Have you ever been at a place where you are in immediate need of cash and that too a big amount? The reason could be anything a medical emergency, immediate home repair or a credit card payment overdue. The situation gets difficult and the best thing we can do is rely on the family or friends but in case they are also running short of cash how do you plan to meet such emergency needs.
The situation seems difficult to handle but remember there is always a silver lining behind the clouds. If you are in such a situation, this article comes as a life savior.
Dive deep to learn more about the short-term loans that can be approved within 24 hours:
Mortgage a real-estate property:
If you own a home or any real-estate property, it can fetch you higher loan amounts within 24 hours. Mortgaging a property has become easy to attain emergency funds. Although the risk is minimalistic in this type of emergency loan you must be aware not to overindulge and over borrow. It is advised to borrow only the amount that is required. If you over borrow and are not able to pay off the amount timely, you may end up in loans and may lose your property too.
Give a good thought to the loan term and always keep it short otherwise, the growing amount of interest can become a pain area. Make sure you do not go for floating loan interest rates. They sound alluring but in case the interest rates increase, you may end up paying off more than you planned to.
Personal Emergency Loans:
A personal emergency loan is easy to avail nowadays. With a fiercely competitive market, lots of personal loan options are available that offer loans at low rate of interest. If you have a good credit history, you are eligible for higher amounts of personal loans but with bad credit do not expect much. While availing a Personal Emergency loan, you must stay watchful about Rate of interest, the loan term that you pick as that will decide your repayment amount, loan processing fee, Pre-closure terms, and conditions.
In case the emergency is critical and you are not able to borrow money from friends or do not have any property to mortgage and have a bad credit history, you can go for the Payday Loan. It is advisable not to jump on this loan as the interest rates are very high. You must go for the Payday Loan only if you are sure that you can pay off the loans immediately otherwise the interest amount will keep on accumulating. It must be your last resort to go for an emergency Payday loan.
Credit Card Cash Advance:
It is the new baby in town. Understanding the needs of customers, the Credit card companies have made it possible to take emergency short-term loans against the Credit cards. Although it must not be your first preference in case of emergency because the loan processing fee and rate of interest are exorbitantly higher than the other available options. You may not always need to take a loan but you can use your credit card to make payments.
As advised the Payday loans and Credit Cash Advance are the last options you must resort to, the home mortgage is usually the lowest interest rate loan that can be easily available as even the loan rendering organization also get a security element. Times have changed and it has become really easy to avail emergency loans. So no need to fret in emergency situations, you have the loans at your back.