Emergency Cash Loans Basics

An emergency cash loan is a short term loan which can be availed without a collateral. It is easy to qualify for the these loan options because the eligibility requirements are flexible.

Places You can Apply for Emergency Cash Loan

Three of the most common entities that offer emergency cash loans to lending clients are:

  • Banks - Banks have emergency cash loan programs designed for their bank account holders. The fund you need may be availed through a home equity loan, credit card, unsecured loan, or line of credit.

  • Credit unions - Credit unions offer similar services as major banking institutions. 
  • Payday loan companies - These companies are the easiest sources to get immediate cash and are ideal for individuals with bad credit ratings.

Interest Rates and Terms

An emergency cash loan comes along with higher interest rates compared with the conventional types of loan. It is because, this lending practice is unsecured which puts lending companies at a higher risk if the loan becomes a default. Typically, the borrower is required to pay back the loan on his next payday after the loan is approved. If the borrower fails to pay the borrowed cash on the loan's due date, the interest rate incurred on the previous payment schedule will be added on the next repayment date.

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