Emergency Loans: The Best 12 Options To Finance Unexpected Expenses

If you need emergency loans, you'll be happy to know that there are many options out there. But while some of them are good alternatives, some are very expensive, and you should be wary of them. If you don't have the cash on hand to cover unpredictable expenses, this article will help you unAPR and interest ratesderstand more about emergency personal loans and where to get them. Get Prequalified For A Loan Today  

What Are Emergency Loans?

An emergency loan is a financial product that can offer you money fast, usually in a matter of hours or days. They can help you pay for unforeseen or urgent expenses.

How Do Emergency Loans Work?

Certain situations require capital that you simply can't wait for at all. Emergency cash loans can be a great way to quickly get the cash you need to help you out of your jam. They are typically short-term loans that you can use to cover unexpected or urgent needs. They may be available from banks, credit unions, or other lenders. The application process is quick and with minimal paperwork. Interests on emergency loans are often higher than for more traditional types of credit, but the funds can be instrumental in a pinch.

Pros And Cons Of Emergency Loans

Advantages

• An emergency loan can give you money fast.
• Often, these lenders won't have stringent qualification requirements like traditional lenders.
• The emergency cash loan market is vast, so many different borrowers and products exist.

Disadvantages

• Depending on the lender, some of these loans can border on predatory.
• They can have high-interest rates, steep fees, and quick repayment times.

#CaminoTip Before applying for a loan, make sure to review how you can use the loan proceeds.

20 Best Emergency Loans

Here are some of the best emergency personal loans, title loans, and credit card cash advances:

Camino Financial's Microloan

Not all emergencies are personal. Sometimes small businesses need urgent funding as well. At Camino Financial, we have a microloan product to help you fund your business needs. In addition, we streamline our application process so that it's not cumbersome or hard to complete.

#DidYouKnow We also offer other financial products.

Type: Business loan Loan amount: $10,000 - $50,000 Repayment terms: 24 fixed monthly payments Min requirements:

• A minimum annual income of $30,000
• Have an active and registered business for at least 12 months
• Current with other debts

Minimum credit score requirement: Fair credit of 600 Fees: We don't charge any prepayment penalties. Benefits of Camino Financial loans:

• Our loan is an excellent alternative if you need money fast: we can deposit the cash in as little as a couple of days. In other words, you can use our loans for a business emergency.
• Our qualification requirements are lower than other lenders.
• We use apps that keep your private information safe. For example, Plaid for bank verification.
• SSN Required
• We do a soft credit check.
• You can use it for business emergency expenses.
• This is an unsecured loan, so you don't need to offer collateral.

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US Bank

US Bank is a good fit for people that need quick emergency loans and are somewhat tech savvy. Type: Personal loan Loan amount: $1,000 to $50,000 Interest rates: 6.00% to 19.49% APR Credit score: 660 Here are a few things to take into consideration before choosing a to consider US Bank loan:

• No prepayment or origination fees
• Mobile app to help manage loan
• Offers various types of loans
• After signing the loan agreement, you can get approval in less than one business day.
• US Bank services are only available in 25 states, and you must live near a branch to receive banking and loan services.
• If you're wondering about repayment and other requirements, you'll need to speak with a US Bank representative. Unfortunately, certain information is not made publicly available.

Marcus

Marcus's best feature is its flexibility. Type: Personal loan Loan amount: $3,500 to $40,000. Repayment terms: 36 to 72 months Interest rates: 6.99% to 19.99% APR Credit score: 660 Fees: They offer unsecured personal loans with no fees - you don't have to pay origination or prepayment costs. Considerations of Marcus loans:

• You get an autopsy discount of 0.25% on APR
• On-time payments allow you to skip a payment every 12 months
• You can't opt for a joint application.
• Receiving your money can take up to four business days.
• The purpose of your loan determines how much you get.
• You must share specific documents like pay stubs and government-issued ID to apply.
• You can't use Marcus loans for educational purposes and to refinance student loans.

