How to be Certain About Getting a Loan During an Emergency? By identifying the easiest loan, legit lender, qualifying for the loans, and getting your documents ready.
Loans can feel like a last resort in an emergency. There are, however, many ways to make sure you are getting what you need to feel secure and keep your household afloat during hard times.
What is an emergency loan?
An emergency loan is a short-term cash loan you can get quickly, usually 24 to 72 hours after you apply, in times of financial hardship. In emergencies, we all need money fast, and depending on your financial situation, an emergency loan may be a good fit.
About how to be Certain About Getting a Loan During an Emergency
If you are planning to apply for a loan during an emergency, then there are things you will need to prepare. These can include your financial records, bank statements, information about your property, and any other valuable assets that you have. Besides these, you will also have to consider having some collateral for the loan should you cannot pay it back on time. If you have nothing of value at hand that is of use to a bank, then you can always consider getting your hands on some valuable items such as precious metals like gold or silver coin that can be converted into cash upon the need to pay off the loan.
What you need to know about being certain about getting a loan during Emergency
The worst time for an emergency is after you have used your emergency fund. A car accident or major home repair can wipe out crucial savings.
How do you ensure that when you need money, even during times of emergency, you can get it? There are plenty of options to consider when it comes to loans in Kenya, but what you will want to find is the best one among the lot.
- Consider a short-term loan program
- Check out for Cash advance
- Loans from payday lenders e.t.c
How to be Certain About Getting a Loan During an Emergency?
If your credit score is suffering, it’s difficult to get a loan but the right lender can make all the difference. Here is what you need to know about the easiest loan to qualify for, securing a loan, managing a payment schedule, and ensuring timely payments.
When borrowing is chosen as the way forward, there are several options to note to be sure you will get a loan:
- Identification of a reliable direct lender
- Going for Payday Loans
- Requesting short-term loans from lenders
- Applying for a credit card loan
- Building your credit and applying for loans from the bank
- Loans from reliable family and friends
Apply for a short term Loan offering a Guaranteed Approval
Some loan lenders in Kenya provide guaranteed short-term or payday loan approvals for borrowers who qualify or who meet their basic eligibility criteria:
- Proof of income
- Be 18 years and above
- Proof of age
- Active bank account or M-Pesa account
- Valid phone number
- Residence address and utility bill
- National ID
- Passport photograph
- Some lenders would request your Facebook account
How Identification of a Reliable Direct Lender
During a time of emergency, watch not to apply for a loan with a dubious lender. Do thorough research even though you need the money urgently or you can read reviews online or ask your friends.
Determining the reliability of a lender is an important part of choosing a loan on its own. This is a quick and easy way to know that a lender is legit:
- Verify the online presence of the lender’s services on the web or via the app
- Then read reviews about the lender online
- Try to avoid emergency loan brokers with the sweet mouth, as they can cause delays and issues
- Check out for other reviews and real feedback on the online lender’s services
- Look out for accreditations on the lender and their website security certificates
- Search for a contact number, address, and email ID of the lender that are present on the website and are valid enough
- Run from a lender that offers suspicious and constant bonanza and offers such as a “free one-month fee”, “50% off fees”, etc.
5 types of emergency loans
The type of emergency loans we go for should reflect our immediate needs. They are:
- Personal loans
- Cash advance
- Payday Loans
- Loans sharks or pawn shops’ loans
- Car title loans
- Payday alternative loans like short-term loans
What makes a loan ideal for emergencies?
There are many things you need to know that make a direct lender of a short-term loan or payday loan ideal for emergencies. They are:
- Some of these lenders guarantee approvals subject to loan eligibility and meeting requirements
- Lenders that can easily approve your loan and credit it quickly are ideal for emergencies
- A person with a very strong online presence because people prefer online loans as it is easy and quick
- A loan without more checks and delays can serve more people and save time, making emergency loans more workable
- Lan options with great flexible repayment options are more ideal than rigid ones.
Other searches- When is it Okay to take Small Personal Loans for Business
One way to ensure that you get a loan during an emergency is to know your options. Asking from the government, friends, and from relatives are the best options, but if you want to apply through a lender, then research different lenders so you can get the best offer.