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rainy day savings

May 18, 2022

You’re not alone if you feel like you live paycheck to paycheck with little or no savings; many Americans do. Maybe you have not yet recovered from a pandemic furlough or maybe you lost your job and have not been able to catch up. Although experts generally say you should have six months’ worth of savings tucked away for a rainy day, this can be a tall order when inflation rises faster than wages. When an unexpected expense lands on your door, utilizing your own cash can be the best way to pay for it. However, it’s not the only way.

Here are some alternate ways to pay for unexpected expenses when you need extra cash. There are pros and cons to each so be sure to consider what will work best for your current needs and your financial future.

1. Credit Card

Credit cards may be an easy way to pay for an unexpected expense, especially if you are able to pay off your balance each month. If you cannot, you will often accrue interest, and just making minimum payments can result in it taking years to pay down debt. Additionally, if you miss a payment, penalties can be stiff—plus late payments may negatively impact your credit rating. On the other hand, with a good credit score and history, you may be eligible for a zero-interest credit card, or a credit card loan which is essentially an unsecured loan from your credit card company.

2. Borrow from Friends or Family

A short-term loan from a family member or friend may seem like a good idea, however it doesn’t always turn out as expected. If you have difficulty paying back the money you owe, it has the potential to jeopardize the relationship with the individual and spill over to other members of your family or circle of friends. If you decide to go this route and can find a willing person to loan you money, you may want to memorialize the terms of the loan with a written document, such as contract, explaining the terms and conditions you both can agree upon and sign.

3. Take Out a Personal Loan

Whatever your unexpected expense, a personal loan may be a more viable solution than using a credit card or other high-interest, short-term loan. A personal loan of $1,000 to $25,000 allows you to borrow money to pay for the expense and then pay back the loan over a set term at a fixed interest rate with payment terms that fit your budget and cash flow. You can usually choose the day of the month when payments will be due. Unsecured loans, with no collateral required, are often available from banks, credit unions, and personal finance companies, as well as secured loans. Generally, the higher your credit score, the lower your interest rate may be. Lenders will also review your credit history on your credit report and your debt to income ratio. Be sure to compare interest rates from different lenders and check the lender’s reputation with the Better Business Bureau.

4. Build Up an Emergency Fund

One of the best ways to pay for an unexpected car breakdown, new appliance, veterinary bill, emergency dental work, or whatever else life throws at you, is to build up an emergency fund. In doing so, you will have the cash on hand to pay for unexpected expenses without the need to take on additional debt or risk not paying other bills on time. Many financial planners recommend setting aside at least three to six months’ worth of living expenses depending upon your current financial obligations. For example, if you work in a secure industry, have no dependents, are relatively healthy, have a reliable car, and a spouse or other family member you could rely on for financial assistance, you may not need extensive savings in your emergency fund. However, if your employment is unstable or you’re a gig worker, you have dependents, own an older home, or have a medical condition, a larger amount will likely be a better savings target.

Looking for a lender who knows that sometimes unexpected expenses happen? Mariner Finance understands what you’re going through, and we may be able to help. Our dedicated team can review your financial situation and provide you with quick and efficient customer service detailing potential loan options. Apply online and receive a personalized offer that will not affect your credit score.1

The information provided in this article does not constitute financial advice and is provided for educational purposes only without any express or implied warranty of any kind. This article is not intended as legal, tax, investment, or any other advice and Mariner Finance does not offer credit repair services. Consider talking with an appropriate qualified professional for specific advice.

1 The process uses a “soft” credit inquiry to determine whether a loan offer is available, which does not impact your credit score. If you continue with the application process online and accept a loan offer, or are referred to a branch and continue your application there, we will pull your credit report and credit score again using a “hard” credit inquiry. This “hard” credit inquiry may impact your credit score.

Blog posts are for informational purposes only.

†We offer personal loans from $1,000 to $25,000, with loans terms from 12 to 60 months. Minimum and maximum amounts dependent on an applicant’s state of residence and the underwriting of the loan. Loans between $1,500 and $15,000 may be funded online. Loans greater than $15,000 or less than $1,500 are funded through our branch network. Specific interest rates and fees are determined as permitted under applicable state law and depend upon loan amount, term, and the applicant’s ability to meet our credit criteria, including, but not limited to, credit history, income, debt payment obligations, and other factors such as availability of collateral. Not all rates and loan amounts are available in all states. Additional fees may apply to some loan offers; some state required and/or permitted fees may be treated as prepaid finance charges. Any such charges shall be in addition to the loan amount requested and/or approved and shall be fully disclosed to the applicant on his/her loan agreement. Not all applicants will qualify for the lowest rates or larger loan amounts, which may require a first lien on a motor vehicle not more than ten years old titled in the applicant’s name with valid insurance. Our loan by phone and online closing process requires a compatible mobile or computer device on which you can access your email and electronic documents. Not all loan types are eligible for loan by phone or online loan closing.


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For any stated annual percentage rate (“APR”), the APR represents the cost of credit as a yearly rate and will be determined based upon an applicant’s credit at the time of application, subject to state law limits. A range of APR’s may be applicable, subject to state law limits and individual underwriting. Not all applicants will qualify for a lower rate. APR’s are generally higher on loans not secured by a vehicle, and the lowest rates typically apply to the most creditworthy borrowers. All terms and conditions of a loan offer, including the APR, will be disclosed during the application process. As an example, with an amount financed of $5,000.00 the borrower receives $5,000.00 at an APR of 29.99% and an interest rate of 28.77% which includes a finance charge of $3,640.96. Under these terms, the borrower would make 48 monthly payments of $180.02, for a total of payments of $8,640.96. The amount financed may not be the net proceeds paid if charges other than interest are included in the loan.


*The process uses a “soft” credit inquiry to determine whether a loan offer is available, which does not impact your credit score. If you continue with the application process online and accept a loan offer, or are referred to a branch and continue your application there, we will pull your credit report and credit score again using a “hard” credit inquiry. This “hard” credit inquiry may impact your credit score.



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Mariner Finance, LLC, NMLS No. 166564 (
8211 Town Center Drive, Nottingham, MD 21236. Telephone Number 877-310-2373.

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