Alliant Credit Union

Alliant Credit Union is a member-owned financial cooperative like other credit unions. It offers emergency loans and emergency funds for home expenses. You can also receive debt consolidation loans. Type: Personal loan Loan amount:$1,000 to $50,000 Repayment terms: 12 to 60 months Interest rates: 10.49% to 12.49% APR Credit score: You'll need to check with Alliant Credit Union to see if your credit score qualifies you for a loan. Here are the considerations of an Alliant Credit Union loan:

• No prepayment penalties
• No origination fee
• Same day deposit
• Uses online and mobile banking tools
• The credit union offers unsecured personal loans strictly online. Borrowers that prefer brick-and-mortar establishments may want to find another lender.

#DidYouKnow Credit unions and banks offer similar services, but credit unions often have better customer service and financial education services.

Navy Federal Credit Union

This credit union is the largest in the United States. Navy Federal Credit Union offers secured and unsecured emergency loans. Type: Personal loan Repayment terms: 60 to 180 months (secured), 36 to 180 months (unsecured) Interest rates: 2% to 3% plus share rates APR (secured), 7.49% to 15.29% APR (unsecured) You'll need to contact Navy Federal Credit Union for more information about the loan amount and credit score requirements. As you may have figured, membership requires military affiliation. Members must be:

• Part of US military armed forces (former, active, or reserve)
• Working or have worked for the Department of Defence
• A Department of Defence contractor
• An immediate family member of someone eligible for membership

Lightstream

Lightstream is a lender that offers unsecured personal loans that can act as quick emergency loans. You can receive the money in a day or so after you're approved. Type: Personal loan Loan amount: $5,000 to $100,000 Repayment terms: 36 to 84 months Interest rates: 3.99% to 20.49% APR Credit score: 660 Things to consider:

• Their loan amounts might be a little much for emergency loan purposes.
• They offer an interest rate discount if you set up autopay on your monthly payment plan.
• They might limit how you can use the loan proceeds.
• You also won't have any flexibility regarding the loan's due date.

Avant

Avant is an online lender that offers secured and unsecured personal loans to customers who need money quickly. Type: Personal loan Loan amount: Their loan amounts range between $2,000 and $35,000. Repayment terms: 12 to 60 months Interest rates: 9.95% to 35.95% Credit score: 580 Fees: You'll also have to pay an upfront administration fee, which adds to the total cost of the loan. Considerations:

• You can get your money fast, as soon as the next business day, if you're approved.

Upstart

Upstart is a newer online lender with fast funding times, which can be suitable for emergencies. Type: Personal loan Loan amount: $1,000 to $50,000 Repayment terms: 3 or 5 years Interest rates: 6.83 % to 35.99 % Credit score: 600 Fees: They have a high origination fee of 8% of the loan amount.

Lending Point

If you need an emergency loan but don't have a good credit score, consider Lending Point. They offer unsecured personal loans to people that need fast money with little fuss. Type: Personal loan Loan amount: $2,000 to $36,500 Repayment terms: 24 to 60 Interest rates: 7.99% to 35.99% APR Credit score: 600 Fees: No late fees. Borrowers must pay an origination fee from 0% to 7%. Here are a few perks to choosing this lender:

• Loan approval can happen within seconds with a soft online credit check
• You may receive your money within a business day after approval
• You can change your payment due date (after the first payment)

Best Egg

Best Egg offers unsecured loans. Type: Personal loan Loan amount: $2,000 to $50,000. Repayment terms: 36 to 60 months Interest rates: 4.99% to 53.99% APR Requirements: You need a minimum income of $100,000.  Credit score: 700 Fees: No penalties for prepaying loans. Best Egg loans come with an origination fee of 0.99% to 5.99%. Before choosing Best Egg, consider the following:

• Best Egg requires higher credit scores from its borrowers.
• Many borrowers receive their loans within 1 to 3 business days.
• They also offer debt consolidation loans.
• You can use Best Egg personal loans for various reasons.
• You can apply for loans online.

