out the transaction online.
3. Ask a Family Member
If you have a reliable support network that you know you can go to for help, this could be a viable option. As a close friend or a member of your family who you think may be able to spare you some cash so that you can pay for the pipe repairs.
It’s worth taking a little bit of time to agree and discuss the terms of the loan, including how you will pay it back and whether they are expecting interest on it. The clearer you make the expectations, the less there is room for confusion and miscommunication down the road.
4. Car Title Loan
Title loans are a great way to obtain quick and easy loans that you can pay back when you’ve got the funds. A car title loan is a loan you can easily apply for and use your vehicle as collateral.
Not many people are aware that in the case of a loan, your car is an asset. Using it as equity to take a loan out for things like water pipe repairs is a great way to get your hands on some quick cash without putting yourself in too much debt.
When it comes to life, there are always going to be things that we aren’t prepared for. While you may not have been prepared for the insurance company to tell you they can’t pay for the repairs to your water pipes, this doesn’t mean you can’t get them repaired immediately.
Whether it’s getting a loan from a personal lender or using the title of your car as equity, there are a number of practical and effective ways to make sure those pipes get repaired as soon as possible.