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Financial Emergency: Emergency Loans

Posted in Discussions by thotrther on the May 23rd, 2012

It is not every day that we intend to live our life simple and uncomplicated and most days our intentions do not hold true. There are certain instances where we face crisis, disasters and emergencies that we need to seek financial help and obtain immediate cash. An emergency or crisis loan is definitely an answer to your emergency needs.

There are lots of ways you can apply for a crisis or emergency loan. Some of the requirements for eligibility are: you need not to be less than 16 years old; you have insufficient money to meet your family’s immediate need; and your family might have a severe damage or risk to their health and safety if you cannot obtain the loan.

Moreover, jiffy cash loans can help you meet a lot of short term needs. Short term needs like an advance on rent of the house or apartment you live in, providing your family’s daily living expenses, board/lodging charges, debt from a pre-paid meter fuel, hostel’s residential charges and travel expenses if you are away from home.

An emergency loan can also be granted if you have been able to get a Community Care Grant and you’re transferring to an institutional or residential accommodation but you don’t have sufficient money to pay the rent in advance to a non-local authority landlord. In addition to that, you can also get a crisis loan if you are a victim of a disaster like a fire or flood and the disaster had brought a lot of damage to you and your family and you need help to pay other expenses like clothing and for other household items.

An emergency loan has no specific or fixed amount. There are certain factors that you need to take into consideration before setting an amount to be borrowed. One of those dependable factors is the total amount of your savings, your outstanding loans from the social fund if any and your individual circumstances. The money you will get from your pensions, allowances and benefits can be a way of paying your emergency loan. In order to be easy, safe and efficient in paying your loan, there is a need to put an account for your allowances, pensions and benefits. This is normally referred to as direct payment. This payment method might be considered as an ordinary method and it is the safest and most well-organized way of paying your pensions and benefits. It is also very flexible and versatile to use in dealing with what time and where the money should be collected.

After being granted an emergency loan, you will definitely need to repay it. There will be a repayment plan that you may need to agree upon. This plan usually is set by an adviser of the lending company or agency. The company will be considerate enough to give you a plan that is payable. Let’s take for instance if you are a benefactor, the loan is most likely to be paid back out of your normal benefit payments. You also need to take note that emergency loans have no interest to pay and so you only have to repay what you borrowed.

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