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March 27, 2012
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Imagine that your accounts are all in order. You are ready to pay your bills (barely, but you can) and your tax money is set aside. Suddenly, disaster strikes. You discover that your kid in college won't get a return on financial aid funds and is in danger of losing their housing unless you get a payment in right away. And to top it off, your car and furnace break on the very same day.
Everyone’s been there. Sometimes emergency situations throw a budget off even with the best planning. For such, an emergency loan can give you a boost so you can repair your car and make that housing down payment. The following will help you make an emergency loan in 10 minutes.
Take Advantage When the Opportunity Calls
Emergency loans are different from other loans. These are special short-term loans used only in times of crises. This is why you can get them so quickly. The point of these loans is to help get you back on solid footing financially. It's true that the borrower still pays interest in many cases, but the interest rates are lower than other plans since the lending period is shorter.
Know Your Options
When you apply for a loan through a bank or credit union, you have several loan options. These include unsecured loans and secured loans. Sometimes, property is put up as collateral. Another option is payday installment loans, which lets you borrow against your own paycheck.
If you apply for a loan online, the process is much quicker. You don't have to make an appointment or drive to the bank to fill out paperwork and wait for approval. You can go to a website and fill out a loan application in a matter of minutes. Once you enter your information and submit the application, there is a short wait for approval.
Your part of the process generally takes less than ten minutes, and the approval can come through in as little time as one hour.
Go for the Best Option
Some people are wary of the online process. Is it really safe to put your information out there? For the most part, yes it is. Remember, the reputation of the financial institution is also at risk in online transactions. The company does all it can to encrypt information so your privacy is protected.
The beauty of an online loan is that it's so fast. You deal with your emergency quickly then reset your budget to pay off the loan as quickly as possible. If you took out a payday loan, you could be paid up and ready to move on as early as your next paycheck. The crisis is averted thanks to your 10-minute loan.
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