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Where to loan money in an emergency

By Edited Nov 13, 2013 1 1

Where To Loan Money In An Emergency

At times where you need immediate money an emergency loan may be your only hope. There are many sources where you can possibly loan money in case of an emergency. However, you have to consider several factors involved. Factors like the amount you need and whether or not you have good credit. If your credit rating doesn’t look so good, you may need to take these options to loan money in emergency situations:

Getting a loan from a friend
This may not sound so ideal but it’s worth a shot. If you have a friend who’s into loaning business, then this is an advantage on your part. Aside from that, your friend is not likely to charge you high interest rate. But of course, just because your friend is so kind to lend you money that doesn’t mean you can just get away when it comes to repayment. Remember that your friend is doing you a favor too so you have to repay this friend fairly.

 


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Bank options
There are several banking options available to loan money in an emergency with different conditions set depending on their policies. You also have to expect that these banks would look at your credit rating. If your credit rating seem to be a problem, you'd better check the loan guidelines of the bank first so you won’t have to waste your time applying, then move on to the next bank. Look also for bank that offers unsecured or secured loans. If you have a property for collateral, regardless of your credit rating, you are likely to be offered a secured loan. On the other hand, you can take unsecured loan but usually only small amount of money can be borrowed with this option.

Credit union loans
This type of loan is very ideal for those with bad credit rating and may not be considered by any banks for a cash loan. Credit unions are very willing to help those who have bad credit and need to loan money in an emergency. You may have to become a member of a credit union first to avail of any loan. Speak to the institution and to find our what your options are.

Payday loans
This is the perfect option to loan money in an emergency when you have a very poor credit rating. Payday loan companies do not look at credit rating. As long as you are an employed individual for a long period of time and you have checking account, you have greater chance of getting your application approved for a payday flashloan and get money real quick. However, bear in mind that payday loan companies may charge steep interest and may require you to repay immediately. Therefore, before you take another step, think about it first then decide the amount to borrow. It should be just enough to sustain your emergency needs.


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Comments

Mar 3, 2011 3:47pm
Sookie
a loan from a friend can work if it is written down how it will be paid back, makes it more official. Great article!
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