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An emergency personal loan is a personal loan that can be added to your bank account fast so that you can utilize the funds for unexpected or unplanned expenditures. You may require quick access to funds to deal with unexpected situations such as your car breaking down or an emergency medical bill.
When you apply for a personal loan to pay for emergency expenses, you are asking a lender, such as a bank or credit union, to lend you money to cover the cost of these emergency expenses. If you are approved, you will repay the personal loan plus interest in installments over time. This can be an appealing option because, depending on your credit history, income, and a number of other factors, you may be able to receive a lower interest rate than you would with a credit card.
Because personal loans are typically unsecured, lenders put a high priority on an applicant’s financial profile, such as credit score and debt-to-income ratio, when deciding eligibility. Borrowers with good credit will have lower APRs than those with average or bad credit. APR, or annual percentage rate, is the cost of borrowing a loan over the period of a year. A lower APR indicates a lower total loan cost.
By getting an emergency personal loan, you can pay for things you need money for right away and pay back the money over time. For example, you or a loved one may experience an unexpected health problem. You may need to travel unexpectedly to care for an elderly family member. Severe weather damage to your home may happen that might not be covered by insurance. In all of these situations you can use a personal loan from our lenders to assist you with these unexpected bills.
Other financial emergencies could result from a loss of employment, illness, a funeral, or any number of other unforeseeable situations. If you’re in one of these situations and don’t have enough cash to get through it, and you need money fast, an emergency loan could help.