Don’t Panic! Quick Guide To Emergency Loans


Don't Panic - Quick Guide To Emergency LoansFor some reason emergencies always come at the worst possible times. It could be a broken car, home repair, unplanned hospital visit or an unexpected expense. Whatever the reason the key thing to remember is not to panic.

Short term and emergency loans can be sent to your bank account within 24 hours. So don’t stress. Just read this emergency loan guide to find out what to do next.

(Can’t wait to read the post? Find a loan now!)

Emergency Loan Guide:

Step 1: Figure out how much you need

Emergency loans can be expensive so you want to borrow as little as possible.

Ask yourself some of these questions… What do you need the money for? Can you delay this spending? How much do you need? Can you ask for a payment plan? This is your starting point. Answer those questions and write down that number.

Step 2: How can you raise cash?

The more cash you raise the smaller your loan amount will be.


One of the best ways to raise money is by selling old stuff you have around the house. People have $100’s or even $1,000’s in stuff that they don’t really need. Sell this stuff on Craigslist to raise cash and decrease the size of your emergency loan. Here are some tricks to selling stuff fast on Craigslist.

Another great way to free up cash is to ask for an extension on other bill payments. Most companies will help you with a 15-60 day extension at no cost. This will help you free up some cash for your emergency.

Step 3: Find a good lender

Look for the best lender and the lowest interest rate. Using sites like can help because they have a number of lenders that compete for your business. This can help you get the best possible rate. They’ll give a loan of up to $1,000 and it’ll show up in your bank account by the next day.

For larger emergencies you can use Personal Loans. They specialize in loans in the $1,000 – $35,000 range.

Loan companies are going to ask different questions but they’ll generally follow this process. First will be a credit check. Don’t worry, bad credit likely won’t stop you from getting an emergency loan. Then there will be an employment verification or bank verification. This is so that the lender can get back the loan amount, or at least a part of the loan amount, on your next payday.

After the credit check and bank verification you’ll be arranged with an emergency loan. Read through all the details before accepting. Interest rates can be extremely high. Then within 24 hours you’ll have the amount in your bank account. It’s actually pretty easy.

Step 4: Figure out where you can cut back

After you get past your emergency its important to look at where you can cut back. Paying back an emergency loan should be done as fast as possible. Typically emergency loans carry high interest rates so you want to cut back a little bit to pay it off as soon as possible.

Interest rates on these types of loans are so high that you could end up paying 4x – 10x  the original loan amount over the course of a year. The goal should be to pay off the loan in a few weeks or a few months at most.

Look at your regular spending and see where you can cut back for a little while. This may not decrease the size of the emergency loan that you need right now but it will help you pay it off faster.

Emergency Loan Guide:

Getting an emergency loan can be stressful. Having a plan can significantly reduce the amount of stress you experience. The key parts of your plan should be first to lower the amount you need to borrow. And second to find a way to pay it off as soon as possible. By doing these two things you’ll significantly reduce the cost of the loan.

Good luck!


Photo by Wonderlane via Flickr

Author: Thomas

Hi! My name is Thomas. I'm a husband and new father who's been late on rent and bills before. I want to help everyone who needs money ASAP! Follow me via Twitter, Facebook, Google+, or by E-mail. Help me by sharing this post.

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