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Emergency cash is something that you should always keep on hand because it can be used for a myriad of different needs. Emergency loans are an excellent way to cover any unexpected expenses without having to dip into your savings.
Emergency loans can be a lifesaver in a variety of situations, whether urgent medical care, sudden home or car repairs, or other unforeseen events.
What are Emergency Loans?
Emergency loans are short-term, unsecured loans of up to $50,000 offered by nearly every state and local government. That’s right; almost any resident of a state is eligible for a small-dollar loan under certain specific circumstances.
How it works: An Emergency Loan is a small-dollar loan that cannot be used for purposes such as regular expenses or debt consolidation. These loans might be used for unexpected medical emergencies or other emergencies that would prevent you from being able to pay your bills if the funds were not available.
These loans are quick and easy to obtain as long as you meet certain eligibility requirements and have an open bank account.
Benefits Of Emergency Loans
Emergency Loans are an excellent way to cover unexpected expenses without having to dip into your savings.
Relief from sudden unexpected expenses such as:
- Surgery or treatment that exceeds your insurance coverage.
- Rental or maintenance concerns.
- Lost income due to medically-related absences.
- Home repairs, and building projects that exceed the resources of your employer.
Emergency Loans usually include:
- A small rate of interest and a fixed answer amount.
- No credit check is required, and no down payment is required.
- If you repay the loan in full within 15 days after the due date, you will receive a refund of all principal plus any accrued interest you never received.
Do Your Due Diligence Before Applying For Emergency Loans.
Maybe you’ve always basically had a comfortable life and you have always paid for your needs with cash money. So when the Gig Economy takes its toll on your life and you get into a bind, your first thought is to take out an emergency loan to tide you over.
Not so fast. If it’s just a cash flow issue, a loan can make sense. If you’ve got deeper problems, you first need to try to find some other way to resolve your problem, such as:
- Call 211 or visit their website to look for emergency services, such as food pantries and soup kitchens.
- Look for local programs that may not get much press. These may be sponsored by local churches.
- Consider selling a few things to get some quick cash. Some options include holding a yard sale, selling on e-bay or visiting a pawn shop.
If that doesn’t resolve your problem, it might now be time to look for an appropriate loan product, such as Personal Loans for People on Disability.
Then Figure Out How Much Need To Borrow For An Emergency Loan.
If you can’t find the resources you need, or you have applied for everything and either been turned down or it is still not enough, the next step is figuring out how much you really. Maybe you managed to get enough free food from a local food pantry, but you still need to cover the electric bill.
Okay, that’s better than what you started with. But try to be thorough. Once you know how much you need, then you can look for a cash advance near me.
Of course, the nearest cash advance is sitting right in front of you. TheGuaranteedLoans is a clearing house that helps borrowers and lenders connect. You fill out the paperwork with us just once, then we try to match you to a loan product through our database of vetted lenders.
What Kind Of Paperwork Is Involved?
Emergency loans typically involve very little paperwork. They are often for small sums of money that are disbursed quickly.
You will need to provide some form of photo ID, like a driver’s license, military ID card, tribal ID card, student ID card, or state ID card. You will also need to provide some financial documentation, like a pay stub or a recent bank statement.
What Can I Use An Emergency Loan For?
There are more than two dozen different uses for emergency loans, which makes it difficult to generalize. However, there are several common needs that many people have.
- High-Cost Medical Care: Emergency loans are commonly used for medical treatment when your insurance is unable to cover the full cost of any bill or service.
- Unforeseen Rental Expenses: If you live in an apartment complex, you can use your emergency loan to pay for any extra fees owed on your rent. Similarly, if you find that you have an unexpectedly high utility bill or need to replace a furnace or air conditioner, you can use your emergency loan to pay for the expenses with no interest charges added on top of the original cost.
- Unforeseen Car Repair Expenses: If you need to repair or replace your car, you can use your emergency loan for the amount that exceeds your car’s coverage under your homeowners’ insurance policy.
- Repairs and Maintenance on Your Home: If you find yourself in need of costly repairs due to fire damage, termite damage, roof leaks, or any other unexpected event, it is possible to use an emergency loan to minimize the financial loss.
- Equipment Upgrades: Many homeowners purchase accessories such as lawnmowers, snowblowers, pool equipment, and other items on an installment plan. But if something breaks down during the summer, you may be unable to afford repairs for that item until the next winter. You can use an emergency loan to pay for your pending expenses now.
- Extra Debt Consolidation Allowances: If you are unable to fully pay off one of your existing debts, you can use an emergency loan to pay the entire bill in full with no interest charges added on top of what is owed.
- Seasonal Upgrades: There are times when it is necessary to purchase items that are designed to be used only during specific times of the year, such as patio furniture for the summer, swimming pool heaters in winter, or trees for holiday decorations. Many homeowners decide against purchasing these things until the fall or winter months when they are most needed. For some people, however, this leads to financial difficulties when they do not have the money to maintain these new expenses. Using an emergency loan is a good idea in some situations because by paying for all of your expenses now, you will be able to avoid the increasing payments of the same items over time.
- Replacement Car Parts: If your car is destroyed or severely damaged, it may be difficult to find every part that needs replacing. Replacement parts are not always easy to find, which means that you may have to replace your car entirely if it is beyond repair. Since many cars are only worth half of their original price after five years or less, this can lead to significant losses unless you can make up the difference somehow.
Apply Now For A Emergency Loans at TheGuaranteedLoans
Fill out our application form and we’ll look through our products to see what is a good fit for you, such as Personal Loans with No Credit Check. If you are ready to get started, just click the button:
FAQ
Absolutely. These loans are obtained through your local state’s financial aid office, and you do not have to pay any type of fee or service charge.
There are lenders that offer no credit check loans to cover any unexpected expenses.
Emergency loans have a fixed interest rate and a fixed amount. A small additional charge may be added to your loan depending on your state, but this will be clearly presented before you take out the loan.
Emergency Loans are not subject to credit checks because they are provided by your state’s financial aid office.