Budgeting is tough, and sometimes you may not meet your budgeting goals every month. If you have found yourself struggling financially and you aren’t sure what to do when your bank account is negative, don’t stress! There are financial resources available to you that you may not have considered yet.
Financial insecurity can happen to anyone, at any time. If you are struggling to make ends meet, you can utilize the financial resources around you to get back on your feet. One of these potential options is a ChoiceCash Title Loan, which can help get your bank account back to a positive number in as little as one business day after approval.1
The Immediate Steps to Take When Your Bank Account is Negative
As soon as your bank account hits negative, you are often hit with overdrawn fees from your bank that accrue per day until your balance is positive again. Depending on your bank account, there could be additional fees for each purchase made while your bank account is negative. Until it is positive again, refrain from using this account if you can.
The first steps you can take to get your bank account back to the positives are:
- Make Sure This Wasn’t a Bank Issue or Mistake
- Transfer Money into the Account and Balance it
- Ask a Friend or Family Member to Help Offset the Balance
- Refrain From Making Any More Purchases
- Create a New Budget
If you have any money in a savings account or other checking account that you can spare, transfer it to the negative account right away. This can help you avoid bank fees, as some banks will allow you to skip an overdraft charge if the account is corrected the same day. A negative bank account will often reflect on your credit report if it continually remains negative.
How to Budget Better When Your Bank Account is Negative
If your bank account became negative, it is possible that it was due to:
- Lack of a Proper Budget
- Poor Budgeting
- Unforeseen Financial Hardship
If your budget is the area that is lacking, it can be helped! To create a new budget to stick to, look at your past bank statements from last month. With these documents, divide the expenses into two categories:
- Fixed Expenses
- Variable Expenses
Fixed expenses are ones that do not change monthly, and are often expenses like rent, car payments, and other expected bills. Variable expenses have the most wiggle room in your budget and are items like utilities that can change, transportation costs, and entertainment. With these expenses categorized, find out where you are overspending each month and try and create a limit. This limit can help you budget your monthly finances better, and hopefully keep your bank account from becoming negative.
Reach Out to Your Bank When Your Bank as Soon as You Hit Negative
While you may not know what to do when your bank account is negative, there is an immediate first step to take. Reach out to your bank and see if this may be a banking issue or another fraud issue. While this may not always be the case, if you have budgeted properly, one of the outcomes is a case of stolen identity or duplicate charges. Go through your past bank statements and see if you can account for each of the charges on the statement. If not, your bank will allow you to file a duplicate charge, or a fraud charge on the item in question.
Emergency Cash Options When Your Bank Account is Negative
If you do not have other resources to balance the over drafted account, don’t panic. One of the financial resources you can take advantage of as a vehicle owner is a title loan! If you have a paid off or close to paid off vehicle in your name, it can be used to apply for funding.
Title loans are a unique funding option that allows a borrower to use their vehicle’s title as collateral for the loan! With loan options like ChoiceCash Title Loans, the process is hassle-free and can be done online in no time at all. You could access anywhere between 25%-75% of your vehicle’s value through a title loan if your income supports it! That could be used to get your bank account back positive and get yourself an opportunity to get back on your feet.
The Benefits of Choosing a Title Loan for Emergency Cash
Title loans can offer you more than just emergency cash when your bank account is negative. Check out some of the benefits you can take advantage of as a ChoiceCash Title Loan Borrower:
- Fast Cash: If your vehicle and income qualify for a ChoiceCash Title Loan, you could get your cash in as little as 24 hours.1 That speed can be especially helpful to avoid overdraft fees and banking fees that come with a negative bank balance!
- Keep Driving: Although you are using your vehicle’s title as collateral for the loan, you can keep driving your vehicle like it is business as usual if you make your payments on time. You don’t need to give up your keys and regular driving habits to get your finances back on track!
- Payments Start Low and Can Get Even Lower2: ChoiceCash Title Loan agents make it a priority to offer funding to borrowers that they can afford. Your loan payment will be affordable, but it can get even lower!2 ChoiceCash Title Loan borrowers have the opportunity to earn a lower interest rate and monthly payment by simply paying back their loan on time each month.2
Where to Apply for an Emergency Cash Title Loan Online
If you aren’t sure what to do when your bank account is negative, you have an opportunity waiting for you. See if your vehicle and income can qualify for a ChoiceCash Title Loan today! If you can get your cash in as little as one business day, why wait to see if you qualify?1
Get started on your title loan inquiry by going on the website and filling out a short inquiry form online. You can also give a loan agent a call today at 855-422-7402.
Representatives with ChoiceCash Title Loans are available for extended hours seven days a week to help you in a financial emergency!