Despite all your efforts to live within your budget, life will throw emergencies at you. These times compel you to use what you have in your pocket to get through. What becomes uncertain now is where you will get the funds for your usual expenses.
For many low-income families in Australia, emergencies become financial burden because there’s just no excess from the family income which can be allocated for unforeseen situations. Unforeseen situations like serious illness or a vehicle breakdown, or even a major plumbing repair at home. These unexpected situations could cause sudden financial distress to the family as money allocated for something else will be used to take care of the emergency.
In such nearly desperate situations, many banks and lending firms in Australia offer some relief through a specific loan facility called an emergency loan.
Emergency loans are another form of personal loans, for which the money being borrowed will be used for family or personal emergencies. This type of loan is offered to help the borrower face emergency situations with money on their hands. It would be very difficult to face an emergency if you don’t know where to get the money needed to take care of the situation. And this is recognised by the banks and lenders so their loan processing is expedited in order not to cause any delay in fixing the situation.
Depending on your emergency, lending firms can approve an emergency loan amount ranging from $100 to $3,000 which can be repaid in easy instalment terms for a period of 1 month to 1 year.