No one has yet come up with criteria by which they happen, but emergencies always happen when we’re broke.
Maybe emergencies wait until you have no money, no gas in the car, no food in the house, and the bills are unpaid.
Because they’re emergencies, the usually cost more than you can afford.
It happened this time because your mother fell and broke her hip and needs care.
You haven’t the money to make the trip or expenses, but she’s your mother.
You go. To whom can you turn for the money for the trip? We’re happy to tell you.
There are certain online loans made just for emergencies.
If you need new insulation in your house, the fridge blinks out and you need a new one, or the hard wood floor is buckling and you need help, you won’t get these loans.
Loan companies see these types of “emergency” as something that can be paid for out of the homeowner’s savings or the equity in his house.
The emergencies these loan companies pay for are things that happen out of the blue with no warning and are usually catastrophic in nature.
No homeowner has money put away to handle something catastrophic that comes out of nowhere.
Medical emergencies are one of the things these loan companies cover. It doesn’t matter if it doesn’t happen to you.
It happened, she’s your mother, and she needs help.
That’s all the loan company needs to hear.
If you have your paperwork in order and can wait possibly a day or so for the loan to clear, then you’ll be beside your mother in the time it takes to fly there.
You Should Know This About Installment Loans
Before you get online or drive to a loan store to get a loan, you need to know these things:
- You can only borrow between $500 and $10,000.
- The loan must be repaid between 90 days and five years.
- The loan repayment must not be more than 22.5 percent of your gross income (before taxes.)
- Your income must be $1,000 after taxes to qualify for the loan.
Know also that Illinois law prohibits loan companies from rolling over your balance so you remain in debt for six months or longer.
The law additionally protects you in limiting your monthly repayments to no greater than 22.5 percent of your income after taxes.
What Else Protects You In Seeking Emergency Installment Loans?
In 1963, Illinois took action to provide consumers with easily obtained installment loans.
It also acted to protect those consumers as described above.
It’s called the Illinois Consumer Installment Loan Act.
Applicants should note that lenders operating outside the ICILA can and do charge more for their loans than lenders operating inside the Act.
This can mean trouble and extra expense repaying the loan.
Check to make sure your lender complies with the Act.
If not, move on to the next one.
Two of the main benefits of using an ICILA lender for installment loans Illinois is that it’s legal.
Unscrupulous lenders make sure they work outside this Act.
Secondly, the process is transparent.
You’ll know the exact amount of the loan, the exact repayment, the interest on the loan, and the date on which you will make your repayment.
Qualifying For Installment Loans
You’ll have to provide some paperwork once you’ve chosen your lender.
Every lender needs to know you have a job.
Some lenders accept self-employment, disability payments, pensions, or alimony for income purposes.
Have your pay stubs or payment process (like PayPal) statements ready.
An active checking account is required for deposit of the funds.
If you don’t have one, sometimes a store will give you a check.
You’ll need to provide a government-sanctioned ID such as a driving license or a state-issued ID.
They need to see this so they can verify your age. You must be 18 or older to apply for an installment loan.
You must be a U. S. citizen and live in a qualifying state.
Not all lenders operate in all 50 states, whether you can prove residency or not.
Take a power bill and/or a phone bill with you to prove residency.
Your credit score matters insomuch as lenders can see that you have a history of repaying loans and credit cards.
Poor credit isn’t the stone wall stopping people from getting loans that it used to be.
Those with poor credit can still get installment loans, but they could possibly pay more in interest on the loan.
Those with good to excellent credit might receive more favorable terms regarding interest.
Emergencies happen. When they do, people need to know that they have resources.
Installment loans were made just for this purpose.
They’re not hard to obtain, they can be repaid over time, and they have the bonus of improving your credit.