Emergency Loans - What You Need To Know

Financial emergencies are unexpected and can happen to anyone. Find out how what to get through a tough situation with an emergency loan. 

  • What is an emergency loan
  • Where can to get an emergency loan
  • What alternatives options are available

Emergency Loan Options

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Please note that loan amounts, interest rates and other loan terms may vary according to your state and credit profile.

Poll: What are your chances of being approved for a loan in 2021 compared to 2020?
Poll: What are your chances of being approved for a loan in 2021 compared to 2020?
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Emergency Loans – Where To Get A Loan Fast

When you find yourself in a financial emergency, you don’t usually have the spare time needed to shop around for the cheapest emergency loan. Comparing rates and repayment schedules may seem like the last thing you want to do when you need money now.

Emergency loans can help cover unforeseen financial expenses that are detrimental to your livelihood. Unexpected expenses like a car breakdown or medical emergencies can leave your bank account dry. Several emergency loan solutions could save you from financial hardship.

Learn about the emergency funding options available to you. Finding the right solution may be easier than you think, from community relief to emergency loans for bad credit through to emergency funds, read on.

What are your chances of being approved for a loan now compared to 2019?

What Are Emergency Loans?

Emergency loans are unsecured personal loans that are used for unforeseen emergencies. They can be a much better and cheaper alternative to payday loans and cash advances.

With online personal loan lenders, funds can be deposited within 2 working days and generally within one week after approval. Some lenders will payout small loans as quickly as the same approval day

It is important to shop around when looking for a personal loan as fees and APRs can vary significantly between lenders. Although there are options for emergency loans for bad credit, having a sound credit score will reduce your fees.

The Financer.com online comparison tool makes comparing multiple lenders at once a breeze.

How Should I Choose An Emergency Loan?

1. Payout Period

In times of financial crisis having the funds paid out fast will be a factor in your decision on finding an emergency loan lender. Many online lenders offer same day approval and funds deposited within days.

Some emergency loan lenders offer instant same day funding. Still, those are generally for small loan amounts and may incur higher fees. Most emergency loan lenders disclose their payout period on their website.

You can also find our lending partner’s payout periods on our reviews page. You will find honest unedited reviews that will help you find the best loan option.

2. Fee Structure

Every lender works differently. It is important to make sure you aware of the fees associated with the loan. Some lenders offer lower interest rates, but their ‘other’ fees make up for those savings.

When comparing loan rates, compare APRs, not just interest rates, and read the fine print before making the final decision.

3. Loan Benefits and Repayment Schedules

The APR isn’t the only significant feature to keep in mind when looking for an emergency loan. Some lenders offer no penalties for early repayments, while others provide no late payment penalties. Some lenders will give you the ability to change the payment structure or skip payments.  

Emergency Loans Bad Credit

While having good credit and a steady income is the fastest way to get low fee lending, there are bad credit loan options as well.

Traditional lending such as banks and credit unions tend to have tighter lending criteria than online lenders. Many online lenders put emphasis on an individual’s income and credit score but have much lower lending criteria.

A bad credit loan may encounter a higher APR, so it’s essential to make sure the smallest amount needed to cover the emergency is borrowed.

Company Overall Rating Times Chosen
5KFunds 4.1 47,413 View Company
Badcredit.com N/A 166 View Company
BadCreditLoans.com 3.8 69,847 View Company
Blue Trust Loans 4.5 12,787 View Company
CashUSA 3.9 18,993 View Company
Check Into Cash 4.4 11,444 View Company
CreditFresh 3.1 1,165 View Company
Fast5KLoans 4.0 3,241 View Company
Figure 4.0 25 View Company
Jora Credit 4.2 5,589 View Company

Alternatives To Emergency Loans

Personal Loans

Online personal loans can help get you through a tough financial position at a much lower cost that an emergency lender. Often personal loan lenders are very competitive with their rates and fees and their quick payout period might be fast enough to see you through.

Home Equity Loans

A home equity loan is simply that. A loan against the equity of your home. It is available through your bank and can be an easy way to borrow if you are a property owner.

Credit Cards

If you are in a financial crisis but do not want to get a personal loan, consider finding a credit card with an initial 0% fee offer.

The upside is if you can pay the balance back before the offer ends, you will have paid no interest on the credit.

The downside is you generally need good credit to be accepted for a zero-fee credit card. If you need money within days, they typically take around two weeks to get approved and sent to you.

Government Emergency Support

Multiple government agencies help with emergency financial assistance. Many programs help cover utility bills and basic needs for low-income families.

benefits.gov is the best place to start when you are in a financial crisis to see if there are any government benefits that you qualify for.

Find out more about government emergency support to help cover bills here.

Community Emergency Support

Go on your local state government site to see if they have any local community initiatives for financial help.

Alternatively, most local churches offer individual solutions. If they don’t, many will be able to direct you to other organizations that can help your specific situation.

Prepare For A Rainy Day

Emergency funds are highly recommended for everyone. Having money set aside for a rainy day will reduce stress and get through a tough financial crisis without having to go into more debt.

An emergency fund is crucial to creating financial peace. Having an emergency fund will allow you to keep paying your bills or unforeseen expenses without having to go into further debt.

Being able to pay your bills on time will enable you to keep your credit score in good standing.

How much should you save for an emergency fund? We recommend starting with working your way up to $1000.

Even if you have other debt owing, setting aside savings into your emergency fund will pay off in the end. How much should you save? Once you have saved $1000, continue saving until you have at least 3 month’s expenses covered.

Author Financer.com

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