Financial emergencies come uninvited! If you have stocked up your savings well, then that can save your day, but if your savings are unable to rescue in such a crisis, then an emergency cash loan will be your only saviour for the moment.

In this digital era, everything from safety pins to apparel and cosmetics to eatables is available online and so are the financial products. Have you heard about online loans but not many of them know how to avail one. Well, you can avail an emergency cash loan through the internet i.e., online. Let us discuss more about an emergency cash loan online, in this blog.

What is an emergency cash loan?

An emergency cash loan is a loan product which is availed when you are in dire need of cash. They are also referred to as quick cash loans or fast cash loans and are approved immediately when you are in dire need of cash and if you can qualify your lender’s eligibility criteria.

Most of the emergency cash loans available in the market are unsecured and you need not pledge your assets as security or guarantor. You can avail a cash loan for emergencies from banks or NBFCs (Non-Banking Financial Companies) to pay for your medical bills, last-minute wedding expenses, home repairs or your child’s tuition fees.

The two most defining features of an unsecured emergency cash loan online are that you do not have to pledge any collateral and you are provided with ample flexibility to use the funds as per your need.

Who can avail an emergency cash loan?

Availing an emergency cash loan is not everyone’s cup of tea! There are certain eligibility parameters set by your lender to qualify for the loan. Only if you qualify them, you will be approved with an emergency cash loan. Moving ahead,
let us check out what are those parameters:

● Credit score - The ideal credit score approved by most of the lenders is 750+. So, if you are having a credit score of 750 and above, then you will be immediately approved with an emergency cash loan at competitive interest rates.

● A reliable source of income - Many lenders approve loans to the working class i.e., salaried professionals, as it is easy to determine their repayment capacity. In case of an unsecured loan, lenders approve you with a loan only if you are working with a well-established organization and earning well.

● Age - Age plays an important role, as most of the lenders prefer approving loans to the younger generation or millennials. Because they are in their young age and have a lot of time to repay and loan defaulting seems a rare option.

● Repayment capacity - Lenders approve loans to those borrowers who are punctual in their repayments. Be it your previous loans or credit card payments, borrowing and repaying on time proves your creditworthiness.

These are some of the mandatory eligibility criteria followed by most of the lenders, but a few parameters may differ again from one lender to another. So, if you qualify this basic eligibility criterion, then you are easily approved with an emergency cash loan.

Which lender to choose for an emergency cash loan?

It is always advisable to choose a lender whose eligibility criteria is easy to meet. Applying for an emergency cash loan online with an NBFC is the best option as they are quick to approve and instant to disburse funds into your account.

Choose top lenders like FlexSalary who approve your emergency cash loan on the same day you have applied. The guidelines are very relaxed and it is also easy to qualify for a loan even when you have a bad credit score.

Then, why wait? If you want to apply for one, either visit the official website at www.flexsalary.com or download their app from the Google Store or the Play Store.

Author's Bio: 

Am a writer about finance and loans and personal finance manager