An emergency loan is a personal loan that is disbursed quickly so you can use it for urgent or unplanned expenses. You might need fast access to cash to take care of unexpected events, such as a car breaking down or an emergency medical expense. Borrowers with strong credit will score the lowest rate on an emergency personal loan.
This type of loan is disbursed either on the same day or within a few days after approval.
Such loans can be applied online by filling forms and uploading relevant documents.
Most of the time these loans are unsecured and do not need any collateral.
The rate of interest depends upon the credit score, relationship with the lender, tenor and the loan amount.
