Every single one of us at least once
had faced a situation where money was needed fast. For some it was a
force-majeure, such as a leaking roof or a car breakdown, for others - a
forgotten utility or a doctor bill that was becoming overdue, while laying
somewhere in the table drawer. Many people may not find these cases critical,
as there is money in the savings account that would easily cover an unexpected
bill or a family member who would lend cash until the next paycheck. For some
people, however, facing unexpected spending could be a disaster, as they have
nowhere to turn to get cash quickly. For such people there is a perfect
solution in form of emergency loans, that takes the hassle out of the way. Now,
what do these loans feature and how to get them?
Emergency Loans Feature Quick
Turnaround
As emergency loans have been
designed to provide expedited financial assistance to people facing unforeseen
expenditures, their best feature is their speed. They are quick to get - very
often in less than a day. Most applications are preapproved instantly. After
initial approval, there is some verification done that rarely takes more than
few hours, provided the borrower has everything a lender requires. Once the verification
process is completed, a loan agreement is signed and the funds are transferred
to the bank account of the borrower. In a vast majority of cases, borrowers see
the loan proceeds in their bank account the next morning.
Emergency Loans Offer An Unparallel
Convenience
Most people associate getting a loan
with a trip to the bank, a conversation with a loan officer, and a pile of
paperwork to do. All above, besides being very time consuming, is very
inconvenient. Moreover, very few people can afford to waste time in
emergencies. Unlike traditional loans, emergency loans feature seamless
application, approval, and loan-granting process that may be completed entirely
online in a small fraction of a time a traditional loan processing would take.
Information technology allows for instant identity confirmation, credit check,
and employment verification. Moreover, most lenders practice electronic
agreements, so there is no need to make a trip to the lending office to sign
the documents. The entire process from initial application to the funds
disbursement is done online, quickly and conveniently.
Flexible Terms Benefit Borrowers
While emergency loans are known for
having higher interest rates and charges when compared to traditional loans,
they offer very flexible terms, often outweighing the inflated cost of
borrowing. Emergency loan lenders typically do not endorse prepayment
penalties, and most loans may be paid off earlier, saving borrowers money on
interest. In addition, repayment terms may be adjusted based on individual
circumstances even after the loan terms are agreed upon. If a borrower needs
more time to repay the loan, lenders often provide extensions for an additional
fee. Emergency loans have an auto pay feature, allowing a borrower not to worry
about sending checks, as scheduled payments are conveniently withdrawn from a
checking account. In addition, emergency loans are easy to find, as more and
more lenders offer them online - all you have to do is to spend a couple of
minutes in front of your computer.
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