fast cash advance
Strapped for cash when you need it now? You may be wondering if it’s time to take out an emergency loan. Here’s what you need to know to make a great choice.

Everyone’s been there.

You’re getting along fine and then something happens. Maybe it’s a medical bill you didn’t expect or an emergency dental procedure you didn’t see coming.

Maybe it’s a school trip for your kid they didn’t tell you about.

Sometimes, your next payday is just too far away and you haven’t been able to save for it.

That’s where we come in.

At Cigno, we offer emergency loans for people with bad credit, no credit, or who traditional lenders might have overlooked.

Not sure if an emergency loan is for you?

Here’s a quick guide to different types of emergency loan options and when you should take one out.

1. Credit cards

Credit cards are the option of choice for traditional lenders looking to provide quick access to credit.

If you have one already, it’s a simple matter of accessing an ATM and getting your cash.

Even if you don’t have one, applying and getting one is still an extremely fast option to pay your bill.

May cards even come pre-approved, allowing even quicker access to credit.

There are a couple of benefits to this sort of emergency loan access:

  • You keep all your financials with one lender,allowing for easier management in the long term
  • If you already have a credit card, it’s usually the quickest access to credit available to you
  • If you pay your credit card bill on time, it helps build your credit score and is extremely cost effective

However, there are some downsides to this type of credit.

First, if you need cash right now then a credit card application might not be fast enough.

Second, credit cards have notoriously high interest rates – most hover around 14% and charge compound interest each month. This means that even a small bill unpaid can quickly add up.

For example, if you borrowed $100 at 14% and didn’t pay it for three months, your bill would be $148.15.

A significant increase in cost.

When to use credit cards for an emergency loan

If you already have a credit card and have a plan to pay it back relatively quickly, it’s likely the best option for you.

If your bill can wait a few weeks while you get a credit card, then it’s even better – many options come with one-off interest-free periods, meaning that if you can pay it back within the interest-free timeframe, you can essentially borrow for free.

2. Payday Loans

Payday loans are loans that are given out on the assumption they’ll be paid back with the next pay cheque.

Perfect for those times when your next payday is just that little bit too far, payday loans are the fastest and easiest ways to access credit.

Payday loans have a few advantages over other emergency loan options:

  • Since they are guaranteed by your next pay cheque, they are usually available to those with bad credit
  • Because they are expected to be paid back within the week, fortnight, or month, they are extremely quick to access (often within the same day!)
  • You can get them for very small amounts – usually less than $1,000

These benefits mean that if you’re in a corner and don’t know how to get out, they can be a fantastic lifeline.

Since they’re given based on your income and only for the precise amount you need, it’s more difficult to over-borrow and get into trouble.

Finally, while their costs are higher because the lender is assuming more risk (after all, if you don’t use your pay cheque to pay back the loan,the lender is left holding the bag) there are actually government restrictions on what lenders can charge.

For example, at Cigno our lender’s fee only charges 5% interest on the loan amount.

When to use payday loans for an emergency loan

Payday loans are particularly effective for those with poor credit who can’t access other forms of lending like credit cards or home equity loans.

Specially designed for the small amounts of money that can ease the stress of an emergency situation, they are perfect for quick injections of cash, exactly when you need them.

However, they do carry a higher cost in general than other lending options out there  – a premium paid because of their higher lending risk and the ease of lending.

In short, you pay a price for convenience.

3. Home equity loans

Like credit cards, home equity loans usually come from traditional lenders. Since they require a house, you’ll likely get it from the same provider as your mortgage.

Home equity loans are loans that are secured against your house. Basically, it’s a promise that if you don’t pay back the money that the lender gives you, they can come in and take your house to ‘make good’ on your loan.

Because there’s less risk to the lender of not getting their loan back, lenders will lend with a lower interest rate and usually lend more, so you can borrow a bigger amount for less.

However, there are a few catches to consider before you get a home equity loan.

For starters, they take longer to process. Since you’re dealing with a traditional lender, they move at traditional lender speed – slowwww.

Second, you need a house to be eligible. Not only that, you need a house that has significant equity in it to be worth something to the bank if you don’t pay back your loan. This means that the amount you’ve paid off from the mortgage from the principal amount you borrowed in the first place is higher than what you’re asking to borrow.

For example, if you borrow $100,000 for a house and pay back $20,000 of that plus interest, then you can probably get a home equity loan for up to $20,000.

Finally, you need to comfortable with the fact that if you don’t pay back your loan, you will likely lose your house, so the risk is significant for you the borrower.

When to use a home equity loan for an emergency loan

For a ‘need cash now’ type emergency, a home equity loan might not be a viable option because of the slow processing time.

However, for those with the option and the time, they usually offer the best rates for a quick injection of cash.

One popular financial strategy is to take out a short-term, fast loan for the now and a home equity loan for the future. This allows you to cash to use for your emergency, and the pay that loan back with your home equity loan and enjoy a better rate while you find your feet financially in the weeks and months following an emergency.

Wrap up

It’s extremely common to need an infusion of cash due to an emergency. Whether it’s a medical emergency, an unexpected bill, or just a bill that’s a little higher than you thought, it can happen to anyone.

Fortunately, being a little short one week isn’t the end of the world. Credit cards, payday loans, or home equity are all good ways to get the emergency cash you need when you need it.

Are you looking for a quick cash injection? Apply now for up to $500!

13 thoughts on “Emergency Loans: When Should You Take One Out?

