Good Ezines

When you need access to money, the degree of urgency with which you need money will necessarily vary. Generally speaking, it will fall into the following categories:

1. You have money in a “backup” resource like a CD or alternative bank account and can’t get to it easily:

This is a situation most of us have been in once or twice before. It goes like this: your checking account is totally empty but you have money in another account that is a bit harder to get to or has early withdrawal penalties. That’s probably a good thing, though: it’s best to avoid dipping into the rainy day funds unless absolutely necessary.

2. Your bank account is nearly empty but pay day is around the corner:

This one is just a bit more frustrating: your account balance is approaching zero but payday (or a check from a client/annuity/partner) is just around the bend. In this case, it may be nothing but ramen noodles and water for a week or so for you but you will make it through.

3. You need a loan and have collateral to put up for the loan:

Sometimes, money is so tight and the need so urgent that you decide to apply for a loan – but luckily you have something to “put up” for the loan – some collateral. Things could be worse.

4. You need a loan right away but do not have collateral:

In some cases, you may find you are in need of a loan but have no collateral to show for it. Okay, now things are getting kind of uncomfortable.

5. Same as #4 above, but you also have a poor credit score:

What if it’s just like the situation above – but you also have a bad credit score? If you are in this situation, you may feel like you are out of options, with frustration mounting.

If #4 or #5 above best describes your situation, you need a quick loan. Fast approval for emergency situations is actually more attainable than you might think, even in these cases. To increase your chances of successfully getting approved for a loan, you need to stack the odds in your favor. Here are the steps you should take:

1. Figure out how much money you really need:

Remember, an emergency loan for a low-credit-score individual is going to have a higher interest rate than traditional, secured loans or a loan for someone with a better FICO score. That’s why you want to avoid borrowing more than you need. Rule of thumb: decide how much you need at bare minimum, then add 20% – but no more.

2. Decide how fast you can pay it back:

Before you take out an emergency loan, figure out just how quickly you can pay it back. The quicker you pay it back, the more you will save in interest payments.

3. Do your homework by contacting multiple lenders:

Make sure you compare multiple lenders. Remember, each lender will have different loan terms, including maximum amount borrowed, interest rate and payback period.

4. Read the fine print:

Before you sign for any emergency loan, do your homework to make sure you are getting what you think you are getting. Emergency lenders still need to play by the legal rules, but you need to be sure you fully understand the loan terms before signing on the dotted line.

Emergency loans are much more common in today’s economy than they were even 10 years ago. Make sure you follow the suggested steps above in order to increase your chances of getting the right loan with the right terms.

Find a list of fast-approval emergency loan lenders at: http://www.youre-approved.info.