Emergencies of any kind are super stressful situations, medical emergencies even more so. Those stress levels are compounded when you need money to solve your urgent situation but don’t have any spare cash on hand.
What can you do? What are your options?
If you don’t have any money to solve your situation you’ll need to borrow it from somewhere, so let’s see what avenues are available to you regarding a Medical Emergency Loan in Australia.
Can the Banks Help You Out? It’s possible; if you match up to their lending criteria, have a stable income, don’t have too much debt, and have a pretty decent credit score. The problem is, who has ever heard of a quick Personal Loan coming from a bank?
It generally doesn’t happen. Banks can take weeks or even up to a month to process a Personal Loan application, and then there’s no guarantee it will even get the nod of approval.
Applying for a credit card is very much the same process and time frame, so unless you already have a credit card with enough available credit to cover the cost of your emergency, you’ll be wasting your time going down that road. It’ll simply take too long.
How About Borrowing Money From Someone You Know?
Lets’ say your medical emergency will cost you a thousand dollars or more. In most cases that’s a fair chunk of change for someone to lend to another person. It is one way to get an instant loan for sure if you know someone who can spare the money and they trust you enough to pay it back.
While this is an option, the problem is it’s not a guaranteed option by any means. If you can swing it and borrow the cash off a friend or family member at no interest, then that’s fantastic, but what do you do if this course of action is not available to you personally? And the banks are not a possibility either?
A Fast Cash Loan Could Save the Day
Fast cash loans are something that private lenders offer. This is one huge advantage these lenders have over the banking sector. Finance can be arranged at high speed and often the money will be deposited in your nominated bank account on the same day. This will rarely happen, if ever, with a bank.
Australia plays host to many smaller, private lenders that are reputable and completely safe to do business with.
Another advantage of a fast cash loan from a private lender is you can borrow much smaller amounts with their loans. Some private lenders start with amounts as low as a few hundred dollars. You may not need to borrow $5,000 to solve your medical emergency. Maybe all you need is $500 or $1,000.
There’s no point committing to more than is necessary and then having to pay back a larger amount with extra interest on top.
Personal Loans from private lenders are generally smaller than what the banks offer and the application process is also so much faster. Usually, the entire application can be filed online with very minimal documentation or paperwork required. You will, of course, need to prove your identity as you would with any form of finance, but generally, this can be done online too.
A credit check will usually be conducted for a Personal Loan from a private lender, but that doesn’t mean you have to have an impeccable credit score to be approved. Even if your credit rating isn’t perfect, or you’ve never had credit before, you may still be approved for a small Personal Loan from a private lender.
Pawn Loans Are Another Option
There is the option of a pawnbroker if you only need a few hundred dollars or so. You’ll need to pawn an item of roughly double the market value of the loan you want. This might be a guitar, stereo equipment, a laptop. Whatever a lender will associate with enough value to risk lending you the money.
If you need more than a few hundred bucks to get yourself out of a tight spot, then once again private lenders can help you. They also offer Pawn Loans but on a larger scale. For example, you can use your car as security for a loan of a few thousand dollars or more. These loans are also very quick to process and you generally have up to 2-3 months to pay back the borrowed amount plus interest.
If you find yourself embroiled in a medical emergency or some other urgent situation that requires fast money to resolve, then this article has offered up a few viable options that may help you out. If you consider any form of finance, always thoroughly read the terms of the lender first so you know exactly what you’re signing up for.