You have an emergency and need a personal loan to cover needed expenses – what should you do? I have received countless emails from people in this particular situation. Emergency loans are needed for many purposes such as medical, dental, housing, etc. Whatever the need, it is an emergency.

If you are facing an urgent need for money, apply for a personal loan now and do not delay. Inform the lender you are looking for an emergency loan to cover NEEDED expenses. Unless you have a previous relationship with the lender, you will need to provide required documentation. Typically documentation includes verifiable income, employment history, etc. If you are not employed, do not worry! If you receive any type of income such as unemployment, SSI benefits, etc., you may still qualify for a personal loan.

As mentioned in other parts of my site, the higher the risk, the higher the rates and fees. Lenders determine risk by many factors including credit history, repayment on previous personal loans, stability of monthly income, etc. If you have bad credit, do not worry! Many lenders have special programs for people with bad credit.

Do you truly need an emergency personal loan? Always remember, emergency personal loans are intended for MUST HAVE items and/or services. If you can do without the item or service for more than one week, consider other personal loan options. For example, do not get a personal loan for cigarettes, alcohol, recreational drugs, etc.