If that hopelessness is settling in when you’re in financial distress and can’t see a silver lining, there are still options. Quick expenses need quick solutions; there’s nothing faster than an emergency loan in such scenarios.
Emergency loans can get you out of your financial emergency in a matter of hours. While it sounds all rainbows and sunshine, the loan has a process you need to go through before you get the money. You can obtain emergency loans on the same day on WeLoans, but let’s scroll through the basics first.
What is an Emergency Loan?
Ever found yourself in a situation where you can only dream of getting your hands on funds that don’t take longer than 24 hours? Luckily, that can be a reality if such a situation arises with the help of an emergency loan.
An emergency loan is a loan type that guarantees quick funds, which is why it gets the name. In more than 90% of cases, applicants receive the funds in their bank accounts within 24 hours of submitting an application. Unlike other loan types that may take days or weeks to reflect in an applicant’s account, emergency loans are one of the quickest ways to get cash.
For more loan insights, a financial writer David Harris from WeLoans has various guides that can help you understand emergency loans and more.
Am I Eligible for an Emergency Loan?
An emergency loan sounds like the perfect deal, but you need to know whether you’re eligible for it in the first place. It’s better to save your time than to apply for a loan you might not even fall on the criteria for in the first place. The following factors make up the minimum criteria required for this loan by online lenders:
- 18+ Age: Since the legal age for any financial aid in the US is at least 18, you need to be 18 or older at the time of application.
- US Citizenship: If you opt for online lenders operating in the US, you must be a permanent US citizen. Foreign nationals can’t apply for an emergency loan.
- Active Checking Account: Online lenders only deposit the loan funds in a bank account. You need a bank account that isn’t dormant to get those funds.
- Stable Income Source: To get a loan, it’s necessary to assure the lender that you can repay it. Therefore, lenders require proof of a stable income source, whether it’s through employment, freelancing, or business.
Benefits of Emergency Loans
By now, you should know the basics of emergency loans. However, to make the right decision, you should understand the benefits and whether they’re what you want in a loan. Otherwise, there are various other loan types, with their own benefits, that you can opt for.
- Quick Funds: We couldn’t miss out on the #1 reason emergency loans are preferred by people who require fast cash. This loan type can get you money faster than others. Expect the funding to take place within 24 hours of your application.
- Easy Application Process: Imagine already stressing out from money shortage and upcoming expenses and then adding a complex, never-ending loan application process to the list. You won’t have to worry about that if you’re applying for an online emergency loan, specifically through WeLoans’ straightforward 3-minute application.
- Bad Credit Accepted: Traditional lenders will almost always reject your loan application if your credit score is going downhill. Another perk of emergency loans is that you can apply through an online lender. In fact, emergency loans are a trademark of online lenders, and they don’t care about your bad credit scores as long as you can repay the loan timely, which will be evident through your income source.
- Flexible Spending: Tired of traditional lenders telling you on what and what not you can spend your loan? Leave those worries aside when applying for an emergency loan through online lenders, such as the ones on WeLoans. In this case, you can spend your money on anything and everything, from pet care and holidays to mortgages and repairs.
Alternative Fast Cash Solutions
Not a fan of emergency loans? That’s alright. You still have a few alternatives that you can consider. Of course, emergency loans have their own perks, but these options are as good as any.
Pawn Shops
Nothing beats a quicker funds process than visiting a pawn shop. The only downside: you’ll have to hand over a valuable asset to get the funds. With that said, you won’t need to spend time on applications or wait for the lender’s approval.
Credit Card Advance
If you already own a credit card, you can always get a credit card advance from your issuer. Most credit card issuers have a cap as a percentage of your total credit limit. In most cases, it should be enough to get you through your urgent expenses.
Paycheck Advance
Most organizations have policies that allow their employees to take a paycheck advance in serious financial circumstances. If your organization complies with that, ask your employer for a paycheck advance.
Borrow from Someone
It’s usually the last resort for anyone to ask a family, relative, or friend for money. But, if you have good terms with the individual, you can get funds quickly. However, consider the factor that borrowing from a close contact may cause issues between the two parties.
How to Apply for an Emergency Loan Quickly?
When you’re already short on time, the last thing you need is a loan application process that takes forever. Apply through WeLoans to get an emergency loan within no time! Here’s what you need to do:
Visit the Website
To apply for an emergency loan, first visit the WeLoans website. There, you’ll find numerous loans under the services tab; click on emergency loans. Move the loan range to your required amount and get started.
Fill Out the Form
An application form will open up on your device, which requires personal and banking details. The application form takes round about 3-5 minutes only.
Compare Offers
Upon submitting the application, you’ll receive offers from multiple lenders that are willing to provide a loan according to your needs. Go over the individual offers and compare the APR, terms and conditions, and the repayment period. Finally, select an offer, read through the paperwork, and sign the deal.
Get the Money
The lender may take some time to approve your application, but once that’s done, it’s only a matter of a few hours to get the money in your account.
Final Verdict
When nothing else works out and that financial emergency is crushing you from every side, don’t waste time applying for an emergency loan. While there are alternatives available, the benefits of emergency loans outweigh the rest.
Not to mention, the criteria and application process make it quite easy to get the funds without hindrances.
