Life is full of unexpected surprises. When you are faced with emergency expenses like car repairs, medical expenses, or major home repairs you may not always have enough money in your savings to cover the costs. If you need help securing money quickly, you may be interested in an emergency loan.
When it comes to financing emergency expenses, you have a few different lending options. What loan options are available to you depends on your credit history and how much money you need. We will go over some of the most common options for emergency loans and the advantages and disadvantages of each. Be sure to calculate your costs, weigh your options, and thoroughly research your lenders before making a decision.
The Top 5 Emergency Loan Types
Payday Loans
Payday loans are a common short-term loan option. If you commit to a payday loan, a lender will loan you a small sum of money to cover your emergency expenses. Payday loans cannot be paid back in installments, instead, you must pay them back in full all at once.
Typically, you only have a couple of weeks to repay the loan as the lender assumes it will be paid back with your next paycheck. Payday loans are often available both online and in-person at the nearest payday loans store. Though payday loans may not require a credit check and can get money in your hands quickly, some may have high-interest rates so make sure to do your research.
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