Where Does America Go for Emergency Funding?

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How American accesses emergency fundingIf you have an unexpected bill or another cash emergency, where can you go to access money quickly? If you can’t borrow from a savings fund or personal networks, like friends or family, you might feel like you’re out of luck until your next paycheck. The process of taking out a traditional bank loan can be a lengthy process, and you might need a higher credit score to actually qualify for funding.

If you really need access to quick cash, other forms of personal financing like personal loans, credit cards and lines of credit are available more quickly to help you find your footing. Read on to learn more about how other Americans access personal credit when they need it most.

Americans emergency funds

 

References

1Tatham, M. (October 16, 2019). Personal loan debt continues fast paced growth.

2Dixon, A. (November 19, 2019). Survey: A growing percentage of Americans have no emergency savings whatsoever.

3Komos, M. (June 10, 2019). Consumer credit origination, balance and delinquency trends: Q1 2019.

4Kirkham, E. (June 24, 2019). Personal loan statistics for 2019.

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About 

Babs is a Senior Content Writer and financial guru. She loves exploring fresh ways to save more and enjoy life on a budget! When she’s not writing, you’ll find her binge-watching musicals, reading in the (sporadic) Chicago sunshine and discovering great new places to eat. Accio, tacos! 

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