What's The Fastest Way To Borrow During A Financial Emergency?
Everyone is doing the best they can in these times of high inflation but that makes it tough when there is a financial emergency. People just don't have enough in savings. And around 10 percent of Americans don't have any savings at all, according to the latest figures.
A medical bill can financially wipe some of us out. Even a toothache can end up costing $1,000 or more, even with dental insurance. Car repairs, home repairs, and unexpected events can create a financial emergency that causes undue stress for a person or an entire family.
Options For Borrowing Fast Cash
A financial emergency usually requires a person to come up with money quickly. You can't wait until the next payday to go to an emergency room or a dentist for an infection. Options exist but many of them don't produce money quickly for this type of situation.
Those with decent credit scores of 600 or more can apply for a personal loan through a local bank or credit union. You should have a banking relationship with a financial institution to have a chance of being approved. Some banks are requiring higher credit scores and incomes for loan applicants also.
The other problem with applying for a loan through a bank or credit union is that there is typically a wait time that can be up to a few weeks. That usually doesn't help when you have a financial emergency where you have to fix a car to get to work or fix a water leak that is costing you a lot of money in water waste.
Going Outside The System
Many people who are living paycheck to paycheck, don't have a banking account, have little to nothing in their banking account, or have less-than-perfect credit, have found it helpful to go outside the traditional banking system when they experience a financial emergency.
These options include title loans, payday loans, signature installment loans, and even flex loans. Such loan options are legal around the country with each state governing which ones are allowed. Private companies initiate these types of loans for people who are otherwise financially underserved.
Each of these options has its requirements. Some may require a credit check while others require you to have a job with proof of income. Not all lenders offer all these options. Some specialize in one type of loan while others offer an array of options.
The options available to you also depend on the state where you live. Some states limit loan options while others open up more options.
The Modern World
One of the best things about living in today's world is that you can submit information online to get connected with vendors that offer these types of loans. In some places, there are even online title loan and online payday loan options where everything can be done from your home computer.
Companies like Title and Payday Loans have vendor lists that ensure you can connect to a licensed, legal lender using online title loan and online payday loan inquiry forms. It's a simple way to find a lender in your area who can help you through your financial emergency.
Title loan vendors associated with this company allow you to keep your car during the repayment process and offer loans of up to $15,000. You can also get a decision in 30 minutes or less and there are convenient locations located around the U.S.
Payday loan lenders associated with this company don't rely on a credit check for approval, offer cash loans of up to $1,200, and also have a fast approval process.
The items you need to apply for these loans are simple. With just a valid driver's license or state-issued photo ID and proof of income, you can get started on your loan request. For a title loan, you'll also need a lien-free title and your vehicle for a quick inspection.
For a payday loan, you are required to provide a blank check from a valid and active checking account listed in your name.
How To Apply
Applying for these types of loans is easy. You fill out the online inquiry form, which is just basic information, and submit it across the secure website. A loan representative will then call you back to find out about your financial need and explain the loan process.
An appointment is made to finish the formal request, inspect your vehicle if you are applying for a title loan, and review the required documents. If approved, you'll have the money either the same day or the following business day. It's that simple.
Ask About These Loans
Figuring out how to pay for a financial emergency can be hard, but you can ease your mind knowing you have loan options available to you regardless of your situation. To find out more about these loan options, fill out the inquiry form online.
Completing the form for more information does not obligate you to obtain a loan and representatives will not use your information to run a credit check. Request a call from a representative today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.