Emergency loans ASAP
Loans for unexpected expenses
Updated by Steve Stemp on 10/4/23
There are a variety of reasons why you might find yourself in need of an emergency cash loan. Below are some of the reasons that you might find yourself in need of emergency loans ASAP to quickly pay for unexpected expenses.
Vehicle expenses
Cars, trucks, business vehicles, motorbikes, scooters, or other vehicles can incur extra expenses. Repairs, replacement parts, new tyres, servicing, upgrades, safety features, and cleaning, to name a few.
Accidents can happen, and fixing a scratch or dent in your vehicle may be required. Baby or child car seats or boosters may be required. Additional items like roof racks, trays, and equipment storage may need to be installed for a project or trip.
Equipment repair or replacement
Items we rely on for personal or business use can be broken, stop working, or become faulty. Repairing or replacing equipment, including tools or electronic equipment like computers, tablets, phones, and lawn maintenance items, can be costly and inconvenient. An emergency cash loan might be considered when an item needs to be repaired or replaced quickly, and there is no time to save up.
Unexpected medical expenses
While we can certainly do our part to stay safe and healthy, sometimes we simply can’t prepare for the unexpected. A fall, accident, illness, or medical problem may require treatment quickly.
If there is insufficient cash in your emergency savings, you may require extra cash to cover all or part of a medical bill. A trip to the dentist, a specialist appointment with out-of-pocket fees, physiotherapy sessions, prescription medications, or costs of other treatments are common reasons for this type of loan.
Veterinarian bills
We love our pets, and they are a part of our family. When they become sick or injured, we want to ensure they receive the necessary care and treatment. Veterinarian bills can be costly, especially if your pet has to be admitted overnight or over multiple days.
Not everyone opts to take out pet insurance. An emergency cash loan might be an option if you have to pay an expensive vet bill and don’t have the cash to cover it.
Moving expenses
Moving house is already stressful enough, with searching for a new home, packing, donating, throwing things away, and organising everything. When an unexpected expense is added to the mix, it can add to the stress.
Extra cleaning expenses, losing money from your bond, running out of time, hiring help, or an extra vehicle to help you move your belongings are all common. An emergency loan may help ease the financial burden you are experiencing until you can get back on your feet with your budget.
Home repairs or renovation expenses
A burst pipe or water leak. An electrical fault. A broken water heater. Storm damage or flooding. When you own a home, there are plenty of reasons why you may need quick cash to cover repairs or pay tradesmen or service providers.
It’s also common for renovation costs to exceed the amount you had budgeted for. Instead of leaving a project incomplete and holding up further renovations, you may secure extra cash short-term to cover the extra expenses.
Before applying
An emergency loan can be a lifesaver if you’re in a bind and need money fast. But before you take out a loan, it’s crucial to understand how they work and what the potential risks are.
Emergency loans are typically short-term loans with set fees that are meant to be used in case of an unexpected expense or financial emergency. They are not intended for long-term use or large purchases.
Emergency loans can come from various sources, including banks, credit unions, online lenders, and family or friends. An emergency loan’s interest rate or fees will vary depending on the lender and the borrower’s creditworthiness.
Emergency loans are intended to be a last resort after all other options have been exhausted. Borrowers should be aware of the potential risks involved with taking out an emergency loan, including interest rates, fees, and the possibility of being unable to repay the loan.
Before taking out an emergency loan, borrowers should aim to exhaust all other options, such as saving up money in advance or asking friends or family for help. Emergency loans should only be considered for genuine emergencies and not as a way to cover regular expenses.