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Why Are Personal Loans Good for Emergencies

Life can be unpredictable, with various unexpected events in store for us. Dealing with such situations can be challenging, specially from a financial perspective, as it is almost impossible to plan for them in advance. However, facing sudden cash emergencies is quite normal and is something that most people experience in their lives.

In such instances, applying for a personal loan is one of the best options that you should consider. No matter what your emergency is, a personal loan offers a quick and easy source of funds that will help you out even in the trickiest of situations.

When Can a Personal Loan Help You Out?

Medical Emergency

Medical emergencies are one of the most dire situations that a person can experience in their lifetime. When health is concerned, your decisions can literally be a matter of life or death; therefore, getting immediate access to funds and treatment is imperative. Be it for hospital bills, an emergency surgery or any other type of treatment, a personal loan could be your quickest way to acquire the funds you need. Given the present pandemic situation, it has become more important than ever to be prepared for medical emergencies and know what to do, should you face them.

Debt Consolidation

Certain types of debt can cause a major strain on your finances – especially overdue credit card payments and other types of credit with high interest. One way to stop high-interest debt from wreaking havoc on your finances is to pay them off before they get out of control. Another instance where you might need help is if you find yourself facing debt that you need to pay within very short period of time, such as 24 hours. In such situations, applying for a personal loan could help you out.

Urgent Repairs

Unexpected repairs can be annoying, but it is important to deal with some of them immediately, in order to prevent them from causing further problems – such as in the case of vehicle repairs and home repairs. Putting off repairing a damaged wall or broken ceiling could lead to disastrous results later on! If you find yourself short of cash, being unable to address such urgent repairs, a short-term personal loan could be of great use.

Rent

If you’re paying rent, making your payments within the given deadline can be tough specially if you’re going through financial difficulties. In such a situation, opting for a short-term personal loan can be a good idea – to help you meet your rent obligations with ease. However, keep in mind that obtaining a loan to pay rent is only a short-term solution in the case of an emergency and if you find yourself constantly being unable to make your rent payments, you may want to consider a rent option with lower fees.

Replacing Electronics and Gadgets

Electronic items such as our mobile phones and computers have become an important component of our lives and we constantly rely on them for most of our day-to-day activities. As such, replacing an important gadget usually needs to be done soon – which can burden your finances, as most items are expensive. If you find yourself in a dire situation such as having broken your phone or laptop and you don’t have the funds to purchase a replacement immediately, going for a short-term personal loan is your best bet.

Wedding Expenses

Everybody knows that weddings require a hefty amount of planning. Even then, it is quite normal for unexpected expenses to pop-up even at the very last moment. If you want your special day to be nothing short of perfect but find yourself unable to meet unplanned wedding expenses, a personal loan can help you out.

Education Expenses

Education expenses are amongst the most important investments that we make in our lives. Even though education is not cheap, it is important to seize good opportunities when they do arise. From tuition fees to college expenses, a personal loan can help financially support all your aspirations in the realm of education – be it for yourself or your children.

Everyday Bills

From your grocery bills to your utility bills, your day-to-day expenses are unavoidable. It is quite normal to experience situations where you find yourself unable to meet these financial requirements, especially if you’ve faced a decline in your income or if you’ve recently lost a job. To deal with a temporary financial setback, relying on a personal loan is a good way to help you manage your essential expenses, until you are able to get back on your feet again.

Why Are Personal Loans Good for Emergencies?

Ease of Application:

Applying for a loan from LoanMe is convenient and easy. You simply need to visit the website, complete an application form and submit it along with images of your National ID card and a photograph. Your application will be processed within mere minutes by our agents, following which you will be notified. A fast, simple and convenient process that can be done from the safety of your home is ideal for an emergency situation, as it saves you a great deal of time & hassle.

Receiving Funds Quickly:

Every minute counts during an emergency and you’ll want to make sure that you acquire your funds within the shortest time possible. When you apply for a loan from LoanMe, you are able to receive your funds within the very same day; usually within 15 minutes of submitting your loan application.

Easy Repayment Plans:

LoanMe offers a number of repayment options to help you pay back your loan with ease, at your convenience. You can choose to make loan repayments via online card payments and bank transfers that can be done no matter where you are, or even at Cargills Food City supermarkets, Commercial Bank CDM machines and Pay & Go kiosks – where no commission is charged.

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