Rocket Loans

If you don't want to add collateral, co-signers, or co-borrowers, consider choosing Rocket Loans. Rocket Loans offer borrowers funds quickly - possibly with same-day qualification. Rocket Loans offers unsecured personal loans. In addition, you can apply for debt consolidation loans, but unlike many other lenders, there is no direct payment option to creditors. Type: Personal loan Loan amount: $2,000 to $45,000 Repayment terms: 3 to 5 years Interest rates: 5.97% to 29.69% APR Credit score: fair credit score of 640 Fees: doesn't have origination fees Perks of choosing Rocket Loans are:

• Customers get discounts for autopayment
• Can qualify with a soft credit check
• Customers can select from various types of loans
• The most you'll likely wait for your loan is three business days.

Upgrade

Upgrade offers unsecured loans, so you don't need collateral to borrow money. Type: Personal loan Loan amount: $2,000 to $50,000 Repayment terms: 24 to 84 months Interest rates: 6.95% to 35.97% APR Credit score: 620 Fees: Origination fee of 1.85% to 8.00% of the loan amount. Advantages to getting Upgrade loans:

• No loan prepayment fees
• Autopay discount
• You can use collateral to lower interest rates if you want
• Borrowers may receive their loans in about one business day.

OneMain Financial

OneMain is tailor-made for applicants with low credit scores. Type: Personal loan Loan amount: $1,500 to $20,000 Repayment terms: 24, 36, 48 or 60 months Interest rates: 18.00% to 35.99% APR Credit score: Can accept low credit scores but also checks the applicant's entire credit history. Fees: Origination, late payment, and non-sufficient funds fees Things to consider:

• OneMain loans offer secure and unsecured options.
• OneMain Financial is especially handy for emergency expenses or debt consolidation.
• You cannot use OneMain loans to fund schooling, invest in securities, or start a business.
• OneMain Financial does have various branches countrywide.
• An app allows customers to make payments and find payment information.

Oportun

Oportun is a lender for people with not-so-great credit that are in dire need of emergency loans. Type: Personal loan Loan amount: $300 to $10,000 Repayment terms: 12 to 51 months (secured), 21 to 66 months (unsecured) Interest rates: Up to 35.99% APR Credit score: Oportun is for people with bad credit scores. Fees: Borrowers must pay an origination fee and a late fee if a payment is ten days late. There are no prepayment penalties but a $75 administration fee for loans over $5,000. Considerations:

• Oportun loans are similar to emergency payday loans because they're short-term and have high interest.
• You can use Oportun loans for vacations and home improvements.
• You can't use the loan for educational purposes or illegal activities.

Prosper

Prosper provides unsecured loans. Type: Personal loan Loan amount: $2,000 to $40,000 Repayment terms: 3 or 5 years Interest rates: 7.95% to 35.99% APR Credit score: 600 Fees: Customers pay origination fees. Here are a few considerations to take into account:

• They offer joint loans
• You can change your payment date
• They offer customers home equity lines of credit (or HELOCs)
• Prosper uses a unique system that accounts for credit history and debt-to-income ratio.
• There technically is next-day funding, but it can take up to 14 days to get your money after the loan agreement.

SoFi

SoFi offers an unsecured personal loan. Type: Personal loan Loan amount: $5,000 to $100,000 Repayment terms: 24 to 84 months Interest rates: 6.99% to 22.23% APR Credit score: 680 Here are a few things to consider before choosing SoFi as your lender:

• There are no fees
• You get prequalification for loans
• SoFi offers unemployment assistance
• SoFi doesn't have physical branches; the entire establishment is online.
• You're not likely to get a SoFi loan without good credit.
• A SoFi borrower must have a job or an offer to start working within 90 days.

LendingClub

LendingClub is an online loan marketplace that offers unsecured personal loans. Type: Personal loan marketplace Repayment terms: 36 to 60 months. Interest rates: 7.04% to 35.89% APR Fees: Origination fees are 3.00% to 6.00% Because this is a marketplace, the exact credit score and loan amount will depend on the product/lender you choose. Things to consider before choosing LendingClub:

• You can use a co-borrower if you've got poor credit
• You can use the loans for business purposes
• No penalty for paying your loan off early
• Prequalification with soft credit check
• While many lenders have next-day or same-day funding, you may not get your money for a few days.
• You need an established history of on-time payments.

