When a tragedy strikes, it can quickly deplete what emergency funds you do have. Often, emergency expenses exceed your monthly income. What happens when you total a $43,000 car? You have still have to pay off the loan, and you need a replacement car. Insurance covers the gap. Health insurance works the same way. When you need a medical procedure that costs thousands of dollars, you pay your co-pay and your percentage of the bill. Your insurance company pays for the majority of the expense. This can bring a $4,500 medical expense down to an affordable few hundred dollars.

Insurance also protects your assets. Say you’re throwing a party at your house and someone falls down the stairs. If the person doesn’t have medical insurance, you will have to pay for the expense because the injury occurred on your property, unless you can prove the person acted irresponsibly. While your health insurance won’t cover the expenses, your homeowners insurance might. If you’re in a car accident that injures another person, your coverage will pay for that person’s medical expenses.

Many people fail to realize all the ways insurance helps and protects a person. Once you realize the benefits to coverage, you can find the policy that works best for you. You can pick a higher deductible and a lower monthly payment or a higher monthly payments with a lower deductible. Regardless of the policy, you can get the protection you need.

Payday loans are short-term loans that are usually in small amounts. You can use these loans to help cover any expenses until your next paycheck. Sometimes, you can prearrange payday loans as a line of credit, similar to a credit card. There are a couple of ways you can get a payday loan, including using online lenders. Like with any loan, there will be finance charges that usually range from 15 to 30 percent of the borrowed amount.

With payday loans, you can write a postdated check to the lender to cover the full amount of the loan plus fees. Online lenders may set up an automatic withdrawal from your checking or savings account. On the due date, the lender will cash the check or withdraw funds to cover the payment.

If you don’t have enough money in the account to cover the payment, you could face a fee from your bank for the bounced check. The lender will also charge extra fees and may increase your interest rate for future loans if you don’t pay the loan back on time. Contact the lender if you’re unable to pay the loan back. The company can offer an extended payment plan.

With online lending, you can handle all the details from home. Typically, you fill out an online form with your personal information, bank account, social security number, and employment information. After you fax a copy of the check and signed paper work, the lender will transfer the approved funds directly into your checking account. With the money you get from a payday loan, you’ll have the funds you need to make it through an emergency situation. You can get your car fixed, pay bills, or fix your air conditioner.