Everyone needs help sometimes. Financial assistance is often a complex resource to find for those in need of it. It’s not like an insurance policy, which you can buy when you need it the most. Although there aren’t many resources available for financial assistance, banks can be a great place to look for aid in times of stress. Here is why banks are the best place to get financial assistance and how they can help you in your time of need.
Low balance alerts
One of the biggest reasons for getting financial assistance is the lack of financial discipline. If you are not keeping track of your spending or don’t recognize the source of your debt, it’s impossible to get out of it without help.
When you bank with a financial institution that offers balance alerts, you will get an email or text message whenever your account dips below a certain amount. This way, you will always know when you are getting low on cash and can reallocate your spending appropriately. This is an easy way to monitor your spending and get financial assistance when you need it the most.
As per Lantern by SoFi, banks help customers set reasonable loan goals that they can fulfil without stressing or cutting their other essential expenses.
Online and Automatic Bill Pay
If you are drowning in debt and have no way of paying it off quickly, you may be considering debt consolidation or finding other ways to get financial assistance. If you can’t afford to pay a fee upfront, you might be looking at a longer-term solution that won’t help you in the short term.
When you bank with a financial institution that offers online and automatic bill pay, you can use this feature to pay off all of your bills. This way, your bills are taken care of without your intervention, and you are not charged a fee for paying them ahead of time.
Sub-Accounts for Savings
Almost all banks and credit unions have free savings accounts. You can use these savings accounts to save money, and they are great tools for budgeting. You can set up transfers and deposit amounts to make sure you are saving enough each month.
Automatic Savings Deposits
Another great way to get financial assistance is to automate your savings deposits. It is a good option if you consider opening a sub-account for savings. When you set up automatic savings deposits, you will divert a portion of your income into a savings account.
This way, you are saving money without having to think about it. It is a great way to get financial assistance when you need it the most, and it doesn’t affect your credit rating.
Online and Mobile Budgeting Tools
If you are struggling with debt, you may be considering a debt management plan or debt consolidation. This is where online and mobile budgeting tools can help you get financial assistance.
When you use online budgeting tools, you can easily see where your money is going each month. It is a great way to get financial assistance when needed, and it has no upfront cost.
Banks can be a great place to look for financial assistance, including refinancing loans. They can help you avoid overdrafts, save for the future, and pay your bills on time. So, if you need to refinance an auto loan with Lantern, you can get in touch with the financial advisors of the team to assist you with wealth management and financing services.
