Emergency Loans: Get Emergency Cash Immediately!

When financial burdens and a debt spiral are keeping you awake at night, you can keep the stress and frustration of the inability to make payments at bay. All you need is an emergency loan provider in your corner. Learn how to apply for it and get started!

$2,500
Get StartedWant to borrow more than $5,000? Click here!
Johnny HawkinsPersonal Finance Writer

Jul 27.2022. Filed under: Quick Loans Hub

What Are Emergency Loans?

An emergency loan is a quick fund you can get through a lender to tackle urgent or unpredictable financial expenses immediately.

Sometimes, when you’ve depleted your monthly income and savings, you’ll have to look for another way out, especially with expenditures like medical bills, home repairs, car repairs, mortgage payments, etc.

That’s where you can apply for an emergency loan and get the money as soon as the next day! They can give you the peace of mind you need after a financial shock that you and your bank account were unprepared for. You can also choose between various emergency loan types, including payday loans, installment loans or personal loans.

Due to their fast approvals and quick deposits, emergency loans can come with high interest rates. But we, at WeLoans, help you paddle through these rough waves and empower you with the option to compare rates, repayment schedules, and loan terms with multiple offers from different lenders.

The Best Place to Take out a Loan

Apply Now

Pros and Cons of Emergency Loans

Before pumping out those emergency loan applications, it’s important to sit down and weigh the pros and cons of getting quick loans through this method. This way, you’ll be sure you’re making financially sound decisions.

Advantages

Flexibility

Emergency loans have a double-angled benefit when it comes to flexibility. For starters, you can spend the loan anywhere you want without any restrictions. Repair your car, pay utility bills, or even go on a vacation; it’s up to you. Secondly, most emergency loans come with flexible repayment schedules that you can decide with your lender.

No Collateral Needed

If you’re considering an emergency loan, chances are you’re already in a bad place financially. Forfeiting an asset to get a loan is a risk you might not want to take at this point. Luckily, emergency loans are unsecured and offer you the opportunity to get a loan without the off-chance of losing your asset upon going into default.

Quick Funding

As the name implies, emergency loans are ideal for exactly what they say—a need for fast cash. Plus, with smoother application processes and immediate response times using online loan applications, you get the money in next to no time.

Disadvantages

Smaller Loan Amounts

Due to the urgency of these loan types, you may only get a small loan amount. Those looking for large funding will have to consider another loan type, such as installment loans. An added factor to the loan amount in emergency loans depends on your credit score, through which the lender decides how much they can let you borrow.

High Interest Rates

An application for an emergency loan is approved on the basis of creditworthiness and repayment ability. Another thing to note is that emergency loans are unsecured. While that’s a plus point for applicants, it increases a lender's risks and consequently escalates the interest rates on emergency loans.

Strict Requirements

Most emergency loan providers have strict requirements when it comes to eligibility. Even if you’re applying for emergency loans for bad credit, a lender will conduct a soft credit check and review your monthly income, previous and existing debts, and recent transactions to check whether you qualify.

Alternatively, you can apply through a broker like WeLoans to get in touch with lenders with flexible requirements.

How Does WeLoans Compare?

Why Use Us?
How much am I allowed to borrow?Up to $35,000No hidden fees or charges
What are typically the loan terms?Up to 36 monthsVarious repayment options
Do lenders check my credit?Yes Soft search only
Do lenders take bad credit?YesBad credit considered
Chances of approvalGoodQuick turnaround
How to apply?Apply onlineNo paperwork needed
Get Started

Can I Get Emergency Loans with Bad Credit?

Nothing can stop you from joining the millions of borrowers that have been approved for emergency loans for bad credit. Lenders will look at your credit history, but that won’t be the only thing they consider.

As long as you show a strong repayment ability, calculated through income, debts, taxes, transactions, etc., you can get a loan. Some lenders may ask for proof of a minimum monthly income for the past six months when applying for an emergency loan with bad credit. It’s important to note that due to bad credit, you may be charged a higher APR than someone with good credit, though.

How to Apply for an Emergency Loan?

Applying for an emergency loan shouldn’t be as difficult as traditional lenders make it. We understand the need for a streamlined application process when you’re already under a financial burden, which is why you only have to follow three simple steps!

Submit an Application

To apply for a loan, redirect to the application interface and follow the instructions. It takes only 3 minutes to fill in the basic details, including personal and banking information. Hit the submit button once you’re done.

