Monday, January 12, 2009

Three Interesting $5,000 Signature Loan Scenarios

By Mark Matthews

Let's say you live in a place where it snows for three weeks solid - and you end up with six feet of snow piled up on your roof. It may not be long until your roof either collapses or gets seriously damaged by the snow. Expensive repairs require cash, and in the absence of cash you may end up needing a speedy $5,000 loan.

What other choice might you have - keeping a damaged roof and going through the whole winter freezing and wet? But if you don't have the necessary money for getting the roof back in order, a quick loan could be the only way you'll be warm and dry this January.

Other crazy things could happen to you, too. As early February draws closer, you remember you've promised all your neighborhood buddies that you'll host an amazing part on the day of the Super Bowl. If you don't have the high definition 72" flat screen TV they watched it on last year, you could be faced with the biggest embarrassment of the season.

No - you can't. And in this kind of emergency the only real option for making sure your neighborhood reputation stays intact is to get some kind of short term loan and buy the kind of TV that will make your friends proud.

Now it's clear that neither of those situations are going to mean life or death for your family. But there are a myriad of other problems that could occur in your life. It could be the middle of summer when a close family member or friend suddenly passes away and you have to purchase last minute airfare to comfort the family of the deceased.

Those plane tickets are going to cost an arm and a leg - unless you get a bereavement ticket - which you probably won't. You could be staring down the barrel of $1,000 to $3,000 in airfare depending on the size of your family. In these economic times, most people don't have that kind of money sitting in their checking account.

Going into debt is never the ideal scenario - and these three situations are totally undesirable. I'm especially unenthused about you going deep into debt for a massive television you only need for a three hour party.

But the reality is you might need to take a banker's money to get by in life, and if that's the case then you want to do it intelligently. If you're smart about how you borrow your one week loan won't need to last three years. - 16463

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