Max Cash Title Loans

Max Cash Title Loans is one of the most well-known title loan companies. They offer title loans in just about every state in the US. Type: Title loan Loan amount: Up to $50,000 (50% to 90% of the car’s value) Repayment terms: 12 to 36 months Interest rates: 29% to 300%. Credit score: NA Fees: They don't charge any penalty if you pay the loan early. Benefits:

• This company offers a same-day emergency loan, although, in some cases, you might receive them the next business day.
• You can get your money via check, direct deposit, or even at a location for MoneyGram.
• They have an easy application process that you can complete online.

Because title loans use the vehicle as collateral, they won't focus much on your credit score.

Loan Center

This is another title loan company that offers loans throughout the country. Type: Title loan Loan amount: $2,000 to $50,000 Repayment terms: 24 to 48 Interest rates: 35.99% to 149.99% Credit score: NA Fees: There is an origination fee of 5% on the total amount of the loan. Loan Center considerations:

• They don't operate in all states, so check first to see if you can qualify for a loan with them based on where you live.
• The entire application and loan approval processes are online, including submitting your car title to them.

TitleMax

TitleMax is a title loan company that offers a quick emergency loan in 16 states. Type: Title loan Loan amount: Up to $10,000 Repayment terms: 30 days Credit score: NA Considerations:

• The maximum amount they offer is lower than some other title loan companies.
• How much you can borrow from this company depends significantly on the car you own and your current income.
• Their online application is easy to complete and makes it simple for people to determine whether they qualify.
• You could have the emergency loan funds available as soon as 30 minutes after applying.
• They don't disclose interest rates and fees.

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5 Credit Cards With Cash Advances

If you'd rather take a credit card cash advance over a personal loan, here are some of the best credit cards that offer advances.

Discover it Cash Back

Cash advance: Variable interest rate of 24.99% APR based on the current Prime Rate. Card's intro APR: 0% on all purchases for the 14 first months and 0% on all balance transfers for that same period Card's regular APR: variable between 11.99% and 22.99% Fees: There is no annual fee on the card Benefits: You can earn up to 5% cash back on many purchases. Credit score: You'll have to have a good to excellent credit score to qualify for this Discover card.

Chase Freedom Unlimited

Cash advance: It comes with a variable APR of 24.99%. Card's intro APR: 0% on all purchases within the first 15 months Card's regular APR: 14.99% to 24.74% Fees: There is no annual fee Benefits: Depending on the purchase categories, you can get 5%, 3%, and 1.5% cashback. Credit score: good or excellent credit score

Capital One Venture Rewards

Cash advance: Variable APR of 23.99%. Card's intro APR: no introductory APR for purchases or balance transfers Card's regular APR: 15.99% and 23.99% Fees: annual fee of $95 Benefits:

• You'll earn 60,000 miles once you spend at least $3,000 in the first three months. That's the equivalent of $600 in travel.
• You'll earn 2x miles on all purchases you make on this card every day and can earn 5x miles on some specific purchases.
• They also offer reimbursement insurance for travel and some other travel perks.

Credit score: you'll need to have a good to excellent credit score to qualify.

Bank Of America Customized Cash Rewards

Cash advance: Their APR is lower than most. While it's a variable rate, it starts as low as 13.99% and goes up to 23.99%. Card's intro APR: 0% APR on purchases Card's regular APR: between 13.99% and 23.99% Fees: There is no annual fee for this credit card. Benefits:

• You have balance transfers for the first 15 billing cycles.
• You'll get a $200 cash rewards bonus after you spend at least $1,000 in purchases within the first 90 days of opening your account.
• Then, you'll earn 3% cash back on some categories of purchases, 2% on others, and 1% on everything else.

Credit score: You'll need to have a good to excellent score to qualify for this Bank of America credit card.

