As the name implies, an emergency cash loan is something that you take out when you have an emergency that you need to address. You might think this is the first time you’ve ever heard of this type of loan, however, you definitely have heard of it through its other name: payday loans or cash loans.
There are many creditors out there that offer this type of loan. Before applying for a loan, however, here’s something that you need to know: It’s a short-term loan that is very, very expensive. By short-term, we do mean that you need to pay within 30 days. And by very, very expensive, we mean that if you do the math, the APR rate actually comes out 300%. It’s not something that most people can afford, but for the people who don’t have any other source of credit, this is the only option.
Thankfully, you can get a lower rate, although not necessarily a non-expensive. There are basically two types of websites that give you access to the creditors: The individual websites and the portal websites.
The portal websites are what you want to use because you only need to apply for a loan only once. Your loan application will then be sent to the different creditors. You don’t need to wait long, sometimes you can get a response in a matter of minutes, but that really depends on the creditor. Once your loan application is approved, you then compare the terms and conditions of the approving creditors.
There are some creditors that allow you to revolve your loan, and there are others that give you a lower interest rate. Make sure to do an apples-to-apples comparison. That way, you can never go wrong in getting an emergency cash loan.