According to the multiverse (a popular theory in the physics community that posits we live in just one of an infinite number of universes) anything is possible.If we were to believe this hypothesis, then there’s a reality that exists in which your budget actually works. Unfortunately, you live in the universe where your budget fails. Try though you may to anticipate your needs for the month, sometimes unexpected bills and repairs make a mockery of your plans. There’s just no way of knowing when your car will break down or your fridge will need repairs. Without time to prepare for these additional expenses, you simply don’t have the money to follow your budget — or pay for your new responsibilities!

When your budget fails spectacularly, and you’re looking down the wrong end of a cash shortfall, you know you need to borrow money. The only problem is the source of your loan. You have to work under a very specific time constraint in order to pay off your obligations without incurring late penalties, making many traditional avenues for financial assistance impractical. Institutions like banks have too much bureaucratic red tape to navigate to offer fast-acting loans. Their process is delayed with interviews and extensive study of your financial history.

Online direct lenders offer a faster alternative, but not without their own disadvantages. Some direct lenders only offer cash advances that require full repayment by the date of your next payday. When most of your paycheck goes towards monthly necessities, you may not have enough left over to cover what you would owe a lender. Choosing their help in order to pay for non-recurring bills or repairs would only substitute one impossible due date for another — except with a short term loan you can expect higher interest and penalties.

But not all direct lenders provide the same forms of financial assistance. Those that are also Credit Access Businesses (CABs) have the authorization to arrange longer termed loans on your behalf. When you apply for installment loans from, you can avoid getting trapped by an unattainable repayment date. Installment loans follow a different schedule that allows you to pay off what you owe in several portions scheduled over a longer period of time. This means you can continue paying for your monthly responsibilities without worry, while using the remainder of your paycheck to cover these smaller payments.

You may not live in the universe where you can follow your proposed budget without fail, but you can live in the universe where you find a responsible way to cover you cash shortfalls. Search out an online direct lender like MoneyKey that also acts as a Credit Access Business. They can offer more flexibility with your repayment terms, so you can find an installment loan and pay off unexpected bills and repairs.

Learn more about installment loans and how they affect your credit here:

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Ana is full time teacher, consultant and passionate writer!

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