Tiding over financial emergencies and crisis becomes easier when one can secure crisis loans. Considered to be a life saver by many, crisis loans act as the emergency financial assistance that helps the borrower to meet immediate expenses. In order to avail these loans, the borrower has to prove to the lender that they do not have any other means like bank loans or salary advances. The salary of an employed individual works as the security for the loan and easy weekly payments are scheduled for repayment. There are many lenders in the market and the interest rates too are not high.
It has been often seen that people do not have the necessary monetary resources to pay off immediate debts or expenses. This is where the role of crisis loans becomes vital as these loans can be requested and cleared within an hour. Yes, there are lenders who clear this loan only after a formal request over the phone. There are generally two ways to apply for crisis loans – paper application and telephonic application.
Borrowers can make paper applications by availing an application form from their employers. This application takes around 2 weeks to be processed and is not preferred by borrowers who are in immediate need of money. All citizens of the United States of America are eligible to apply of these loans. These loans are meant to cater to the financial needs of an individual on an immediate basis and thus, are disbursed within the shortest possible time.
The telephone application is generally preferred by the borrowers who want to have the money with 24 hours of applying for crisis loans. Toll-free numbers are available where a call can be made by the borrower requesting for a loan. Executives taking these calls carry out a general enquiry about the borrower and his loan needs. They take an on-spot decision of granting or denying a loan. The loan amount, if approved, is credited to the bank account of the borrower within 2 hrs. An agreement pertaining to the repayment and loan amount is arrived at prior to approval of the loan.
The repayment is generally done on a weekly basis, where the installments are deducted from the salary of the borrower. The borrower can also opt to make payments in the form of check deposits at banks. Crisis does not ring any warning bells and this is why the crisis loans can come really handy. So it is time that you stop worrying and instead avail the crisis loans to emerge out of the financial problem.