Loans for Emergencies
Emergency loans are one of the most demanded modern banking products. Often there are situations when money is urgently needed. Such situations include: repairs, construction of a country house, education, payment for medical services, weddings, vacations, etc.
A loan for emergencies is a non-purpose loan that you can spend on any need (go on vacation, buy expensive furniture, renovate your apartment, get married, etc.). You do not have to report to the lender how you are going to spend the borrowed funds.
Before you apply for a loan, you should collect the required documents. It is quite standard: an ID (SSN or a driver’s license) and proof of income.
You can fill out an application both at the lender’s office and on the website of the credit institution. Sometimes, however, lenders offer another way – by phone. The client receives a positive or negative response within several hours.
But all efforts may turn out to be pointless. If the client does not meet the requirements that lenders impose on borrowers: at least 18 years old (19 in some states), work experience at the last job at least 6 months; US citizenship or legal residence. Some lenders may decline your application if you have bad credit. This list can be either increased or reduced in each specific organization.
What should the borrower pay attention to?
Since this consumer lending is for “for emergency needs”, the borrower is not obliged to submit to the bank a report on the use of borrowed funds. As a result, such loans are very popular despite a fairly high interest rate.
Many lenders that have relied specifically on consumer lending offer a number of programs for a particular group of borrowers. Therefore, if you need to take out a loan for emergencies, we recommend not to rush but to carefully study the offers of different lenders and choose the most suitable offer.
To simplify your choice, you can use our loan matching service that cooperates with the most reliable US lenders.
If you need an emergency loan for a specific need, first try to find a suitable targeted personal loan (for example, a loan for education, medical treatment, etc.). They usually come with lower APRs.