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Emergency Loans | XL Financial Blog

Reasons You Should Apply For Emergency Loans

Posted on 17. Jun, 2013 by in Payday Loans

There are a number of reasons that people consider getting emergency loans when they are in need of quick cash. An emergency loan can lower financial stress. Increased credit card payments, job loss and home loan payments can cause a person to experience a great deal of stress. An emergency loan can be deposited in one’s bank account within one day, which can lower financial stress.

Emergency loans can also help people improve their credit. Many companies send credit reports to all of the major bureaus if a person pays the loan back by its due date. Additionally, an emergency loan can help one avoid late payments.

Keep in mind that 35 percent of the credit score is determined by payment history. Therefore,  if a person has a couple of missed payments, then his or her credit score can be negatively impacted. Good credit is essential for getting a mortgage or personal loan. It is also essential for getting many jobs.

Furthermore, getting an emergency loan is a-lot cheaper than overdraft fees. The average bank charges around $40 for one overdraft fee. A person could very easily end up spending hundreds of dollars in overdraft fees if he or she overdraws the account multiple times. An emergency loan will help people save money because it prevents them from overdrawing their account.

Not only are loans a great alternative to overdrawing one’s account, but they are also a great alternative to using credit card. Credit card companies charge high interest rates, which can cause a person to spend a-lot more money in the long run.

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