4 Types of emergency loan options

4 Types of emergency loan options

Today, many loan options provide you with immediate access to meet your essential requirements. Even though there are a number of loan options available in the market, the biggest disadvantage is that they all take great effort and time from applying to get approval through the loan application.

Nowadays, the emergency loan is one of the best loan options that are provided after checking the credit history. But bad credit does not mean you are not eligible to take the emergency loan.

Here the article will tell you about the four types of emergency loan options, that helps you to get fund and fulfill your emergency needs.

  1. Payday Loans

These types of emergency loan options are widespread these days. There are many lenders who provide payday loans online without any hassle. You can easily apply for a payday loan by logging in to the lender site, entering details, and checking the eligibility for taking the loans.

You have to fill out the application online and submit all the necessary documents that are required. The best thing is that some lenders instantly verify your details and immediately send the loan amount to your bank account for approval.

  1. Overdraft facility

This loan facility is provided based on the special discretion of the bank. In short, the bank overdraft facility is based on your account standing. You have to first check your eligibility for this loan.

If you get approval through the bank branch manager, the overdraft limit is activated in your account. You are only eligible to take this loan facility if you have good financial standing and better relationships with your bank.

  1. Loan against the FD and insurance policy

All major banks offer many emergency loan option to the individuals. You can simply visit the bank branch, submit the essential documents, and ensure whether you are eligible to take this emergency loan or not. The amount of the loan against the FD or insurance policy is based on the values of the documents you submitted.

  1. Home equity loans

This emergency loan option is taken against your home loan with the specific bank. If you are already taking any loan with the bank, then this emergency loan does not involve verification or paperwork.

This loan is also based on your repayment history and the financial standing that you get during your existing loan. However, if you maintain a good relationship with your bank, there are more chances to get a better loan at the best interest rates and quickly.


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