Types of Emergency Loans
From emergency car repairs to medical emergencies to unexpected bills, life is not cheap and it comes with a lot of surprises (not always welcome ones). When something happens and you need money fast, you want to know where you can go for help. Learn about the different types of emergency loans you can get in Australia so you can stay prepared for the unexpected.
Overview:
- 11 types of emergency loans in Australia
- What is the easiest loan to get quickly?
- Get an Emergency Loan today
11 types of emergency loans in Australia
When you need an emergency loan, you might not always have the time to look around for all the options available to you. So we’ve created a list of 11 top ways to get help with money in an emergency to help you consider your options.
1. Friends and family
Sometimes when you’re in an emergency, the best and fastest way to get some extra cash is from your friends or family. Even if they can’t help financially themselves, they might be able to help with the situation in some other way.
2. Payday loans
Payday loans are a type of personal loan designed to be fast and easy to access. They are suitable for a wide range of credit ratings, including bad or very bad credit. Because of this, emergency payday loans will likely have higher interest rates than other types of personal loans
Read more: Pros and Cons of Payday Loans
3. Payment plan
Depending on what the emergency is, you may be able to negotiate a payment plan to ease your financial burden for a while. For example, you can ask your lender to adjust your payment plan for a while during a difficult financial time. Reputable Australian lenders will try to work with you to make things work for your situation.
4. NILs loans
No Interest Loans are available from a range of charities, government organisations, and financial assistance programs. They are tailored to people in need who need some help to get back on their feet. Not all NILs loans will be designed for emergency situations. So the application processing time can vary depending on what help you are seeking.
5. Credit card cash advances
Credit card cash advances allow you to withdraw cash from your credit card at an ATM or bank branch. While convenient, cash advances typically come with high fees and interest rates, making them an expensive option for emergency funds. Plus, interest on cash advances usually starts accruing immediately, unlike with regular credit card purchases.
6. Pawnbroking loans
If you’re short on time and cash then a pawnbroking loan could help you get cash on the spot. You can get a loan against an item of value and then receive it back once you’ve paid off the loan. If you do not pay the loan and interest in the agreed time the pawn broker has the right to sell the item. You will also need to find a physical store to make the agreement and be comfortable with negotiation if you aren’t happy with the price.
7. Crisis payments
There are a number of one-off government crisis payments available for natural or personal disasters. Check the Services Australia Crisis Payment page for up-to-date information on the crisis payments currently available.
8. Charities & community organisations
There are many Australia-wide charity groups as well as local charities that can help you out in an emergency. Some will offer loans or goods/services. As these organisations are often run by volunteers, turnaround times and service can vary depending on where you go.
9. Centrelink advance payments
If you currently receive Centrelink payments you may be eligible for an advance payment to cover emergency costs. You can apply for an advance payment at any time but you can only get one advance every 12 months. As with all government assistance, there are several conditions to getting the advance which you can read about on the Services Australia advance payment page.
10. Natural disaster loans
There are both state/territory and Australia-wide support payments available for natural disaster events. Natural disaster support can be for both individuals and businesses, but they do usually have a time limit on when you can apply.
11. Emergency loans
Emergency loans are designed to be fast and easy to apply for with quick approval. Unlike some other types of help available, emergency loans tend to have very simple eligibility criteria. Interest rates can vary depending on where you apply and what your credit history looks like.
What is the easiest loan to get quickly?
When you need money ASAP same-day payday loans and pawnbroker loans tend to be the fastest and easiest to get. They have minimal eligibility requirements and fast processing times, sometimes as little as one hour.
Get an Emergency Loan today
Swoosh offers fast, easy finance for people in any emergency or urgent situation. Apply online today for an emergency loan, even with bad credit, or learn more about how to get a loan.
