As the name suggests, unsecured emergency loans are available without any security. Therefore, whether you are a homeowner or not, it does not matter in order to avail the loan amount. But remember, some prerequisite criteria have to be fulfilled while availing unsecured emergency loans. The criteria are as follows:
•Fulltime employment is required.
•Having a regular and recurrence income is mandatory.
•Borrowers’ age should not be less than 18 years
•Existence of a current and active checking account is one of the prerequisite criteria.
•And the minimum income of the borrowers should not be less than $1,000
Unsecured emergency loans are mainly short term loans, given for one to two weeks and the loan period can be extended up to one month. Based on the borrowers’ income, the amount is decided. Usually, borrowers have to pay $15 to $30 on per $100 borrowed. Therefore, if you borrow $100 then you will have to pay off any thing from $115 to $130 on the fixed date. Due to the short tenure, unsecured emergency loans come with high interest rate. But some research works will facilitate you in handling your emergency at a reasonable rate.
When urgency knocks the door, every time becomes precious. Considering this factor, unsecured emergency loans are available within a minimum period of time. To apply for these loans, borrowers do not need to face the hassle of extra paperwork. An online application form needs to be filled up and within 24 hours borrowers get the amount at their checking account.
Now a special trick for borrowers’ favor. To meet the emergency faster, try to apply for the loan in between Monday to Thursday. Generally, the amount is credited on the next working day of application. So, if you apply for unsecured emergency loans within Monday to Thursday, there is a surety of getting the amount on the next working day.
With unsecured emergency loans, one can face any sort of emergencies. It could be medical emergency or any others. Even more, a borrower having bad credit score also can face emergency cash needs with unsecured emergency loans.