There are several reasons why emergency loans may be advisable and the topmost reason that encompasses all other reasons is that that emergency loans help offset unexpected expenses. Unforeseen events are almost inevitable and no matter how much of a great planner you are, things still happen that you may cost you unprepared-for expenses and figuring out how to deal with these expenses goes a long way in keeping things going for you. Emergency loans can be used to deal with emergency situations and expenses and listed below are some of the situations that might warrant getting an emergency loan.
- Auto and Home Repairs
Anything could get faulty at any time within the house and having them repaired could affect your budget. In order to keep things afloat, emergency loans are advised so as to offset these bills. Vehicles on the other hand can develop faults at any time or a part may need to be replaced. Often times, these things are not planned and usually gulp a chunk of money to fix.
- Medical or health bills
It is unimaginable to just trip or fall and get injured or even be down due to the flu. These things happen and there is next to nothing that can be done about it. These can be covered by your health insurance but of you still have high expenses to cater for, you might not have enough money to spend on other things. This is a good time for you to consider emergency loans.
- Sudden trips
If you have to check on a sick relative or attend a family function out of town, you will have to part with some money one way or the other. Well, that money may not just be lying in your drawer; you may need an emergency loan to cover for these expenses.
- Lost valuables
In the event of a theft robbery or misplacement of items, emergency loans could be the only bailout option that you have.
What you should know about Emergency Loans
After submitting your emergency loan application, if it meets an approval, the money can be made available to you with one business day and you can either receive it through wire or mobile transfer. Method of transfer varies from lender to lender so be sure to know what works for you when making your choice of lender.
For bank wire transfers, they are fast and almost never fail, but there is a charge on emergency loan sent to your account. Your loan amount is usually reduced after bank wire charges have been deducted. Also, not all banks accept same day wire transmissions and you may be charged additional fees in addition to any wire transfer charges. Bank wires are only carried out during banking hours and on business days, so make sure you ask your bank and your lender if this option would work for you.
Mobile wallet transfers on the other hand are becoming more popular and widely used. Mobile wallet transfers can be done within a day and at any time of the week. You also do not incur any additional charges on mobile wallet transfers.
One-day standard service
One-day Standard service loans are emergency loans that take a whole business day to be processed. If you request for a standard one-day loan from your lender, the loan will be made available to you on the next business day. If you make a request on Friday, you should get the money on Monday, if you put through a request on Saturday or Sunday, the money should be available by Tuesday. Get in touch with your bank to know exactly what their posting policy is.
What are one-hour payday loans?
One-hour payday loans are only possible in theory but in reality, it is impossible. The time taken to explain the terms and conditions surrounding your loan alone would take more than an hour, talk more of the time it would take to have the loan processed. The fastest a loan can get processed with a decision made and money paid is 4 to 8 hours or even a full business day. So if you apply in the morning, you could have the money in a couple of hours or later in the day but never within an hour, it just simply is not possible.