6 Proven Tips for Getting an Emergency Personal Loan Fast

If the COVID-19 pandemic has taught us one thing, it has to be—when you are dealing with an emergency, every second matters. An emergency can be of any kind—medical, job layoff, pay cut, debt, or a sudden spike in expenses. In most cases, you need enough money to handle such emergencies, or at least get the best solution possible to your problems. That is where emergency personal loans come in handy. These unsecured and instant loans can help you sail through financially challenging times. The best part is that you can apply for emergency personal loans online and they get processed remarkably fast too. The loan amount gets credited to your account within 24 hours of application.

However, keep these 6 excellent tips in mind to make sure you get an instant loan in lockdown fast.
 

1. Decide on the purpose

   
   An attractive feature of an emergency personal loan is that your lender never questions or keeps track of how you are going to spend the loan amount. The end-user can range from a personal loan for medical emergencies to debt consolidation and settling of credit card bills. Use online emergency loan calculators to determine the exact amount you require so that you do not waste time in deciding on the amount to apply. 

ALSO READ: Availing Personal Loans Just Became Super Easy with Digital Lending
 

1. Apply online

   
   Apply for an emergency loan online to save time and effort. You can download an instant loan app. These apps not only guide you through a hassle-free application process but also help you to track phases of verification and approval. Furthermore, many instant loan apps help you manage your loan well by sending timely reminders and notifications for EMI.

 

1. Choose wisely

   
   Do not apply for an emergency personal loan at too many financial institutions. Too many applications may raise suspicion and trigger rejection of your application. Research well and select the right lender. Many websites help you compare the benefits of personal emergency loans offered by several lenders. You can also try availing of such a loan online to enjoy competitive benefits if you have an existing relationship with a lender.

 

1. Anticipate documentation needs

   
   Try predicting your lender's additional documentation requirements. For instance, your lender may need to see your last three months’ account statement along with salary slips as income proof. You need to anticipate such needs and prepare for the same in advance. Such a step will help you save precious time that can otherwise get wasted on undesired follow-ups. Save soft copies of preliminary documents in advance even before applying for an emergency personal loan.

ALSO READ: 6 Foolproof Tips that can improve Your Personal Loan Application
 

1. Avoid mistakes

   
   An emergency personal loan application is easy but requires you to focus on immaculate details. Stay focused and avoid errors while filling up the application form. Read FAQs related to instant loan in lockdown to stay aware of the common errors and mistakes that can result in delays in approval. Keep track of and update your credit score periodically. An erroneous or backdated score may call for additional documentation and verification phases, thus delaying the approval process.

 

1. Grab pre-approved offers

   
   If you need to apply for emergency personal loans, look for pre-approved offers to expedite the verification process, which ensures approval in a day. Check if the financial institution, with whom you have an existing relationship, offers you a pre-approved emergency personal loan. Such offers reduce the processing time significantly. You just have to wait till the application is approved and the said amount is credited to your account.

Applying for an emergency personal loan during COVID-19? Know these points as well.

 
Is it true that the above-outlined tried and trusted methods are the only ones that can help you get an emergency instant personal loan? The answer is no. Here are a few more ways that can help you in getting instant approval. 
 

1. Clear your arrears

    To get instant approval for an emergency personal loan online, it is important to first clear your skipped EMIs. Doing so will strengthen your creditworthiness and will help in the easy processing of your urgent emergency loan application. 

 

1. Source of income

   Financial institutions evaluate your monthly income before approving your loan or determining your personal loan rate of interest. Always show your lender a clear source of income. If you have any additional sources of income such as rental income, investments, or other sources, inform your lender about the same.

 

1. Maintain account balance

   Depleting your savings to meet a sudden financial crisis is not a wise decision. Therefore, before applying for a personal loan for a medical emergency or any other reason, review your bank account balance. The lender may reject your application if your account statement shows more transactions connected to outward cash flow with very little money left in your account each month.

 

1. Review eligibility

   Before finalising your lender for an urgent emergency loan, keep in mind that difficult lending institutions have different qualifications criteria. Review the personal loan eligibility of different lenders. Choose the one whose requirements perfectly match your profile. To choose the perfect lender, use a personal loan EMI calculator. It will assist you in drawing a thorough comparison between various lending institutions.  

Quick approval and disbursal of a personal emergency loan is not just the responsibility of the lender. It depends on you, the applicant, as well. So, follow the above tips to apply for such a loan and get the loan amount you need in your account fast.
 
Disclaimer: This post was first published on 4 January 2021 and has been updated for the latest information, freshness, and accuracy.