Capital One QuicksilverOne Rewards

Cash advance: The fee is only 3% of the total or $10, whichever is higher. That's a lot lower than other cards, which is great because you aren't paying more for the same amount. The APR starts at 26.99%. Card's intro APR: NONE Card's regular APR: starts at 26.99% Fees: you have to pay an annual fee of $39 Benefits: Once you have the card, you'll earn unlimited 1.5% cash back on all of the purchases you make on it. Credit score: average credit

Types Of Emergency Loan Lenders

Luckily, nowadays, many different lenders offer some type of emergency loan. These are some of the top choices where you can apply for an emergency loan:

Online Lenders

Online lenders have become extremely popular in recent years. Using the power of technology and the internet, they can reach more people, offer more and better products, and cut costs. Top online lenders, like Camino Financial, genuinely care about their customers. As a result, we customize our products much more to each borrower than traditional financial institutions. Apply For An Online Loan!

Credit Unions

Credit unions have long been a financial outlet for people looking for alternative financing options. They offer credit cards, quick emergency loans, and checking and savings accounts.

#DidYouKnow Most credit unions charge a fee to be a “member.”

Once you are a member, you'll be able to apply for any of the products they offer. They typically provide decent fees and interest rates compared to larger financial institutions.

Traditional Banks

Big traditional banks do offer some types of emergency loans. However, they typically have high qualification standards and might require collateral. These institutions are much more careful about what money they lend, how they lend it, and to who they lend. As a result, you can end up with limited options through traditional banks. Also, consider that, in most cases, you'll need a bank account with that institution to apply.

Credit Card Companies

As mentioned, credit card companies offer cash advances, a type of emergency loan. You can get this cash fast, but you must have the credit card already in your possession if you want to use this option. Today, getting approved for a credit card that offers an advance is easy. However, it may take up to a week or more for you to get the credit card and, consequently, take a cash advance.

Payday Lenders

In most cases, these lenders offer only one specific product, so you won't have a lot of choices if you decide to go with them. Some of these lenders are available online. Others have physical storefronts in strip malls, towns, and cities.

#DidYouKnow There are many other types of lenders, like pawn shops or other platforms that offer financing. For example, PayPal offers business loans.

Types Of Emergency Cash Loans

There is a ton of choices in the marketplace today. Some of the main types of emergency loans include:

Personal Loans

These are your run-of-the-mill loans. Some originate online, while others you can still apply for at a brick-and-mortar financial institution. The loans will have a set repayment period and interest rate that is either fixed or variable. The advantage of personal loans is that you can use the proceeds for almost anything, including emergencies. If you need cash for an emergency, check how much time the personal lenders take to process your application and deposit the funds. Consider that, unlike some of these other alternatives, you'll need to have a bank account so the lender can deposit the funds.

#DidYouKnow You can use a personal loan for business purposes.

Payday Loans

Payday loans are short-term in nature and come with high costs. However, they are typically for less than $500. The lender will charge a very high-interest rate (or fees). You'll also have to repay the money on your next payday (which is where their name comes from). The problem is that payday loans are very costly.

#DidYouKnow The CFPB (Consumer Financial Protection Bureau) has aggressive consumer protection laws regarding payday loans because they’re usually considered predatory and unfair types of high-cost installment loans.

Title Loans

Unlike payday loans, title loans require you to put down an asset as collateral. The most common types are car title loans. The borrower will sign the title over to the lender, giving the borrower a loan for roughly 25% of the asset's value. These high-interest loans are short-term (15-30 days) and charge steep fees. If you don't pay it back, the lender can repossess the asset and keep it.

Credit Card Advances

If you already have a credit card, you might have the option of taking an advance off your available balance. However, there are typically limits of around $500 at most. You can withdraw cash at an ATM or bank if you have the available credit limit. The lender will charge a high variable interest with this loan and add it to your outstanding balance.

#DidYouKnow By themselves, credit cards could also help finance emergency needs.

