Get Emergency Cash Loans Today with Capital Bean

What Are Emergency Cash Loans?

Emergency cash loans are short-term loans for those needing to access cash urgently. This may be unexpected home repairs, car breakdowns or unanticipated medical emergencies, amongst other things. Emergency loans can be approved quickly so urgent costs can be covered as soon as possible.

Many emergency cash loans are available, most of which operate on a short-term basis with high-interest rates and fees.

Most emergency cash loans can provide funds directly to the borrower’s account within just a few business days of being approved; some services can provide funds within 24 hours of approving the loan application.

What Types Of Emergency Cash Loans Are There?

There are many different types of emergency cash loans available. These include the following:

Payday loans

Many payday lenders offer emergency cash loans with short-term loan terms (usually around two weeks). The contract typically states that the borrower will need to repay the loan in full on their next payday. However, in addition to paying back the total principal amount, borrowers will also need to pay interest at this time. Payday loans are notorious for their sky-high interest rates (commonly up to 400% APR). Consequently, payday loans may cause more harm than good if you are in a financial bind.

Personal loans

Personal loans are a type of unsecured loans meaning that you do not need to put up any collateral. For that reason, the amount you can borrow is typically less than with secured loans. The majority of personal loans operate with a monthly repayment scheme which will be determined, along with the length of the loan term, by the lender and borrower before the loan is approved.

Home equity loans

Homeowners can use a home equity loan or home equity line of credit, a type of secure loan that uses your house as collateral. Due to the low risk for the lender, loan terms are typically agreeable, including fairer interest rates and a longer repayment period. However, if you default the loan, the lender could repossess your home.

Credit card cash advances

Those who have a credit card and need fast access to funds may be able to take out a cash advance. They can usually do this at a bank, credit union or ATM, providing them with instantaneous funds.

However, cash advances usually incur an expensive upfront fee and high-interest rates. Additionally, if your cash advances cause a surge in your credit utilization rate, it can negatively impact your credit score.

Title loans

Title loans are a type of secure emergency cash loan enabling borrowers to use their vehicle as collateral.

With title loans, the lender will hold on to your car title and lend you a certain amount. In the meantime, you are still able to use your car. However, if you default on any loan payments, the lender could repossess your car.

Although they provide quick access to funds, they also incur high-interest rates and the risk of potentially losing your vehicle should you default on payments.

How Can I Borrow Money For An Emergency?

When you need money for an emergency, you’ll need it fast. The best loans for an emergency could be a credit card advance, payday loan, unsecured personal loan or even a loan from a pawn shop.

Before applying for an emergency cash loan, you should decide what type of loan you are looking for. This will depend on your credit score and personal financial situation. For example, you may be limited to specific lenders if you have a poor credit score.

You should also consider the different interest rates and fees for the different types of emergency cash loans.

When applying, make sure to have key documents available, including identification, social security number, and proof of employment or income. It is also advisable to compare lenders before applying; prequalifying enables you to compare rates.

Many online lenders are offering quick applications for fast cash loans. Usually, you can apply online, from the comfort of your home or on the go, and complete the application in a matter of minutes.

Usually, decisions can be made instantly or within hours and, if approved, you can receive funds directly into your checking account within the next business day.