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It’s a sudden medical emergency and you are strapped for cash. What are the options available for quick emergency cash? If you do not have a savings account, you may need to avail emergency cash loan. There is no dearth of online emergency cash lenders. Before you dive in and take the first available cash loan, pause and consider the pros and cons.
Emergency cash options
You can never predict when a financial crisis would hit you – you may lose your job or be involved in an accident that leaves you unable to work for a long period of time. What are the options available when you need emergency cash right away? Do not panic and take action at once. Pause and consider various options lest you are saddled with a loan that works against you.
You can opt to borrow out of your credit card. But that would involve high interest rates. Besides if you are not careful, the amount could pile up in a few months and send you into a debt spiral. It is not prudent to borrow out of long-term savings or retirement fund as it can jeopardize your future. You can consider borrowing against the equity in your home. A home equity loan can bail you out of an emergency but there are procedures and paperwork that need to be tackled.
An emergency cash loan option like payday advance forces you to pay off the outstanding amount quickly. This prevents the debt from piling on and accruing exorbitant interest. Most emergency cash advances are paid within a month from the disbursement of the loan. In some cases, the repayment of this emergency cash loan is extended for another few weeks with accruing interest. While emergency cash loan can bail you out of any financial or medical emergency immediately, the flip side of the coin is that it usually comes at higher interest rate.
Adequate research would help you weed out unscrupulous emergency cash lenders. Before you finalize on an emergency cash loan lender, check up with BBB – Better Business Bureau or consumer groups. Keep your ears and eyes peeled for complaints and fraudulent practices.
Emergency cash loan
Application procedure for emergency cash loans is relatively simple and the funds are deposited into your checking account immediately. Unlike credit card and other loan processing, there is no credit check for emergency cash loans. With online cash lenders, your emergency cash loan application is often processed in minutes. Most emergency cash loans are granted quickly provided you satisfy the following conditions:
You are an adult US resident
You earn at least $1000 per month
You have no outstanding payday loans or emergency cash loans
You need to have an active checking account
It is essential to shop around for the best deal on financing fees, APR, quick response, pay period and minimal paperwork. You will need to provide your name and address, telephone number, employer and salary details and bank account details. While no credit check is done, the financing company would check up with your employer before granting the emergency cash loan. This is because your employment indicates your credit-worthiness. You can either opt to get the emergency cash loan amount automatically deducted from your checking account on the repayment day or arrange for partial payment and carry for the balance for a few weeks more.