In today’s current economic conditions, many people are being forced to tighten their purse strings and zip up the coin section of their wallets. Money may be tight, but what happens when you urgently need an emergency loan and you need it, well, yesterday?
We live in an unpredictable world, and crises for which we need some extra funding can happen at any time, to anyone. If you are lucky, you may have friends or family to bail you out of hard times but others may not have the same access to filial funding.
When would I need an emergency loan?
Emergency loans can be necessary for a variety of personal reasons, such as accidents that need expensive medical cover, urgent travel plans, repairs to a car that you need to use, if one of your important household appliances has broken, wedding day costs, or a vast range of situations for which you don’t have the cash in your piggy bank.
An emergency loan can also prevent you from defaulting on other payments such as mortgages or insurance premiums. Rather than land yourself squarely on the blacklist, you can use and emergency loan to access the cash you need to pay your debts.
Where can I get an emergency loan?
The big institutional lenders have rather sticky loan procedures so getting a loan from them may take some time. Banks and other financial service providers do have emergency loan services, but there are other types of loans that can be approved much quicker, giving you almost instantaneous cash to get you out of the red with minimal paperwork and administration.
To get cash on the quick, one of the more popular ways to get your grasping fingers on an emergency loan is through credit companies. These companies can come up with a reasonable interest rate solution that will make your emergency loan easier to pay back once the problem has passed. Often known as “quick loans”, these loans can be offered at relatively low rates of interest with minimum fuss and administration work.
One institution that can loan you money when you urgently need and emergency loan is Credit Salvage (www.creditsalvage.co.za), a credit company who will consult you about your specific emergency to come up with a customised credit plan. You can find a range of emergency loan providers online by doing a simple search engine search. Other companies that provide money on the go are the appropriately-names QuickQuid Payday Loans or Cash Genie Payday Loans.
Am I eligible for an emergency loan?
Credit companies require some of your details and require that you meet certain criteria before they can cough up the cash. These can include the following:
- To qualify for an emergency loan, you need to be earning a salaried income that you have been earning regularly for over 3 months. The company usually just needs to see that you make enough money to be able to make the loan payments on time.
- You need a checking account where the loan amount will be deposited.
- You must be 18 years or older.
- You must provide a permanent address.
- You must provide proof of income.
The good news is that these loans are often offered regardless of your credit history, and the quick processing times means that you can pay your emergency dues as soon as possible. Also, you don’t always need so set up your house or other such property as security on your loan, meaning that the loan is offered on an unsecured basis.
A good broker will be able to devise an emergency loan plan to suit your needs and budget and will help you to receive this money as quick as possible. This is a short-term loan provided at a competitive interest rate, giving you someone to turn to in a crisis and providing you with an umbrella on a rainy day.