Need Emergency Funds: Do I Have To Provide Bank Statement Or Not?
Your parents and other closed ones must have told you n times to learn to save money. So, why do they say to do it over and over again? Well, the answer is quite simple and straight that life is unpredictable and it will throw various challenges to you for which you might not be ready before. At any stage of life, you might encounter an incident for which you need urgent financial assistance.
Not having enough saving or funds with you can be very upsetting, and it can make you totally blank and clueless where to turn to handle such situations. Fortunately, there are options where you can get funds during the time of emergencies. There are reputed lenders in the market who offer emergency loans in Ireland that can be disbursed within a few hours of the approval. Still, many people are clueless about the procedure of such funds and what kind of things one needs to provide during the time of submitting the form.
Now, to help you clear all your doubts, we have mentioned a complete guide related to emergency loans and what steps you need to take in order to get such loans.
What is actually an emergency loan?
Basically, emergency loans are the type of short-term debts that are designed to provide immediate financial assistance to those who are in an urgent need of cash. Most of such loans are provided by direct lenders, so the credit applications can be easily filled via the online platform at the comfort of your home. And if the application is accepted, the amount is disbursed in the borrower’s account on the same date of application.
This type of urgent funding is ideal for the people who are struggling with bad credit score because the amount given on such loans are relatively smaller as compared to bigger debts.
How emergency loans really work?
Application form: – The first part starts with filling the application form where you need to fill your personal details including your address proof, the amount of the loan, residential status, employment status, monthly income and maybe even bank statement.
Underwriting: – After you have applied for the loan, the lender will go through your application form and will also analyse your credit history and then will make a decision whether you should be given instant approval or ask for more information.
Are bank statements mandatory to get the loan?
Well, it is true that the lenders do ask to provide bank statement in order to get the loan, but this is not mandatory. As you are applying for an emergency loan that is given on an urgent basis and the amount is nominal. Thus, if you don’t have a hard copy of the bank statement, then you could send a soft copy of the statement via online. Other than that, it can be the case that the lender might be convinced with your income proof or the salary slip.
Different situations where emergency loans can be opt
When you are encountering a situation where you need immediate funds but you are already out of cash, then emergency loans can be the helping hand. Here are the situations where you can use such funds:
- Car breakdown
- Sudden job loss
- Home repairs
- Medical emergencies
- Due bills
- Funds for a party in the family
So, these were some of the main examples where you can use an emergency loan. However, it is strongly advised that if you are struggling in managing your daily expenses, then you need to give attention to your financial habits. Other than that, it is totally understandable to use such funds to pay off your unexpected expenses.