How to Get an Emergency Loan

It can be alarming when an unexpected expense arises before your next paycheck is due and you are short of funds. You might need to consider an emergency loan. Emergency loans typically come in the form of a cash advance, which will provide you with an advance on your next paycheck. Loans of this type usually range from $100 to $1,500, depending on your income.

Difficulty:

 

Moderate

Instructions

Things You'll Need

• Valid ID
• Collateral

1. How to Get an Emergency Loan

   • 1
     Determine if a payday loan is the right option for your cash emergency. Keep in mind that emergency loans often come with high interest rates and should be used only in a true financial crisis. You might want to consider a low-interest credit card, or asking a trusted friend or family member for a loan before seeking a cash advance.
   • 2
     You can find payday lenders online by searching "cash advance" or "payday loans." You will find many websites that allow you to enter basic information in order to pre-qualify for an emergency loan with one or more lenders. Compare interest rates and fees charged by each lender.
   • 3
     You will be asked to provide sensitive information, so take the time to perform a Google search on any cash-advance loan companies to find feedback and consumer reviews on the company. Avoid loan applications with companies that do not display a verify security symbol on their website.
   • 4
     Gather all information you will need for the emergency loan application before you apply. You will typically need to enter your Social Security number, the amount of your last paycheck or two, your next paycheck dates, references, the name of your bank, your bank routing number and your bank account number.
   • 5
     Complete the application as directed. The applications for emergency loans are typically straightforward and should take only a couple of minutes to complete. Enter all information into the proper sections of the application. Review all information that you have entered before you submit your application.
   • 6
     Carefully review the terms of the loan if you are pre-approved. Double-check your finances to make certain you will be able to repay the emergency loan, according to the terms. Make certain that all information on the loan papers is accurate before accepting the loan.
   • 7
     Check your bank account in the next couple of business days to make certain funds have been deposited. Some cash advance lenders are able to deposit funds 12 to 24 hours after approving your loan. Contact the lender immediately if funds are not in your account within the time frame provided to you upon acceptance of the loan.

     
     

     Tips & Warnings

     • Print a copy of the emergency loan papers so that you will have proof of all terms to which you agreed. Your copy will serve as a reminder of the loan's payback date.
     • Make sure you have the money to repay the loan with your next check to avoid an endless cycle of high interest payday loans.
     • Make certain you will have enough money in your upcoming paycheck to pay off your loan. You can take extensions for a couple of pay periods, but it will increase the amount of interest you pay.

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