Emergency Loans

Written by Serena Berger
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Emergency loans are not intended to be used for casual purchasing, but rather to take care of events for which you were unprepared. Whether it be a medical or automotive emergency or any other situation from which you need fast financial relief, getting loans on very short notice need not be difficult. While you could turn to banks for most financial situations, they may not be of much help with a very short time frame.

Confidentiality in Emergency Loans

Though your first instinct might be to ask those close to you for loans, you might not comfortable doing that given the nature of some emergencies. If the reason for your need is extremely personal, applying for emergency loans may be a better alternative. Companies that offer loans allow for confidentiality and do not concern themselves with how you choose to spend the money.

Like any other loan, you will have to pay interest on emergency loans. For these loans, however, it will often be costlier relative to the amount of the loan when compared to most other loans. While the interest rate may be high, you should consider how much interest you will be paying on every dollar borrowed and determine whether you can afford it and whether it's worth it to you.

Emergency loans are usually borrowed at the last minute and therefore the turnaround time on applications needs to be fast. Lenders that offer these loans can often respond to your application within a business day. While they may not be your first choice, these loans allow you to deal responsibly and safely with your financial commitments.

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