Accept an Offer

Your application will be forwarded to our network of lenders, who will then send you their best offers. You can compare the rates along with other factors such as repayment duration and terms and conditions. When you’re done, finalize a lender based on their offer.

Get Cash

Sign the deal and make it official. Our lenders are dedicated to sending you the loan as quickly as possible. You may get the cash in your account as soon as the next business day!

How much would you like?

$2,500
Get Started

How Fast Can I Get the Emergency Funds?

We understand the importance of each passing second and the need for a deposit ASAP when it comes to emergency loans.

We have a fast application process through which you can submit an online form within minutes. With quick response and approval by our lenders, the processing time takes as little time as possible. Send any additional documentation that the lender requires from your end, and you can have the loan amount in your bank as early as the following business day.

How Does COVID-19 Affect Emergency Loans?

COVID-19 affected countries, citizens, and businesses in a lot of ways. One of the sectors it had a major impact on was that of borrowing money. Where people were only used to borrowing money through traditional lenders pre-COVID, a similar system of face-to-face interactions, brick and mortar stores, and filling in paperwork in branches wasn’t applicable anymore.

With that in mind, many traditional lenders have shifted to an online system of loan applications and approvals. Alternatively, online lenders have become more "in-trend" than ever before. Overall, now you can apply for a loan from the comfort of your home. Loan applications that previously took days or weeks to process now only take a few hours or days at most.

To make the most of this current digital era, the next time you need an emergency loan, apply for it online through WeLoans. From applications and selecting an offer to receiving the loan and repayments, we make sure that you can do it all online without any trouble!

How to Choose the Best Emergency Loan Lender?

Compare offers between lenders before you hit the “accept the offer” button and shake hands on the agreement with your lender. You can find the most suitable emergency loan provider for your requirements if you ask the questions in time to save yourself from an unfavorable lender.

Online Service

Does the lender offer an online service for application, approval, repayment, and customer inquiries? And is their website secure? Find one with these features to avoid getting into trouble or rushing to physical stores later on.

Eligibility Requirements

Do you meet the eligibility requirements of the lender? As some lenders may have a minimum credit score or monthly income requirement, look for lenders that only ask for basic requirements and offer bad credit emergency loans.

Loan Amounts

Does the lender offer the loan amount you’re looking for? You don’t want to go to a lender whose range doesn’t have the loan amount you need to borrow. For your ease, apply through a broker that will connect you to lenders offering that range.

Fees and Charges

What is the APR of the offer provided by the lender? Is it too high or too low compared to other lenders? That’s a red flag for sure. Look for affordable lenders, but not ones that are too shady to be true.

Loan Terms

Does the lender offer a repayment period that you’re comfortable with and in which you can easily manage your expenses? Select one that does.

Funding Time

Does the lender deposit the money in your account as soon as possible, ideally by the next business day? That’s what you need, especially with urgent spending on the hook.

What Can Emergency Loans Be Used For?

As long as you’re going with a lender that’s flexible in terms of what you can do with the loan, which you should, you can use it for just about anything that comes to mind!

The following scenarios are just a handful of situations where an emergency loan is exactly what you need:

  • Medical Expenses: Cover your medical tests and treatment with a loan because health always comes first.
  • Automobile Repairs: If you’re dependent on your vehicle, don’t leave it in the garage after an accident. Get it repaired using an emergency loan.
  • Home Repairs and Renovation: A leaky faucet here, a mold problem there, can take the charm from your home. Luckily, an emergency loan is all you need.
  • Rent and Mortgage: Delayed property payments don’t just make a bad impression, but can also get you kicked out. Don’t let a missed mortgage payment impact your credit score.
  • Utility Bills: Utility bills can sound like too small of a thing to get a loan for. But when these pile up, they can become a problem in and of themselves.
  • Funerals: Funerals are as unexpected as it gets when it comes to unforeseen expenses. Financial burdens don’t need to add to your grief when you can get a loan.
  • Weddings: Have you been putting off your wedding due to a lack of money? Get a loan, because it’s time to tie that knot.
  • Vacation Plans: Getting a loan for a vacation may sound like a counteractive remedy to a financial crisis, but you need to give yourself a break every now and then.
  • Educational Funds: Education, especially college expenses, can go over the roof. Emergency loans can get the semester payment out of the way for the time being.

We’re Here to Save the Day with 24-Hour Emergency Loans!

When it comes to emergency loans, the faster the better. We forward your application to lenders that can send the money to you by the next business day through a quick, convenient, and easy process! Have a try today!

Apply now