Pawn Loans

This product is similar to a title loan. The difference is that the lender is a pawn shop that will accept various items as collateral, not just cars. The pawn shop will take the item from you, then lend you a percentage of its value. They will keep the asset you pawned if you don't pay it back in time. You get the item back when you pay the borrowed money plus the interest and fees.

How To Choose The Best Emergency Loan

There are many different emergency loans and lenders, which can complicate selecting one. There are a few key things to keep in mind. The first thing is you want to focus on a loan type first. We recommend you get unsecured personal loans.

Steer clear of emergency loans that are too expensive (high interest rates).

For example, the average interest rate on payday loans is a whopping 391%. Some lenders will even charge 600% interest. So if you borrow $1,000, that would mean you would owe payday lenders, on average, $3,910!

#CaminoTip Make sure you don't confuse APR and interest rates, they're not the same. APR includes the origination fee.

You may need capital quickly, but try to avoid paying that much of a premium. Credit cards and personal loans have much more reasonable interest, usually from 15% to 35%.

#CaminoTip Try to apply with a lender with no prepayment penalties and a low loan-closing fee.

You should also analyze the repayment options and the specific terms of the agreement. Some lenders will try to bury a lot of fees and specific terms in the fine print. These are lenders and loan types you want to stay away from. You must pick an emergency loan that will fit your financial needs and timeline. Only apply with lenders that have a minimum credit score requirement you can meet. Also, make sure you choose a reputable financial institution with good reviews. Ultimately, the best recommendation is to apply for an amount you can repay.

Should you use a personal loan or a business loan?

How To Apply For Emergency Loans Online

Once you have decided which lender best fits your needs, you'll have to start the application process. Here's how to get a loan:

1. Complete an application. Most lenders offer online loan applications.
2. After applying, you might get prequalified. Then, the lender might ask for some documents or further information before approving you.
3. Provide information about your bank account. For example, the lender might want to check your cash flow to ensure you can repay the loan.
4. Once you complete these steps, just wait to receive the loan decision. Then, you'll receive the money into your bank account or in cash if it's positive.

Camino Financial is a reputable lender that can offer you capital in as fast as a couple of days, with friendly terms and competitive rates. Submit A Loan Application

The Most Common Emergency Loan Uses

Most people face unexpected financial obstacles in their lives caused by various incidents. That is when they might need a fast influx of cash. Here are some of the most common reasons why people need an emergency loan: If you face health issues that force you to go to a hospital or need surgery, you may need quick emergency loans to help pay your medical bills. The same case could happen to members of your immediate family. Maybe a loved one passed away, and you must travel or help pay for the funeral or other unexpected expenses. You might also need funds immediately if you can't use your home insurance to fix an urgent home improvement. This can be a busted pipe, a leaking roof, or a rotting deck. Also, you could face an unforeseen bill that you won't be able to cover before your next paycheck. You might need help making your rent and mortgage payments or meeting your debt payment obligations. These are unfortunate circumstances, but they happen to all of us. Sometimes, emergency loans are the only way to get those needed funds since you'll receive them so quickly. If you need emergency capital, apply for a Camino Financial loan.

Alternatives To Emergency Loans

Emergency loans aren't the only option if you need to borrow money quickly. Some other potential emergency loan alternatives could be available to you. It all depends on your situation, the types of unexpected expenses, and when you need the money. Here are some of the potential alternatives:

Zero-Interest Credit Card

Credit cards could be a great alternative to an emergency loan if you can qualify for it. Credit card companies often offer zero-interest cards to entice people to apply for their products. These cards will offer no interest on all purchases within a specific limited timeframe. For example, they might charge no interest on all purchases made in the first six months you have the card, as long as you pay it off by the end of that period. You'll need to have pretty good credit to qualify for these zero-interest credit cards, and there will also be a waiting period of roughly a week to get it in your hand.

#DidYouKnow You can use a loan to pay off a credit card.

