How to Choose the Right Emergency Cash Loan


You never know when you will need emergency cash. You may find yourself suddenly unemployed or facing an expense that you weren't prepared for. Perhaps you just need a small amount to bridge the gap between when the bill is due and when your paycheck will be deposited.

In these situations, emergency cash loans can provide the money you need to avoid late fees, overdraft charges or interruptions to your perfect credit history. Consider the basics of these emergency cash sources so you know how to choose an emergency loan that meets your needs best.

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How They Work

Emergency cash loans are used to cover checks or expenses when there is not enough money in the checking account and no other source of income available. You can find loans for a single lump sum that you pay back in full when you are financially stable again, or in minimum monthly payment amounts like you would pay on other types of lending products.

The amount of the loan is assessed a fee and/or finance charge, which pays the bank for allowing you to use their money. The application process and time it takes to get the funds will vary greatly from company to company.

Who Needs Them?

There are many people who can benefit from emergency cash loans. Those who are unable to pay their bills at a certain time of month can get a loan to cover the amounts until the paycheck comes. This saves on late fees from companies that can add up to a significant amount of money in some cases. These loans can also be used as overdraft protection to cover checks you write when there is not enough money in the account.

The loan proceeds go directly into the checking account so that the checks are adequately covered. These loans are usually less expensive than the exorbitant fees charged by financial institutions when you bounce checks. In addition, you won't have to worry about companies coming back to you for payment because the check you wrote to them was returned. Companies also charge very large fees for bounced checks, and the information may go on your credit history.

Who Offers Them?

Many banks offer emergency cash loans of one kind or another, but the criteria and fees for these products vary greatly. Sometimes, the best source of emergency funds will be your own bank. However, the time it takes to process a loan may be much longer than you currently have.

Some individuals find that a company that specializes in this type of lending is better prepared to get the money into your account as quickly and easily as possible. While the fees for these services might be slightly higher, the ease and convenience of use often make these companies the better choice for emergency funds.

Emergency cash loans should be used as a temporary fix for financial difficulties and should be used only as a last resort. However, when cash gets tight and options become limited, this can be the perfect way to cover your bills and expenses quickly and inexpensively.


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