An emergency could end up being quite expensive and leave a person wondering how theyre going to cover their monthly bills, cover the cost of the emergency, and still be able to eat for the money. When all of these need to be covered and the person simply doesnt have enough money, they may consider getting a loan to cover the extra costs for that month. Most of the time, theyll need to choose between a bank loan and a short-term personal cash loan.
Pros and Cons of Bank Loans
Bank loans are incredibly helpful when the person needs to get a lot of extra cash to cover a large emergency. A personal loan can be obtained for a few thousand dollars and the person will have an extended amount of time to repay the loan. This means they only need to pay a small amount each month and can spread the payments out over a year or longer depending on their income and the amount of the loan. If the person only needs a small amount of money or they dont have a good credit history, they arent going to be eligible for a bank loan. Bank loans are typically difficult to obtain and the person will end up paying the loan back over a long period of time.
Pros and Cons of Short-Term Loans
For a person who wants a 500 loan no credit check, short-term cash loans are the way to go. They can get the money they need in less than 24 business hours, depending on what time of day they apply for the loan. Since there is no credit check, it doesnt matter what their credit score is. All theyre going to need is a steady income for at least the past three months and direct deposit for their income. They can receive a smaller loan amount, often starting at $500 and the loan will be repaid quickly. The main downside is that the amount of the loan is limited, though this is not a problem for those who only need a small amount.
Anyone who has a small emergency they need to take care of and who meets the eligibility guidelines can get a short-term loan to help them make it to the next paycheck. The cash loans are often a better choice since they are for smaller amounts, repaid faster, and they dont have as stringent guidelines for those who need help. Take the time to learn more about these short-term loans to see if one can help you.