While emergency lending may not be the best method for everyone, many who find themselves in a serious cash crunch have managed to successfully dig themselves out with the help of an emergency loan or line of credit. We have five characteristics of a good candidate for emergency cash loans to help you determine whether this is really the best approach for your situation.
No Other Options
Some people have other options to consider, such as borrowing from a relative or heading to the bank to apply for a traditional loan. Some will use a current credit card to tide them over, while others actually have an emergency fund set aside in their savings account.
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If you do not fall into any of these categories, your best bet might be an emergency loan from a lender that specializes in these services.
Steady Income
Most companies that offer emergency cash loans will only issue them to individuals who have a steady income stream. This doesn't necessarily mean that you have to have a job to get an emergency loan, however. Loans can also be issued to individuals collecting child support or alimony or to those on social security benefits. If you have a regular source of income, you might be a good candidate for an emergency loan product.
An Urgent Situation
Cars break down at inconvenient times, and you can never predict when a child is going to get sick or a refrigerator will need to be replaced. Unexpected expenses like these can be difficult to face if you are already living paycheck to paycheck.
Unfortunately, none of them can wait for you to muddle through the traditional loan process before getting the funds you desperately need to keep your life motoring along. If you need cash very quickly, you might be the right candidate for emergency cash loans.
Poor Credit
Lending has become significantly tighter over the past year, which is really bad news for those with less than stellar credit. While you might have been able to qualify for some types of traditional lending in the past, new guidelines probably shut you out of the lending picture currently.
If you need money, but your credit history is preventing you from getting approved for a traditional loan, an emergency loan with less stringent guidelines might be a better choice for you.
The Ability to Pay Back
Emergency cash loans tend to be more expensive, so the sooner you can pay back the balance, the more money you will save. That is why emergency loans are particularly good for those expecting a paycheck or another type of windfall in the very near future. If you know the money will be coming in soon to pay back your loan balance quickly, an emergency loan product might work especially well for you.
Emergency cash loans aren't right for everyone, and they don't work all the time. However, if you fall into any of the categories above, it might be worth giving these types of lending products a second look to determine if any of them are the right choice for you.
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