personal loans are the fastest source of cash advance to meet any emergency that is why they are also referred to as emergency personal loans. These are generally short-term unsecured cash advances against the assurance of the next pay cheque. They have to be paid back on receipt of the next pay. The ease and speed with which the personal loans can be availed, make them ideal resources to meet the urgent requirement that cannot wait for the next pay cheque. The personal loans charge a higher rate of interest than other loans available in the market. Still, people prefer these loans because of the following advantages.
Instant Cash for Any Emergency
Emergency personal loans are the quickest loans available in any emergency situation. You can avail of these loans to meet urgent requirements that cannot be postponed like unexpected medical bills, travel bills, car repair bills, school fees etc.
Minimum Eligibility Criteria
Very few simple requirements need to be met to get a personal loan. Any US citizen who is 18 years of age or more can avail an emergency personal loan if he has regular employment and earns around $1000 a month. He must also have an active bank account. He must not have any outstanding personal loan which he had availed earlier. Any person meeting the above criteria can easily get a personal loan. There is no credit check, therefore people with adverse credit history can also avail a personal loan in emergency.
Least Turn around Time
Once applied, the loan get credited into the borrowers account within 24 hours. You can apply for the emergency payday loan online. There is no need for you to send any credentials. Only the online application form needs to be filled. After a cursory verification of the details you have furnished in the application, the loan is disbursed. Since the borrower has a regular checking account, the money is directly credited into his account. All this process happens in less than 24 hours. Therefore, these loans are also called fast money personal loan.
Quicker Than Any Other Loans
Lenders usually conduct elaborate checks before giving a loan. They have to be assured about the repayment capacity of the borrower before they give the loan. And lenders usually prefer to give secured loans against collateral for fear of repayment default. Therefore, the verification of the application and disbursal of the loan takes at least a week. The same is the case with credit cards also. But emergency personal loans are given against the assurance that they loan will be cleared with the next pay. Therefore, verification is simple and disbursal of the loan is faster making the loan a fast payday advance.
Although, there is so much going for emergency personal loans, borrowers must exercise caution before availing the loan because of its high rate of interest. He must take the loan only if there is an emergency.