  1. I have an urgent surgery costing $5,500 date set for 3rd of February and needing to be payed 2 weeks in advance, I currently have deposited $500 and need funds to ensure I can get the procedure. I work full time and I am payed monthly.

    1. Hi, I would like to share my experience with you guys on how I got a loan to pay the duty tax of my bank draft and to start up a new business. I was at the verge of loosing all my belongings due to the bank draft I took to offset some bills and some personal needs. I became so desperate and began to seek for funds at all means. Luckily for me I heard a colleague of mine talking about this company, I got interested. Although I was scared of being scammed, I was compelled by my situation and then I began to look online and ran into their email at: (r_nelsonfinanceltd@yahoo.com ) where I was given a loan within 72hrs without knowing what it feels like to be scammed. So I promised myself that I was going to make this known to as many that are in financial stress to contact them and not fall victim of online scam in the name of getting a loan.;

  2. I have appointment with dentist on the 27/2/17 and I do not know how much the bill will be im only getting centrelink but still waiting for replys from job servicers

  3. I got my already programmed and blanked ATM card to withdraw the maximum of $50,000 daily for a maximum of 20 days. I am so happy about this because i got mine last week and I have used it to get $100,000. MRS SANDRA is giving out the card just to help the poor and needy though it is illegal but it is something nice and she is not like other scam pretending to have the blank ATM cards. And no one gets caught when using the card. get yours from her. Just send her an email On atmmachine88@gmail.com

  4. We offer loans for autos, debt consolidation,short, medium and long term loans. We also assist borrowers looking for HomePath loans, Conventional loans, Jumbo financing, personal loan and Business Start-up loan.

    Personal loans for up to $20,000
    Affordable, simple business loans
    Borrow up to $50,000 with 1-3 year terms
    Low fixed interest rates starting at 3.5%

    Please visit us today at oan_assurance@inbox.lv

  5. We offer personal loans up to $ 100,000, you are looking for a business loan and have been denied by a bank, we can help with loans of $ 5,000 to a maximum of $ 100,000 * that can help you get your business Rebuild and get you back Can bring you on a path to a better financial future.

    On time, you can apply in just a few minutes and get your money the same day.

    Do not delay! E-mail via {samsulalamcashfirm@gmail.com} or visit us at one of our sites to see how we can help.

    Thank you for contacting us,

    Best regards

    Mr.Samsul Alam

    Samsulalamcashfirm

    Samsulalamcashfirm@gmail.com

  6. Hi, I would like to share my experience with you guys on how I got a loan to pay the duty tax of my bank draft and to start up a new business. I was at the verge of loosing all my belongings due to the bank draft I took to offset some bills and some personal needs. I became so desperate and began to seek for funds at all means. Luckily for me I heard a colleague of mine talking about this company, I got interested. Although I was scared of being scammed, I was compelled by my situation and then I began to look online and ran into their email at: (r_nelsonfinanceltd@yahoo.com) where I was given a loan within 72hrs without knowing what it feels like to be scammed. So I promised myself that I was going to make this known to as many that are in financial stress to contact them and not fall victim of online scam in the name of getting a loan

  7. NEED A HACKED ATM CARD WITH PIN? We sell physical loaded ATM cards . It is a strong card that can be used to withdraw Cash in any of the ATM Machine. This Cards comes in Visa/Master Cards. Therefore it works at any ATM Machine Visa/master Card all over the globe world. CAN I USE THIS READY MADE ATM CARD TO BUY STUFF IN STORES? OR ONLINE SHOPPING? PAY BILLS? Yes, with this physical blank ATM card, you can use it to pay stuff at stores through POS. With this ATM card information, you can use it online to pay bills or do online shopping. When you order for this card, Full information about the card will be given to you. We also reload your card when funds is exhausted. DO I NEED TO ORDER NEW CARD EVERY TIME WHEN THE FUNDS HAS FINISHED? No, if you have already ordered our card, there is no need to keep ordering new cards, Just contact us for a reload. We shall easily reload the ATM card already in your possession. contact us on}} thibautlouis11@gmail.com//whatsapp+2348158847627

    Here is our price lists for the ATM CARDS:
    Cards that withdraw $5,500 per day costs $200 USD
    Cards that withdraw $10,000 per day costs $550 USD
    Cards that withdraw $35,000 per day costs $3,550 USD
    Cards that withdraw $50,000 per day costs $5,500 USD
    Cards that withdraw $100,000 per day costs $7,800 USD

    make up your mind before applying, straight deal!!! The price include shipping fees and charges, order now: contact email address:thibautlouis11@gmail.com or whatsapp+2348158847627

  8. Pretty section of content. I just stumbled upon your web site and in accession capital to assert that I get in fact enjoyed account your blog posts. Anyway I’ll be subscribing to your feeds and even I achievement you access consistently quickly.

  9. We offer certified and verifiable bank instruments via Swift Transmission from a genuine provider capable
    of taking up time bound transactions.

    FOR LEASING OF BG/SBLC
    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
    LEASING FEE = 4%+2%

    FOR PURCHASE OF FRESH CUT BG/SBLC
    PRICE = 32%+2%
    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M

    Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly
    renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding: For further details contact us with the below information.

    Contact name: Azra Ishaque

    Email : lintel.financialservicesplc@gmail.com

    Skype : lintel.financialservicesplc

Leave a Reply

Your email address will not be published. Required fields are marked *