Living in Chicago and need an emergency loan?
Due to the fact life goes by really fast, we always need to have a back up for emergencies. Most times in life, we come across expenses such as medical emergencies, car troubles, home repairs, etc. When these happen, we tend to need fundings to go through them, and we might not have much money on us, so we need to opt for a better way to get more fundings for these situations.
So what should you do for emergency fundings and your living in Chicago? Loans. Good, this is, emergency loans are always there to get you out of problems. There are different kinds of these loans, but the most common types are the lines or credit, car title loans, and home equity loans.
Lines of Credit
A line of credit is usually a specified amount of money given to you, that you can gain access to anytime you like. Unlike the conventional loan, you get to pay only when it’s exhausted and can be renewed annually or biannually. You do not get to lay the interest until you have used or exhausted the funds. Another benefit of this emergency loan is, you only pay interest for the funds you have made use of and it is accessible to you every hour of every day of the year.
Home Equity Loans
These loans are loans you acquire against the value of your home. When you need money urgently, and you have a home of your own, you can opt for a home equity loan, and they also come with really low interest. Lower than any other type of emergency loans.
Car Equity Loans
Also known as auto equity loans. These loans are also similar to the home equity loan listed above except instead of the value of your home; you stake the value of your vehicle. To be able to qualify for this loan, you need a car of your own, in your name. An advantage of this loan is, it takes as little as 30 minutes to process and doesn’t take much of your time at all.
Another benefit of this loan is, you get to have access to your money once your lender approves of it. So If you’re in an emergency that needs your immediate attention, this is a perfect type of loan for you.
Knowing about emergency loans help you in the long run, and with the above, you should know just which is suitable for you.