If you don’t have an emergency fund, you will most likely turn to emergency cash loans. These types of loans are available in many types but the fastest emergency cash loan there is are those that are offered online. Application takes a few minutes and you can expect to receive a loan offer within a day for qualified loan applications.
What are Emergency Cash Loans?
Emergency cash loans are small amounts of money that you can borrow from a lending facility. These types of loans are not offered by standard lending facilities such as banks but can be made available by specialized loan facilities. Application and approval process is fast (usually within 24 hours) to serve its emergency purpose. Emergency cash loans are also referred to as fast cash loans, quick loans, and payday loans.
How to Qualify for an Emergency Cash Loan?
Various lenders have different requirements to qualify. Bottom line is that you should be of legal age and prove that you have the ability to pay. Here are a common requirements that lenders look at:
- Must be of legal age (18 years old and above)
- Have a steady income, working part time or full time
- Good credit (if you have a bad credit, lenders can still work with you but on different terms)
- Have a bank account
When you meet all these qualifications, application and approval process can push through and you can expect the money to be deposited into your account.
Application Process
These days, there are many loan facilities that offer emergency cash loans online. This means that application is done online. For the most part, you will have to complete application form and submit requirements digitally.
Requirements are usually as follows:
- two valid identification cards (government issued ID and company ID is most favourable)
- proof of income (most recent ITR, 3 payslips, or employment certificate)
- Your bank (some lenders will ask only the name of the bank)
Note that all requirements will have to be uploaded during the application process. You can scan the documents and save it to your computer for future uploading. After you have completed and submitted online application, expect to receive an email within 24 hours. For most lenders, email response takes as soon as you submit your application. You may expect to receive a call at the number that you have included in your application.
Approval Process
After assessment of your application, approval is also done online. You will be informed either through email, SMS, or call so make sure to keep your lines open. During approval process, you will be then asked to provide your full bank details for the lender to deposit cash.
Repayment
Emergency cash loans have weekly, bi-weekly, and monthly repayments. Most emergency cash loans have a short repayment period from one month to three months.
Interest fees
Most of emergency cash loans have higher interest rates compared to standard loans. Expect to pay fees on top of the interest on the loan.
There are many ways to access emergency cash loans and it’s not limited to lenders who offer it online. These types of loans are designed for emergency purposes. Using it for other purposes that can actually wait is not advisable. Research and look at other options before submitting yourself to this type of loan.
Loans are available from $200 to $2000 which are electronically transferred to your account when you have been approved, meaning you get your cash in the easiest possible way and more importantly as quickly as possible.
