Why Emergency Loans?
Time is non-negotiable when unexpected events happen. You just can’t sit there and wait for days, thinking that everything will be over soon. The reason why emergency loans are suitable for such incidences is that the money hits your bank account within few hours. Sometimes, it just takes one business day to receive your money.
Emergency Loans Can Cover:
- Health Care Bills
It can be frustrating if you’re slapped with overbearing health care bills. Emergency loans are the best ‘antidote’ if you’re wanting to pay for your treatments, medical procedures, drugs or other unexpected medical bills.Yes, your health insurance will cover most of the expenses. But you need to remember that there are other costly expenses that your insurance won’t cover.
- Auto and Home Repairs
It’s probably costly to maintain your home. Your roof could be damaged or the pipes could be leaking. Also, you may be thinking where to get money to fix or repair your car. The short term emergency loans could help.
- Other Expenses
Lost Items – Have you lost your phone, laptop or something valuable?Long Trips – Are you wanted to attend a wedding or family event in far areas? Is your loved one ill and you don’t have money to visit him or her?Well, emergency loans are available for you. Better yet, there are customized options to choose from.
What are the Features?
- Fees – The maximum loan amount a lender can give you depends on how you repay the loans. For instance, you’ll access small amounts in the beginning. If you repay your loans early, most lenders increases loan limit gradually.
- Maximum Loan Amount – Fees, interest rates including other charges vary from one lender to the next. Choose lenders offering reasonable rates.
- Store Network – Some lenders have offices where they operate from. Many lenders also operate completely online.
- Turnaround Time – it takes few hours to receive funds once your application have been approved. Many lenders do provide the funds on the same day even during weekends. Some lenders may request you to wait for a couple of business days.
How to Apply for Emergency Loans
Applying for emergency cash is fairly straightforward. You can call the lender, visit their premises or even apply online.
- Firstly, you are given a form. It can be a hardcopy or softcopy depending on the application method. You need to fill out the form correctly.
- Secondly, you may be required to answer a few questions over the phone or via email. The lender will also request proof of income, identification documents and banking details (transactions are conducted electronically).
- Thirdly, you have to accept the lender’s terms and conditions. All the terms are outlined on the loan contract. Now, it is your responsibility to go through them word by word. Sign the contract if you’re comfortable with the terms.
- Fourthly, you have to wait for the application to be approved. In most cases, you’ll get a reply within few minutes. You’ll be notified if there is something missing in your application. If loan approval is successful, the money is credited into your account soonest.
Can I Qualify for Emergency Loans Regardless of Your Credit Score?
Gone are the days when people used to think that getting loans was a tedious process. Just like payday loans, getting emergency fund is entirely hassle free.
In fact, no credit check will halt your application for these loans. Even if you have low credit level, you can still submit your application.
You really don’t have to fight for your application to be successful. If you’ve got bad credit, you shouldn’t worry because these loans are optimized for individuals just like you.
The best part is that you get the loans the same day. In addition, almost all direct lenders give you an option to evaluate your repayment schedule or plan to ensure it suits your personal taste.
Lenders are also nowadays offering customized loan quotes. All you have to do is answer some questions as this will be used to determine the loans you’re seeking. Additionally, lenders provide one-on-one customer service. This will really help you find the loans that best fit your requirements.
In addition, many lenders are offering flexible payment options. Besides that, they offer reasonable monthly payments as well as fixed rates.
Emergency Loans: Upsides and Downsides
Unsecured – These are unsecured loans. Collateral is not required.Quick Access – Banks take time to approve loan applications. However, emergency loans are approved quickly provided you’ve submitted details needed.Multiple Choices – There are many lenders offering emergency loans. You can compare services offered by various lenders to determine the right option.
Use Money As You Wish – You are not monitored on how you use the money. It is essential to use the money legitimately, though.
- DownsidesHigh Interest Rates
Some lenders attach higher fees and rates on their loans. Administration fee including other hidden charges may be applicable. You need to compare various lenders to find ones offering reasonable rates.
Well, these are short-term loans. That’s to say, they do not offer long term financial solutions. They are good when you need money now.
Opting for quick cash advance is the best thing to do during financial emergencies or cash shortfalls. The loans are readily available and you can even apply over the web.
However, before choosing any loan program, there are a number of things that are worthy to note. Firstly, it’s vital to choose a trustworthy and genuine lender. You can read various reviews and testimonials to get to know what past customers are saying.
Last but not least, you need to make sure that the loan is right for you. Before rushing to apply, you should assess your financial situation. Again, you should make sure you are in a good position to repay the loan amounts including fees or charges application before signing the contract.