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Need a Fast Loan? Here are Emergency Loan Alternatives to Payday Loans

There will come a time when you will need extra money to pay off immediate and unplanned expenses. It can be a sudden medical bill, payment for utilities that went beyond your allotted budget, repairs around the home, or a car that broke down.

In times like these, most people look for unsecured personal loans that are less expensive than getting a cash advance from their credit card or taking out a payday loan. If your credit score is between 300 and 629, you can still qualify for a bad credit payday loan and you can get the funds that you need as quickly as the next business day.

However, one of the things that worry borrowers is the high-interest rates that come with personal loans especially if their credit is poor. It is crucial to look at different financing options, which can be alternatives to high-interest payday loans.

Here are some alternatives that you should consider when you need an emergency loan. We also provide valuable tips that will help you in choosing and applying for a loan.

Emergency Loan Option #1: Credit Unions

A credit union near you may be able to give you an emergency loan. Credit unions are organizations that provide credit to eligible borrowers. Because these companies are not-for-profit, credit unions often have reasonable terms and interest rates for their loan products. Credit union loans are a good alternative to payday loans since you can get up to $2,000 even with bad credit.

Take note, however, that a credit union loan is not accessible to everyone. One of the requirements to take out a loan from a credit union is to be a member of the organization. Credit unions are usually associated to a specific profession, company, school, or location. Members are often required to open an account in the credit union.

Emergency Loan Option #2: No Credit Check Loans

You may have heard of personal loans without any credit check from direct lenders. A credit inquiry varies from lender to lender. While some will perform a hard credit verification on your financial history, there are loan providers who will only do a soft credit check. Steer clear of lenders that offer a loan without checking your financial background – these loan products are accompanied by high-interest rates and fees that make it similar to regular payday loans.

If you really need an emergency loan with lower interest rates, you should request a loan from a direct lender. It is best to choose a direct lender that checks your credit through a soft inquiry rather than one with no credit verification. However, you should only turn to online loan providers that offer low-interest loan products after you have exhausted all your resources.

Emergency Loan Option #3: Other Alternatives

There are cheaper but less convenient ways to obtain financial aid for short-term monetary needs. It also involves asking for assistance from people you know. You can also look into these loan alternatives:

  • Request for financial aid from local organizations, including religious institutions and charities
  • For medical expenses, inquire whether you can pay off the bills through installment
  • Seek help from your employer by asking for a paycheck advance or a salary loan
  • Ask for financial assistance from trusted friends and relatives if you are in good terms with them

Choosing an Emergency Loan

Here are some tips in choosing the right type of emergency loan for your situation:

  • Turnaround time: Speed is an important factor in choosing an emergency loan because of the urgency of the need. Traditionally, loans may take two to seven days to complete processing and funding. It is best to confirm the turnaround time from the loan provider before applying for a loan.

    To avoid delays and help expedite your loan request, make sure your requirements are complete. Always keep your lines open so that you can answer the lender’s question regarding your loan application.
  • Loan features: The lending industry has evolved so much over the years. Nowadays, it is possible to request a specific due date for loan repayments. Some lenders may even provide a payment holiday for their borrowers, or a zero-penalty fee for late payments.
  • Loan fees and interest rates: It may be tempting to work with the lender with the fastest turnaround time, but you should also consider the lender’s applicable rates and fees. The best choice for an emergency loan is the one with the lowest annual percentage rate or APR. You can confirm the total cost of the loan before signing a loan agreement by using the lender’s loan calculator.

Once you have survived your financial emergency, it is vital that you start building your credit and emergency fund so that you don’t have to resort to high-interest loans when another emergency comes up.