Anyone who is faced with any sort of emergency or urgent situation will likely need money to help resolve the problem expediently. It doesn’t matter what the emergency is, everything costs money in life, so the chances are high you’ll need to be able to get your hands on some cash, and fast!
This is where an Emergency Loan can really save the day.
In this article, we’re going to be taking a closer look at Emergency Loans, when you might need one, what they’re all about and where to get a fast Emergency Loan.
When Might You Need An Emergency Loan?
Naturally, you’ll need to find the money somewhere to resolve your problem, so if you don’t have the money on hand, one of the quickest ways of finding the money you need is to borrow it from a lender; whether that be a bank or a company in the private lending sector.
One common emergency scenario where you’ll need money is a medical emergency. This could be a sudden illness or an accident. Medical care costs money, even if you have private health insurance and Medicare. Most of the time, you’ll need cash upfront to cover medical expenses and medications. Medical emergencies are stressful enough, so you won’t want to have financial pressure placed on top of the situation.
Another typical scenario is when something happens to your home. Perhaps there was a severe storm and your house suffered hail damage or was partially destroyed by a falling tree. Even if you have insurance, making a claim takes time. You’ll need money fast to get back to normal and an emergency loan can help. You can always repay that loan once your insurance payout comes through.
A similar scenario might be when your car breaks down or you’re involved in an accident that leaves you without your own transport. An Emergency Loan can give you the funding to have your car repaired and also to hire a car while you’re waiting for repairs to be completed.
The 3 scenarios above are just a few examples of when an Emergency Loan can come to the rescue.
What Are the Key Features Of An Emergency Loan?
Let’s see what the features of a typical Emergency Loan are. These will vary between lenders, but here’s a general guide.
An Emergency Loan will usually allow you to borrow amounts ranging from a few thousand dollars and up to around $50K, depending on how much money you need to resolve your situation.
With the majority of Australian lenders, you’ll be able to fill out your loan application online, along with being able to upload supporting documentation with the completed application. This is convenient, saves time and will help speed up processing times.
You can often find lower interest rates on loans, particularly if you decide to take out a loan with a private lender.
Another advantage to private lenders is the speed with which the loan application is processed and approved. You’re faced with an emergency. You won’t want to be waiting weeks for the outcome of your loan application. Private lenders make a point of processing and approving loan applications quickly, so lenders in the private sector are your best option when you need money fast. You can have your hands on the money you require within a day or two in most cases.
When it comes to repaying the loan, depending on how much you borrow, you can usually select up to 7 years to repay the debt. Keep in mind that the longer you take to pay back the loan, the more money you’ll end up paying on interest.
To be eligible for an Emergency Loan, you’ll need to be:
- Over 18 years of age
- Be an Australian citizen or permanent resident
- Be currently employed
- Be able to prove your identity
Take Out An Emergency Loan With Cashify Loans
Cashify is an Australian owned and operated lender in the private lending sector. We process loans for emergencies in rapid time. Often, you will have the money in your account on the same day, if you apply early in the day. Talk to us about how we can help you with your emergency.
Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.