Emergency Loans: When to Use and How to Get One
We all know that feeling of dread as something goes wrong, and suddenly you’re faced with a bill you can’t possibly cover. Sometimes, even a good emergency fund isn’t enough to cover you for the challenges life throws at you.
One moment everything is fine, the next your car dies, or your furnace decides it’s had enough, in winter, or that tooth that’s been a sensitive tooth cracks apart. You need cash, and you need it now.
You’re straight on the internet searching for emergency loans or a fast loan, and that’s how you ended up here. Take a deep breath because in this article, we’ll guide you through everything you need to know about emergency loans and how to get one.
With us, you’ll get the money you need quickly, with no fuss and a structured repayment plan. That means you can have a new car on the driveway, your furnace replaced, or tooth fixed – panic over.
What Kind of Emergency Can I Get a Loan For?
Emergencies are just that, unexpected and unplanned for. Here are a few of the situations where an emergency loan might be of help:
- Emergency house repairs (heating, plumbing, structural)
- Vehicle repairs
- Vehicle replacement
- Emergency medical bills
- Unexpected travel
- Emergency vet bills
- Debt consolidation for when a 0% interest period ends, and suddenly you’ve got a bill you can’t afford
Can I Get an Emergency Loan if I’ve Lost My Job?
Unfortunately, there aren’t any lenders who will be willing to lend you money if you can’t prove you will be able to pay it back. All the lenders we work with require a minimum income of $1,000 a month to enable you to pay the loan back and not get into a spiral of debt.
What Do I Need to Get an Emergency Loan?
Apart from a guaranteed income (our lenders require a minimum of $1,000 to be considered for approval, but more will improve your likelihood), you should have a good credit record. It’s a good idea to check your credit score and look for any errors you can correct. You can get a free credit report from AnnualCreditReport.com.
If you already have a lot of debt, that will also affect whether or not a new lender is willing to lend to you.
Should I Get a Payday Loan?
Payday loans are rarely a good decision. The average annual percentage can often be up around 500-700%, that’s almost 100x more than personal loans. If you need a small loan for a short time, consider asking a family member or a friend. If you need a larger loan, you are much better off applying for an emergency loan through us.
If you are struggling financially, have built up debts and are unlikely to be eligible for a personal loan, consider talking to your current debtors. Try explaining the situation to see if they can offer you help or speak to a charity or organization in your area with experience in helping those in a similar situation to yours.
What Should I Consider When Applying for a Fast Loan?
There are several things to think about before applying for a loan to cover an emergency:
- You have a genuine emergency. Taking out a loan is a serious decision and should not be made lightly. For example, borrowing money because otherwise, you won’t have transport to get to work is an emergency. Borrowing money because your heating has broken down in the middle of winter is also an emergency. However, borrowing money to redo your kitchen when a drawer breaks is not, and so you should consider all your options before taking out a loan and look at the best way to finance it.
- Take a hard look at your income and expenditure and make sure you can cope with the extra financial burden. Yes, it’s a pain to do the math, especially when you’re in a panic, but you need to know you can manage the payments.
- You need the money now but do the research. Get the right loan for you with the best rates, so you don’t end up paying more than you have to. It’s important to remember that you’ll pay for the money you essentially “buy,” so it’s worth getting a good deal, especially if you have a good credit history. The simplest way is to use a comparison site (like ours), so you know you are getting the best deal without having to spend hours on your research.
- Are you treating the cause or the symptom? Are you borrowing money to cover other debts? Consolidating your debt can be a smart move, but you need to think clearly about what you’re doing. If you’ve got a big bill that’s come out of the blue, take a moment to consider if you can’t get a better deal or opinion. Obviously, some emergency bills are absolute, like medical bills, but if you’ve been handed a large utility bill, call the company and ask them to explain the charges, they may be able to give you a break.
How Do I Apply for a Fast Loan?
Don’t worry, it’s incredibly simple and easy to compare loans and make your application with us. You can have the best deal and the cash in your bank account in just three steps:
- Fill in our simple form that takes just minutes.
- We will compare lenders and offer you the loans with the best terms.
- Once you’ve chosen, you’ll be directed to the lender’s site to accept the terms and conditions. Once you’ve accepted the terms, the money will be in your account in hours or a couple of days at most!
For more details, see our website usloanapplications.com or begin your application here.