Emergency loans are financial assistance to see you through when times get tough and help you get fast cash. You may be managing your finances well on a regular basis, but an unexpected large expense could change everything. Emergencies happen to everyone, though if you’re a low income earner or getting Centrelink benefits, there are some options for you to help ease the stress.
It is crucial not to sign any contract for an emergency loan without doing the research, regardless of how desperate times are. There are plenty of loan providers that offer emergency assistance. However some loan providers involve extremely high interest rates that could cause you a much bigger problem when trying to repay it.
Emergency Loan Application Information
Times may be very stressful when you are considering an emergency loan. In these situations it is best to request the support of not for profit organisations. Otherwise your stresses may be taken advantage of by suspect loan providers. Fortunately, there are some trustworthy government and community emergency loan providers.
Emergency Loan Options in Australia
- No Interest Loan Scheme (community): Small personal loans with no interest rates and no fees, to help with any household, car or living emergency;
- StepUp (non-profit): Small, short-term loans with low interest rates, no fees, and can used to help with your emergency situation.
Sometimes, it pays to help yourself. Set up an emergency fund that you regularly contribute to. This will help you take care of any surprises should they arise, without having to rely on getting an emergency loan, and could help reduce your stress. Alternatively, a family member or friend may lend the money to you if they’re sympathetic to your emergency situation.