What are emergency loans?
Emergency loans offer an easy way out when you're struggling with unexpected bills or income problems. Why? Because emergency loans come with less hassle – and require less time to process – than traditional loans.
Emergency loans are:
- - Customized loans you can repay over time
- - Available in any nearly any amount
- - Flexible
- - Easy to apply for online
- - Fair and competitive, since you'll receive several offers once you complete your application
No matter how hard we try to save money, it's only natural for life to get in the way. Cars break down whether we like it or not. Kids and parents need to see the doctor, and medical bills can be pricey. Homes need ongoing maintenance and repairs, some of which can cost thousands of dollars at once.
Even if you don't run into any unexpected expenses, other factors can make getting ahead impossible. A job loss, reduced hours at work, or a change in position could make keeping up with bills that much harder.
In times like these, it's important to have a back-up plan, and an emergency loan may be just what you need to pull you through.
How an Emergency Loan Can Save the Day
Wondering whether your predicament counts as an emergency? Truth be told, "emergencies" come in all shapes and sizes, and only you can decide. Further, personal loans can be used on almost anything unless your lender sets guidelines on how the money can be spent.
Some situations where a loan is necessary are more common than others. Here are some situations where an emergency loan might fit the bill:
#1: Your car broke down, and you need to pay for repairs.
Since auto repair shops won't release your car until you have the money to pay, having your car break down when you're tight on cash can be a true emergency. Without a car, you may not be able to get to work. And, if you can't get to work, you'll have no way to pay your car repair bill. With an emergency loan, however, you can quickly access the cash you need then repay the loan over time.
#2: Your home needs expensive updates or repairs.
A leaky roof or an inoperable washer and dryer can be a pain, but they can also cost you more money over time. Leaks create water damage that becomes more expensive as the days and weeks tick by. And without a working washer, you could spend a fortune at the laundry mat. With an emergency loan, you could make household investments that save you money over time.
#3: You're drowning in credit card debt.
If you're struggling with high interest credit card debt, another loan might be the last thing on your mind. Depending on your situation, however, an emergency loan could help. By consolidating high interest debts into a new loan with a lower rate, you could save money on interest and secure a lower monthly payment.
#4: You're starting a new job, but you're not ready.
You're pumped about your new job and ready to get started. Unfortunately, you realize you don't have a single professional outfit to wear. With an emergency loan, you could invest in professional attire to help you look your best. And with a new job, you'd had the cash to pay down your loan in a hurry.
No matter how dire your situation seems, an emergency loan can help. By putting the cash you need in your hands right away, you can create a temporary solution to your financial woes. And with LendingTree, the entire process is seamless and hassle-free.
On the fence about emergency loans? Check out what some of our other customers have had to say:
"I was looking for a personal loan and ended up on the LendingTree website. After entering my information, I received quite a few offers. When I made my choice and followed the instructions, I had my loan approved the next day and my money within a week. I recommend LendingTree. Give it a try. There is no obligation if you decide you don't want a loan." – Denise E.
"I borrowed a small loan to pay off a loan with almost 300% interest! I went from a $300/mo. payment to a $168/mo. payment. The transaction was as easy as 1-2-3. Money was in my checking account within 48 hours! Now I can clean up my credit. Thank you LendingTree!" – Lorelei
"I recently closed on a personal loan that reduced my interest rate significantly and the experience was so positive I used LendingTree for refinancing my home as well. Great service." – Darrell P.
Get an Emergency Loan in 5 Simple Steps
Here are five steps to get the cash you need in your bank account right away:
Step 1: Visit LendingTree's personal loan page
LendingTree's loan resource page is the perfect place to begin the process from the comfort of your own home. Read over the provided information, then click the button to "start loan request."
Step 2: Gather personal information, and answer all loan questions accurately and honestly.
Details will include your name, employment status, income, and average credit rating. Make sure to fill out all information accurately to expedite the loan process.
Step 3: Compare loan offers.
Once submitted, you'll receive several offers from competing banks in minutes. Make sure to compare interest rates and repayment timelines as you see how each offer stacks up.
Step 4: Settle on a monthly payment you can afford.
While interest rates and timelines are important, you'll want to pay special attention to your new loan's monthly payment. Depending on your APR and the length of your loan, your monthly financial obligation could be high or low. Make sure to choose a loan that offers a monthly payment that works with your budget and lifestyle.
Step 5: Prepare to accept your loan funds.
Once you choose a loan and repayment plan you can live with, you can move to the next step of the process – accepting your funds. Usually, your new loan amount will hit your bank account within a few business days, but it can happen sooner.
If you need cash fast and aren't sure where to turn, LendingTree can help. With our easy loan process, you can be on your way to having the cash you need in minutes.
There is no cost to apply, and no obligation to accept a loan if you're not happy with your options. If you have an emergency and need cash fast, you've got nothing to lose and everything to gain.