Guide to Emergency Loans for Fast Cash
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What is an Emergency Loan?
How Do Emergency Loans Work?
Reasons to Get an Emergency Loan
Medical bills. A quick loan may come in handy in the case of a medical emergency or if your health insurance won’t cover the full cost of a necessary surgery or procedure. Emergency repairs for your home or car. If your roof springs a massive leak or your heating system stops working, you’ll likely need to get repairs made right away. The same is true if your car transmission dies, and you need your vehicle to get to work. These are all situations in which you might want to consider an emergency loan. Living expenses if you lose your job. If you’re unexpectedly laid off, an emergency loan could help you cover rent, food and utilities until you get back on your feet. When sudden travel is required. If a family member becomes very ill and you need to get there quickly to be with him or her, an emergency loan could help cover the cost of last-minute airfare.
How Fast Can I Get an Emergency Loan?
Are Emergency Loans Safe?
Can I Get an Emergency Loan with Bad Credit?
Getting an Emergency Loan With a Cosigner
Types of Emergency Loans
Credit Card Cash Advance
Pawn Shop Loans
Small Business Loans for People with Bad Credit
What You Need to Know If You’re Considering an Emergency Loan
Pros of an Emergency Loan
Fast application: The application typically won’t take you hours to complete. Most can be completed in a single sitting. Possible same-day deposit: When you provide a bank account, the money may be deposited the same business day that you apply for it. Some lenders may offer quick $4k loans. Flexible loan terms: You may be able to choose your repayment plan for many emergency loans. Money can be used for anything you need: You don’t need to specify what the money will be used for. Whether it’s for new tires or a medical emergency, it’s up to you how the funds will be spent.
Cons of an Emergency Loan
Higher interest rates: Depending on the specific type of funding, emergency loans usually come with higher interest rates than standard loans. Smaller loan amounts: You may be limited in how much of a personal loan you can get, and you likely won’t be able to borrow as much as you could with a standard loan. The maximum amount you’ll be able to borrow will vary depending on the institution, loan type, and your ability to repay it. Lenders may offer quick $2,000 personal loans on an emergency basis.
Emergency Loan Alternatives
Home Equity Loans
Peer-to-Peer (P2P) Loans
Frequently Asked Questions
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