Emergencies are always unexpected and can catch people short of cash. A car repair, a vet bill, an oil delivery, or the need to replace an appliance are just some situations that cannot wait until the next payday or even until the end of the weekend. This is the best use of non-traditional lender services. Saving the option for a true emergency makes sense.
An Installment Loan
Most lenders, such as Blue Trust Loans, offer installment loans with minimal requirements to people who may not qualify for a bank or credit union loan. The option is ideal when the emergency happens on a Friday night and needs to be handled before Monday morning. The interest rates will be exorbitant though within legal ranges. Approval rates are high, and notification can take a few minutes to a few hours.
The terms consist of six-months for first-time borrowers with payments being aligned with paydays. The equal payments are deducted from an active bank account, which is one of the requirements. The terms are easier to manage and budget than payday loans that must be paid back all at once.
Applicants must be at least eighteen years of age and have a specific income that is directly deposited into that active account. Some lenders require the income be the result of a job, while others will accept social security, disability, and pension payments as guaranteed income. Not everyone is automatically approved so an application must be submitted, which can be done online.
Do not sign the loan agreement until it has been completely read and understood. The amount of interest and principal paid each time will be indicated, as will any late payment penalties. These are important because they will be steep, so keep track of paydays and make sure the full payment is in the account when necessary.
Emergencies should be the only reason this type of loan is used. It will be tempting to get fast cash for a weekend away or a night on the town. Do not do that because it can begin a vicious cycle of endless debt. Be responsible, be careful, and read the agreement.