We've all been in a difficult position at one time or another. Your funds are already tight when the car breaks down or your son breaks his arm. Suddenly you are faced with unexpected expenses, at a time when you were already barely making ends meet. What do you do?
This is where emergency loans are often considered. Within as little as 24 hours, you can have the much needed cash in your checking account to pay the doctor or the mechanic.
While emergency loans may seem like a tempting proposition, are they really the right choice for you? Consider these factors when making the decision to apply for emergency cash.
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How Fast do You Need the Cash?
While traditional lending might appear like a better deal on the surface, most banks take their time when it comes to processing and approving loans. If your mechanic is waiting for your payment to release your car to you, you might not have the luxury of time.
Most lenders who specialize in emergency loans understand the term "emergency" and strive to get you the cash you need as quickly as possible. In many cases, the funds will arrive in your account within 24-48 hours after you apply for your loan.
Do You Qualify for Credit?
Many who experience a cash crunch have been involved in circumstances that negatively affect your credit score. For those who have less than stellar credit, it can be difficult to qualify for loans through banks and traditional lenders. In these situations, emergency loans may be your best bet for getting the additional cash you desperately need.
How Much do You Want to Pay?
It is no secret that most emergency loans come with slightly higher fees than other types of lending products. In addition to charges for applying for the cash, you may find that interest rates are higher as well. If you decide an emergency loan is the right choice for you, shop around for the best rates to ensure you don't pay any more for your cash than you absolutely have to. If you have access to money with a lower interest rate, that option might be a cheaper way to get the cash you need in a flash.
How Fast can You Pay Back the Loan?
Because emergency loans tend to come with higher interest rates, it is important to have a payment plan that will help you pay off the debt as quickly as possible. That is why these types of lending products usually work best when you need the money to stretch before payday or while waiting for your tax refund. You know the money is coming, and you will be able to pay off your loan in full within a matter of days or weeks. However, if something happens and you can't pay off the loan as quickly as you originally planned, you can often arrange additional time for your payments.
Emergency loans are not right for everyone, but they can prove very helpful to those in a serious cash crunch who don't have a lot of options. If you fall into this category, shop around to find the best emergency funding for your needs.
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