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Have you ever been in a situation where you needed money to pay quickly for unexpected expenses but didn't have time to wait for your next paycheck? If so, we have the solution for you: emergency same-day loans from our online lenders. We've made it easy to apply for an emergency loan. You'll receive a same-day loan with an almost immediate approval decision for your urgent needs.
What is an Emergency Loan?
An emergency loan is a short-term, unsecured loan that you can get to cover unexpected expenses. The common types of these loans are payday, installment, personal, title, and pawnshop loans. These are available at various lenders, such as federal credit unions, banks, and pawn shops. Some loans are cheaper than others, depending on your current credit situation and the lender you apply with.
For example, your car breaks down and needs repairs that cost $400. Unfortunately, you don't have a lot of extra cash lying around and don't want to use credit cards or other loans. So you borrow $400 from an emergency fund lender.
How Do Emergency Loans Work?
When you need money quickly, it can feel like there's no way out. But we're here to tell you: There is a way! This is how our emergency loans work:
- You apply for a loan using our website, and based on your credit score and income, multiple emergency loan lenders will estimate how much money you'll be approved for.
- Once you've been approved, you’ll sign the loan agreement, and the money will be deposited into your checking account within one business day.
- The lender will deduct payments from your account once the payday loan is paid in full.
What Do You Need to Apply for an Emergency Loan?
The answer to this question depends on the type of loan you're looking for. Here are some criteria to consider before applying for a loan:
How to Choose an Emergency Loan?
Choosing an emergency loan can be intimidating. It is because there are so many options to choose from, each with its own set of benefits and drawbacks. Here's what you need to know:
Different Features of Emergency Loans
Not all online emergency loans are created equal. Some have incredible features like no penalty fees and no prepayment penalties. Others might have loan offers with a more flexible repayment plan, while others give you the option to use them however you want—whether that means paying off your credit card debt or fixing your car.
Higher Interest Rates
The interest rate of an emergency loan is typically higher than that of a traditional loan. You must compare and choose an interest rate that better suits your situation.
Available Loan Amounts
That depends on where you're getting the money from and what terms they offer. For example, if you choose installment loans online, you'll only have access to the minimum loan amount of $1,000. The maximum loan amount could be $5,000 at best, while some lenders may offer amounts up to $30,000 or more!
Can You Get an Emergency Loan with a Bad Credit Score?
Yes, you can get an emergency payday loan with a bad credit score, but interest rates will be high. The lender will check your credit score and debt payment obligations, not through credit bureaus (Transunion, Equifax, and Experian), but through alternative credit companies. Plus, they ask you about your income and ability to make a timely monthly payment. It is called a soft credit check which doesn’t affect your FICO score.
Where to Get an Emergency Loan?
To get a suitable emergency loan, you should find a financial company that will fit your needs. Check the following options if you don’t have time to search:
- Online loan providers. There are many online lenders you can rely on when you need cash as soon as possible. Before applying through one, check its license and reviews to avoid scammers.
- Banks. Choose traditional financial companies to borrow money. However, you should be aware that such lenders will have minimum credit score requirements of at least 690.
- Credit unions. These community companies often provide discounts for their members. Credit union loans usually have lower interest rates and more flexible repayment terms.
Emergency Loan Options
When you're in a financial pinch, it's essential to have options. That's why we've compiled this guide for getting emergency same-day loans. When you need money fast and don't have access to your savings account, there are several ways to get the cash you need.
Auto Title Loans
Auto title loans are high-cost, short-term financial products that allow you to use your vehicle as collateral to get money. So, if you miss payments for these secured loans, your lender can repossess your vehicle and sell it to recoup their money.
Installment loans are loans where you make a series of payments rather than one large payment at the end of your loan. It means you can pay off your loan in smaller chunks over time.
Pawn Shop Loans
A pawnshop loan requires you to hand over a valuable item as collateral for a small loan to a pawnshop. The service will keep your valuable object if you do not repay the money with interest. The annual percentage rate on this type of loan can exceed 100%.
Unsecured Personal Loans
Unsecured personal loans are loans that you can take out without collateral. Unsecured loans are a great way to get money quickly. They have some drawbacks, such as high interest rates and high origination fees, if you have bad credit. The maximum unsecured loan sizes reach $5,000.
Credit Card Cash Advance
A credit card advance is a line of credit you can use to withdraw money from your credit card. You can access this cash advance emergency loan by writing a check or using a debit machine at an ATM.
How to Stop Relying on Emergency Loans?
Avoiding emergency loans helps you create a financial safety net that will help you in a financial pinch. Here are several tips and tricks to help you build your own emergency fund:
Track Your Expenses
Check your monthly spending habits carefully. Divide your spending into two categories: necessities (rent, utilities, and groceries) and non-essentials (entertainment, dining out). It will assist you in identifying places where you can cut back to save more money.
Create a Budget
Make a reasonable budget based on your spending. Set aside a percentage of your monthly salary for savings. To guarantee enough savings, see your emergency fund payment as a non-negotiable item.
Automate Your Savings
Establish an automatic transfer from your primary account to your emergency fund. Treating it like any other bill guarantees you contribute to your fund consistently without being tempted to spend it on useless things.
Frequently Asked Questions
What are the benefits of emergency loans?
If you need emergency cash but don't have time to wait for a paycheck or other income source, an emergency loan can help you pay off bills and other expenses due immediately.
How to get emergency money now?
You might be thinking about borrowing money from friends or family, borrowing from a credit union, or selling some staff. But there is another option: getting emergency money from direct lenders or ASAP Finance. They provide fast loans that are easy to apply for and fast to get approved for, so you can have the cash you need right away.
What if I can’t afford to pay my emergency loan on time?
If you can't pay or will be late repaying your emergency loan, please let us know immediately. We'll work with you to ensure we can still help out in the long term—whether that means extending the loan term or offering other options.
Can I pay off my emergency loan early?
Yes! You can pay off your emergency loan early if you want to. When you apply for a loan, the lender lets you know how much of the balance you have left to pay. So if you're paying off your loan early, ensure you read the loan agreement and check if there are no prepayment penalties.