You never know when you may need cash in a hurry. When an emergency scenario pops up, you want to be sure that you can get the instant money you need and also get a loan that is a good deal. Here are a few quick tips to help you land a great offer on your emergency loan.
The best thing you can do to ensure that you get a great loan deal in any kind of situation is to be prepared. This mainly means keeping your credit score high and your finances in check. Check your credit report monthly and make sure that there is nothing on it that is causing your credit to decline (it has been shown that almost 1 in every 5 credit reports have a mistake!). Fix any errors on your credit report and maintain a high score. If an emergency situation comes along and you need instant money, you should have no problem getting a loan with your superior credit.
Do Some Research
While you may not have time to look into all different kinds of loans when you need instant money, you should at least do a little research. Check two or three different lenders quickly and see what they can offer. Ask a friend or family member who may know a little bit about loans and your options. Any information you can gather will help you get a good deal!
If you are able to offer collateral on a loan, you are likely to get a better interest rate and, therefore, a better deal on your emergency loan. Secured loans (those which are backed by collateral) typically have the lowest rates as the lender knows they will be paid back in one way or another- it is less risky for them. Think about what you can use, and then search for a lender willing to take your collateral.
Consider Government Programs
If you have had an emergency situation such as your home flooded after a storm or your home caught on fire, there may be a government program that you can use to get the cash you need. In dramatic emergency situations, the government may offer loans to people who were affected by the emergency. Local non-profit groups may also be able to help you. Check-in your area and see if you qualify for any loan assistance which will surely give you the best deal possible on the cash you need.
While you may think that banks, credit unions, and other lenders have very fixed loan rates that they must follow, this may not always be the case. Talk with your lender and see if they can lower your rate and work with you in your emergency situation. Lenders do have some flexibility and it never hurts to ask! Don’t be afraid to ask for a lower rate, better loan terms or a longer repayment time. You are, after all, a customer!