Freelancing doesn’t offer the same level of stability and security as working a corporate, full-time job. That’s why freelancers need to be prepared for emergencies they can come across in the gig economy.

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Here are three types of emergencies that freelancers should get ready for:

Broken Tech

Computers, smartphones and other tech devices are essential for most freelancers. They’re the tools of the trade. If they break down in the middle of the workweek, everything will come to a standstill. This problem can put a freelancer’s job — and, by extension, their paycheck — on the line.

So, if you’re a freelancer, how can you prepare? You should start building an emergency fund for work-related emergencies. You can dip into the fund when you need to repair or replace your tech in a hurry.

What can you do when you don’t have enough savings? In that case, you could look into online personal loans through CreditFresh and see whether you meet the qualifications to apply. If you can apply and get approved, you could use your personal loan to cover the emergency repairs and recover from this problem.

It’s important that you only use personal loans for emergencies and not for everyday expenses. It’s for urgent needs — not wants.

Late Client Payments

Sadly, this is an issue that freelancers should expect to run into at least once in their career. Some clients will pay you later than they agreed to. It can take weeks or months to get what you’re owed.

How can you prepare for this situation? Create a freelance contract that guarantees that you aren’t waiting for 100% of your pay long past the deadline. You can do this by asking for a small down payment upfront or by asking for a partial payment when you hit an early milestone — this should come with the stipulation that you will not continue the project until that portion is paid. You can also include additional fees for late-payments and kill fees (in case they decide to end the project before it’s complete).

These actions can’t guarantee the client will pay on time. It only betters your chances of getting paid.

If a client still misses your payment deadline, take a look at what to do when you don’t get paid to ensure that you get those funds in your pocket. Don’t give up. After all, this is your livelihood, and your labor isn’t free.

Missed Deadlines

Sometimes, something goes wrong, and you miss your deadline. Maybe you were sick and couldn’t catch up on work, or maybe you overextended yourself and just couldn’t get things done on time. It happens.

Are there ways that you can avoid missed deadlines?

• Make sure that you give yourself a work schedule with a built-in buffer of a few days in case you get sick, burnt-out or busy.
• Use the best time-tracking apps and project management tools to keep an eye on your progress and push yourself to stay on schedule.
• Keep in frequent contact with your client. If you sense that you’re not going to make the impending deadline, send them an email or give them a call right away. Give them a new ETA of when you think it will be finished.

Don’t try to hide from the client. Be open and honest. This will help you keep your business relationship in good shape.

Freelancing comes with a lot of ups and downs. After reading these tips, you’ll be ready to handle those “down” moments without breaking a sweat.