Emergency Loans – Fast and Urgent Loans

Are you caught up in a financial emergency and feeling stressed? If you also have bad credit, you might feel hopeless because you can’t qualify for traditional bank loans.

Don’t give up on borrowing a loan, yet. There is a class of lenders giving hope to consumers with no other options in their corner. This group of lending companies operates online. They offer loans even to customers with bad credit scores or low income. Shortly, you’ll learn all about loans for bad credit so you can take out one with confidence.

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What are emergency loans?

“Emergencies” are situations that pose risk to your financial stability. For instance, if your car breaks down and needs expensive repairs, it’s an emergency especially if it gets you to work each morning. Not having enough cash for your rent payments is also an emergency. It might lead to an eviction notice. In such situations, you have a limited time to act, or the situation will escalate.

Now, if you’re living paycheck-to-paycheck, any disruption to your well-choreographed budget may mean lacking cash for necessary expenditure. That’s when it makes a lot of sense to borrow emergency loans. They are fast forms of credit designed to help borrowers with no other quick sources of funds.

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Features & Benefits of Emergency Loans

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Types of emergency loans

You can access different types of emergency loans:

1) Short-term loans for emergencies

They are often repaid in less than 12 months. The options include:

• Pawnshop loans – Availed at pawnshops. You pawn valuable items such as high-end electronics for a short-term loan with high-interest rates.
• Payday loans – Available both online and offline at cash stores. You repay them in less than four weeks.
• Lines of credit – It’s a type of revolving credit where you open a credit line with a lender and only take out the cash you need.
• Auto-title loans – You need a car title in your name to borrow against its value. These loans are fast and finalized in one day.

2) Credit card loans for emergencies

Credit card loans are also called cash advances. The card company allows you to withdraw a percentage of your remaining credit at an ATM. You can borrow small-dollar amounts, and you’ll have to pay cash advance fees.

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Personal bad credit emergency loans

A personal cash loan is ideal if you’re looking for more cash to deal with bigger emergencies. With low credit scores, you can find a loan of up to $5000. If you have good or excellent scores, (660+), you may qualify for higher loan amounts.

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Other benefits of personal loan for emergencies include:

1) Longer repayment term

Having a longer loan term lowers your monthly payments, making the loan more manageable. You might have to make minimal adjustments to your overall budget to cater for this new monthly expenditure.

2) No collateral required

Unlike car title or pawnshop loans, the lender cannot repossess your assets should you fall behind the payments or default.

3) Cash in one lump sum

You receive all your money upfront. The funds are yours to do as you please. However, use them for the emergency, and set aside any left-over amount to serve as a cushion.

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Where to get an emergency loan?

The finance industry is rife with credit options for emergency loans.

Here are some of the best sources:

Credit unions: They are not-for-profit organizations. Their main emergency loan product is payday loan alternatives. The most you can borrow with these products is $2000. However, to qualify for credit union loans, you must belong to a certain geographic area, community, group, etc. Since they are for members only, most borrowers can’t qualify for them.

Peer-to-peer lending platforms: They are loans offered by individuals and not loan companies. The procedure for obtaining a peer-to-peer loan first entails creating a loan request and waiting for someone to fund you. Your loan request must be attractive enough for lenders to choose you.

Online lenders: The best and quickest option for fast funding is to apply with online lenders. Most use technology to evaluate and approve loan applications quickly. You will get funded by the next business day. Unlike traditional lenders, online lenders are sympathetic towards customers with low credit scores or income.

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How to choose an emergency loan

When applying for a fast loan, you have to consider the merits and demerits of a loan product carefully. Assuming you have offers from different companies, how do you choose the best lender?

1) The cost of the loan

Start by checking the APR rate. With bad credit scores, you’ll be paying higher interest rates for a loan for bad credit. A normal personal loan has rates ranging from 3.99% to 35.99%.

Other fees that influence the cost of the loan include origination fees or processing fees. There are usually 1-5% of the principal amount, and often deducted from the cash you receive in your bank account.

2) Past reviews

Experienced loan companies have no doubt issued loans in the past. You can see what other customers have said about a particular lender. The best places to source reviews include sites like Trustpilot and Credit Karma. You can also see the complaints people raise with a said lender by checking out their BBB.org page.

3) Policy on late payments

It’s wise to borrow from a company that helps customers get back on track if they fail to meet the loan’s monthly obligation.

4) Speed

Apply with a company offering instant approvals, next-day, or same-day funding.

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How can I get emergency money fast?

Getting emergency money can be a tricky task when you don’t know how to get it. There are several options, and from the following list, one option can help you to arrange the money you needed for urgent need.

1-Take a cash advance or emergency loan.

2-Go to a pawn shop and sell something valuable if you have anything.

3-Sell you old items like cell phone, watches.

4-Go for a garage sale.

5-Go to online sites like Fiverr or Upwork if you have a particular skill.

6-Try different part-time jobs

7-Ask for money from family or friends

8-Become an Uber Driver

9-Rent out or share your room if possible

These are the most effective ways that you can try to fulfill your urgent money needs.

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If I have a bad credit score?

I have poor credit and need a loan asap, but no bank or lender is willing to lend me money. That’s the biggest problem a borrower faces when he/she does not have a good credit score.

Most of the traditional way of getting a loan emergency might decline you. With online lenders, that is not the case, so if you have a good job or source of income to pay back the loan amount, then a direct lender can process your loan application within one business day, and interest rate will be good enough to afford.

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Alternatives to emergency loans

If you don’t want to take out an urgent loan, you can opt for other options such as:

• Selling your unused or underutilized possessions online.
• Working gig economy jobs such as freelance design, writing, legal work, etc.
• Liquidating stocks and bonds.
• Taking out an overdraft only if the fees are manageable.
• Talking to your creditors to establish repayment plans.

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See your options for loans for bad credit now

We connect you to the best lenders for quick loans. Simply, click the “Apply Now” button to fill out your application form. Our service will help you compare lenders by generating multiple loan offers. Our service will help you compare lenders by generating multiple loan offers.

Our loan application process is simple, safe, privacy-protected, and safe for all the consumers. After submitting the online application, you can get a decision from our system on the same business day. If you are approved, then the lender will contact you directly, and from there, you will be dealing with them. Our job is to match you with a lender as per your financial need and profile.