Home Equity Line Of Credit (HELOC)

If you own your home and have equity in it, another option could be to take a home equity line of credit, more commonly known as a HELOC. Lenders will allow you to tap into a percentage of the equity you have in your home, charging you interest on the amount you borrow. It's a great option, as the interest rate can be low, and your home itself will serve as the collateral. The downsides are you need to have equity in your home, and applying and getting approved can be arduous.

#CaminoTip If you already have a HELOC set up, it’s a great option. But if you are applying anew, it might not be the best alternative.

Medical Repayment Plans

If the unexpected financial challenges you face are medical bills, you could go on a medical repayment plan with the hospital. Nowadays, many medical providers will allow patients to spread out the amount they owe in even monthly payments over six or twelve months. The great part about this is they don't charge interest, and it often just takes a phone call to ask to set it up. If your medical provider doesn't provide this option, you would have to seek out other sources for your funds.

Grants

Government grants help people by providing them free money to pay for bills. States, private foundations, the federal government, and other charities provide various grants for various purposes. This can be a great way to help you if you require funds, especially since you won't have to repay the money. Keep in mind, though, that there are strict requirements for what you can use the money for, and the application process can take quite some time. Grants aren't the best alternative for many people who need money fast.

Non-Profit Or Charity

Charities and non-profit organizations help people get through hardships in their life. Depending on your situation, there might be a local charity that could give you money, household supplies, or food to lighten your financial load. You could then use the money you would spend on food, for example, and pay whatever the emergency financial need is.

Friends And Family

This option might seem like a last resort for some people, but you can always ask friends and family members to help you out if you're in a challenging financial situation. The good part about this is that these people can sympathize with your situation and would be willing to help you. The downside is that you'll borrow money from your loved ones, which could cause problems if you have trouble paying them back.

Prepare For The Unexpected With An Emergency Fund

It's impossible to predict life's unexpected situations. Of course, it would be wonderful if we could always know when we would need to have extra money on hand, but that's just not realistic.

What you can do, though, is preparing for future emergencies so that you don’t have to stress out about finding an emergency loan for funds that you need immediately.

The best way to do this is to set aside money. This is a separate financial account you'll create to set aside money if an emergency arises.

#DidYouKnow Some people will call this a “rainy day fund.”

How Much Money Should You Have In An Emergency Fund?

Many financial and budgeting experts will tell you to put aside roughly three to six months' worth of expenses. This will help you get through any short-term disruption in your income (such as a temporary job loss or injury) and help you pay for emergency costs. To figure out how much you need, add up all your monthly expenses and multiply that by 3 or 6. For instance, if your monthly expenses are $2,000, you would want to have $6,000 in your fund to cover three months and $12,000 to cover six months of expenses. That might seem like a lot of money, even an unreachable sum. But, if you plan correctly and budget in a plan for savings, you'll be able to accomplish this in time.

How To Build An Emergency Fund

The easiest way to build your rainy day fund is to add a line item to your monthly budget for it. Start small by putting even $50 per month in there. Then, because it's on your budget, it's something that'll just happen every month, like paying your mortgage or rent. Then, as your income increases—or if you have extra money that month—start increasing the amount of money you send to your rainy day fund each month. Before you know it, you'll reach your goal.

Emergencies Don't Seem As Dire When You Have Capital At Hand

Just about everybody, at some point, needs to cover unexpected expenses. Whether it be a once-in-a-lifetime business opportunity, to consolidate debt, an illness or injury, or a necessary home repair, there are times when you'll need money fast. If you don't have extra money stashed away in a rainy day fund, you may need to turn to other alternatives such as emergency loans. Many different emergency loan types can help you get the money you need fast. You should always be careful about quick emergency loans, as some can be pretty expensive and quickly detrimental to you over the long term. With Camino Financial, though, this isn't the case. We've streamlined our application and loan approval processes for all of our loans so that you can quickly get the money you need.

Our loan can offer you from $10,000 - $50,000

Our qualification requirements are also lower than some other lenders, as we don't require an extensive credit history. Apply for a loan with Camino Financial today if you need money fast. We'll work hard for you to help you in your time of need. Apply For A Business Loan!