Emergency Loans: 6 Easy Ways to Get A Quick Loan

The worst thing that can happen is feeling helpless when you need help. An emergency can happen at any time, and having the help of friends and family can make it easier to handle. But sometimes you need money to help you deal with such situations. Everyone has different needs and wants, and individuals can only support you to a limited level. In these situations, an instant personal loan can be your best friend. Loans for emergencies can help you get through a bad financial situation.

They give you money when you need it most. When unexpected expenses arise, it’s better to use an online emergency lending service. The problem is that most people don’t know how to get instant personal loans online. Here are some tips that help you secure an instant personal loan for an emergency. Check out these:

6 Tips to Get an Instant Personal Loan Online During Emergency

Know Your Actual Need

A good thing about an instant personal loan is that your lender won’t ask how you plan to spend the money. The person who gets a personal loan uses the money for a medical emergency or wants to consolidate debt or pay off credit card bills. Use online instant personal loan calculators to determine your actual needs. So you don’t have to waste time deciding how much to borrow.

Apply Online

You can save time and effort by online applying for an instant personal loan. You can get an instant personal loan from different lensings apps. These apps help in the application process. You apply without any trouble. It will let you know where you are in the process of being checked and approved. Also, many apps for instant personal loans help you keep track of your loan by sending you timely reminders and alerts for EMI.

Choose Wisely

Don’t go to too many banks and credit unions for an instant personal loan. If you send out too many applications, you might look suspicious and get turned down. Do your research and choose the right lender. You can compare the pros and cons of instant personal loans from different lenders on many websites. If you already have a relationship with a lender, you can get this loan online to get better rates.

Anticipate Documentation Needs

Try to guess what other paperwork your lender will need from you. For example, your lender may want to see your last three bank statements and pay stubs as proof of income. You need to think about these needs ahead of time and get ready for them. This step will save you time that you might otherwise waste on unwanted follow-ups. Save digital copies of important documents before applying for an instant personal loan, even if you don’t need the money immediately.

Avoid Mistakes

An instant personal loan application for an emergency is easy. But you must pay close attention to every detail. Stay on task, and don’t make any mistakes when filling out the application form. Read the Frequently Asked Questions (FAQs) about instant personal loans to learn about the most common mistakes that can slow down the approval process. Keep track of your credit score and keep it up to date. If a score is wrong or from the past, it may require more documentation and verification steps, which will delay the approval process.

Get Pre-Approved Deals.

If you need an instant personal loan quickly, look for pre-approved offers. This will speed up the verification process and ensure you get the loan in a day. Check to see if the bank you already work with can give you a personal loan for an already-approved emergency. These offers cut the processing time by a lot. You must wait until the application is approved and the money is put in your account.

Where an instant Personal Loan helps you?

Medical emergencies

An instant personal loan can save your life when you need money for a medical emergency. If you or someone in your family has a medical emergency that needs surgery or hospitalisation right away, you can get an instant personal loan to pay for the bills or buy medicine.

Debt consolidation

Sometimes you have to pay back a loan or pay off a bill in just 24 or 48 hours. This can bring you a lot of stress and trouble. So, if you are having trouble with your finances because you owe a lot of money and have to pay it back at different times, you can get an instant personal loan to help. It can also help you pay off what you owe on your credit card.

Wedding expenses

We all know that Indians spend a lot of money on weddings. But their love of big weddings can cost them a lot of money if the budget gets out of hand. In these situations, instant personal loans can help them pay their bills and save the day.

Home Renovation

Cracked ceilings, walls, downpipes, paint, etc., are all things that need to be fixed or fixed right away in your home. So, if any of these things are wrong with your house, an instant personal loan might be the best way to fix it.

Higher education costs

If either you or your child is going to college, you may need more money to pay for travel, food, and other living costs. If you don’t have enough money, you can get an instant personal loan to pay for college.

Points to be Note Down

Are the above ways the only ways to get a personal loan in an emergency? Nope. Here are some additional rapid approval tips.

Behind-on-pay

To get an instant personal loan for an emergency, you need to pay off your missed EMIs. This will increase your credit score and make it easier to get a loan.

Earnings

Financial institutions look at your monthly income. Based on this, they decide whether to give you a loan and how much interest to charge you. Show the lender how much you earn. Tell your lender if you get money from rent, investments, or other sources.

Maintain Account Balance and credit score

It’s not smart to spend all your money to deal with a financial emergency. Check your bank balance before you apply for an instant personal loan. Your application could be turned down if your account statement shows a lot of payments out and not much money coming in each month. Conversely, You need a good credit score for a seamless process and quick approval.

Alternative Options of Instant Personal Loans During Emergency

• Cash Advances on your Credit Card
• Popular Types of Emergency Loans in India
• Payday Loans
• Loans against your Insurance Policies
• Home Equity Loans
• Bank Overdraft Facility
• Bridge Loans 
• Short-term loans against your bank FDs

Final Words

Life is full of surprises. It’s important to have money saved up. There are people in our lives who support us no matter what. If we ever get into trouble, we can be sure that they will be there to help us. But you can’t rely on them when you need help because you can’t expect them to always be there for you. In these situations, you should get a short-term instant personal loan. If you want more information about instant personal loans, visit Piramal Finance.