Most of us require monetary help when some urgent bills crop up in the mid of a month. Salaried people are left with little money in their pockets as they have already finished with the salary cheque by that time. In order to counter the shortage of money, however, they can explore the option of emergency loans, though these are costly borrowings.

A salaried person must be drawing fixed monthly paycheque from the present employee for at least past six months to qualify for these loans. Only adult people of 18 years of age or above, having a valid bank checking account are eligible. You should also be ready with proof of your employment, residence, current monthly salary and other papers to fax them to the lenders along with the application.

Since an emergency like repairing a car for going to the office next day, immediate clearing of a medical bill or avoiding late payments to escape from penalties is involved, the lenders usually approve a loan amount within hours. The applicants generally receive the loan amount within 24 hours in their bank checking account.

You can borrow 100 to 1500 for 14 days, until your next payday. Often, the applicants are asked to borrow the money against a post-dated cheque. The borrowers are not subjected to any credit checks, even if they have a history of bad credit.

But such an instant loan comes with a price. Costs of availing the money are usually high. The lenders promptly charge interest at higher rates on small amounts and that too for a very short period.

In today’s competitive loan business, however, emergency loans also are being provided at competitive rates. If you scan the websites of such lenders, you will find a difference of interest rates and fee charges amongst them. Compare them and you may locate an offer at lower rates. But make doubly sure that the repayment is on time when you get next paycheque. This way you will get maximum benefits from the loan.

Summary

Through these loans, salaried people can find money within 24 hours for emergencies. They can repay at the time of next paycheque. No credit checks are done on them.