A quick emergency cash loan. An emergency personal loan. Or just a line of credit.
No matter what you call it, this type of loan is very valuable if you run into a large and unexpected expense. Emergencies with a financial impact can be especially difficult to manage. That’s true even when you build up an emergency fund and carefully budget each month.
Having a line of credit available can help give you peace of mind. That’s definitely the case for quick cash loans with online applications, where you can fill out a digital application and get the ball rolling on your loan as soon as possible.
Keep reading to learn more about lines of credit, how and when to use them, and making the most of the loan options available to you.
What is a quick emergency cash loan?
There’s no single, specific type of loan that all lenders refer to as an emergency loan. Loan amounts and loan terms can vary, as can the need for a credit check and other specifics related to the application and approval process.
The term includes payday loans offered by non-traditional lenders, which tend to feature very short repayment timelines. You may hear these called quick same-day cash loans, at times. Personal loans or lines of credit also cover more standard loans from credit unions and banks, as well as other offerings.
Intent and need are the major factors when it comes to an emergency loan. Do you need money quickly to deal with an emergency? Then you’re in search of a quick emergency cash loan. And, despite the differences in the loans themselves, lenders will make it clear if one of their offerings is built with unexpected expenses in mind.
These loans also tend to feature a fast loan application process that helps to deliver funds quickly, either as an extension of your bank account or directly deposited to your bank account. The funds you’re requesting are intended for an emergency, after all.
Common uses for quick emergency cash loans
Lines of credit align with the needs of people facing difficult circumstances and dealing with unpredictable financial demands. In many cases, quick access to money addresses the immediate problem. The borrower then benefits from a repayment process that breaks the total amount loaned and associated interest into much smaller and manageable repayments.
Common examples of how to use lines of credit or emergency loans include:
- Home maintenance and repair: Have a leaky roof? Did a severe storm topple a tree in your yard or break windows on your home? Those are all issues that should be addressed at the earliest opportunity. A line of credit can help pay to clear debris or make repairs, making your home more secure and liveable.
- Major appliance repair and upgrade: A broken oven, refrigerator, or washing machine is a major issue. Fixing it early on means spending less money and time on ordering take-out or visiting the laundromat. Use a line of credit to pay for a new appliance or major repair and spread the cost over time.
- Vehicle repair: Your car keeps you on the road and likely connects you to your job and many local resources. A line of credit can help you repair it and get back to your regular schedule.
- Other expenses following an adverse event: Did you pay directly for a major need — a new car, new appliances, a major home repair — and now have a hole in your monthly budget? A line of credit can help fund the day-to-day needs that could go unaddressed following a significant and unexpected expense.
A line of credit partner you can count on
Lines of credit can come in all shapes and sizes.
When you seek out quick and easy cash loans online, be sure to check on things like interest rates, fees, and any other associated costs. All lenders need to earn some profit to make the work that goes into a loan worthwhile, but some will include excessive or burdensome charges.
At Innovation, you can enjoy easy borrowing. Our line of credit features include:
- An easy and quick application process
- Reasonable interest rates
- Revolving funds — pay down the balance to access more credit without another application
- The ability to pay extra and pay early on your loan without penalty
Ready to take the next step? Learn more about a line of credit and apply for an account in minutes!