What is an Emergency Cash Loan?

An emergency cash loan is money lent from a bank, credit union, or other lending company to a borrower who needs money quickly. Emergency cash loans are usually looked down upon and are considered relatively dangerous to the borrower.

Emergency cash loan lenders provide borrowers with money within 24 hours. Borrowers do not need to have good credit to receive an emergency cash loan, do not need to fill out extensive paperwork, and can conduct the entire transaction online. The borrower does not need to explain his/her intentions for using the money to the lender. 

Emergency cash loans are sometimes called cash advance loans because many borrowers who need to make an immediate payment but do not have the cash use emergency cash loans to cover their bills. Once the borrower receives his/her paycheck or regular income check, the borrower pays back the emergency cash lender. The loan acts as an advance of the cash received through the paycheck. 

Borrowers get in trouble when it comes to paying back emergency cash loans because the term of the loan is very short. The idea is that if the borrower needs to borrow money to make a payment, the borrower will not be able to come up with the money to pay back the loan. Interest and penalties accrue quickly with emergency cash loans. 

Need Cash Now? Get a Cash Advance