There are many situations where one may require emergency loans. It could be a situation for a private individual, a family, a business or an important short-term project.
Typically an emergency loan needs to cover a short-term cash-flow problem. If an individual, family or business has a long-term cash-flow problem, they would normally look at longer-term loans that have a lower interest rate.
Emergency loans are typically made over a shorter period of time, with high emphasis on quick approval to make the loan amount available to the person, or business applying for the loan. In some cases, especially when the emergency loan is made out for a short period of time, these kinds of loans may have higher interest rates than longer term loans.
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Bank Financing - Depending on your individual circumstances you may be able to get a loan from your everyday bank or credit union. This could be anything from a home equity loan or home equity line of credit, or an additional charge to your credit card (see below). However, in many cases banks and credit unions will take a long time to get approvals through and you may not receive funds quickly enough.
Short-Term Financing - Short-term financing may be a good option for a person, family or business to cover a low cash flow periods. A short-term finance arrangement should be made with a credible lender. The arrangement should include the agreed amount, the terms of how the loan will be paid back and how much the interest will be. Short-term financing options are typically offered by boutique lenders that are flexible and can provide quick turn around. Amounts would normally range from $10,000 to $2 million.
Credit Card Financing - In some instances an emergency loan can be easily covered by charging the expenses to a credit card. This is only a good idea for smaller amounts of up to several thousand dollars, and should only be made if you know you can pay the amount back in a short period of time. Of course, the decision to cover an emergency loan with your credit card should be made according to your individual circumstances. It is essential though that you know as much as possible about the terms, interest rates and other parts of the agreement so you don't get stuck in an even worse situation later on.
Private Financing - You may be in a situation where you can arrange private financing of an emergency loan through a family member or a friend. This can turn into a difficult situation, ethically and morally, as you're never entirely sure that all partners in the deal are on the same page. If you do decide to make a private arrangement, you should ensure that you have an independent lawyer draft up the agreement so that the deal can stand up to potential disputes.
Finance Yourself - Depending on the amount you require for your emergency loan, there may be alternatives that you have not yet considered. For example, selling some assets that you no longer urgently need or use. This could range from spare TVs and entertainment systems, to your second car, motor bike or boat. Getting the funds for your emergency loan together independently may be difficult but may be more beneficial for you in the long run.
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