Best Emergency Loan Options That Every Mother Can Avail Of

May 10, 2020

Best Emergency Loan Options That Every Mother Can Avail Of

Whether it is the maintenance of the house or ensuring everyone leaves for office or school on time, mothers often juggle different tasks and roles. The daily routines and well-being of others would look very different without them. One such role that is overlooked sometimes is their financial contribution. Stay at home moms often take on tuitions or remote work to contribute to the household income. They also manage the primary expenses of the family.

In times of different emergencies, funds may be required to handle circumstances. For example, if a family member has been injured in an accident or needs to be hospitalised immediately, the bills can be quite high. Similarly, a child’s school or tuition fees may need to be paid, or an important appliance like the fridge may break down and need to be replaced. In such time-sensitive situations, an emergency loan for stay at home moms can help sort out the matter at hand.

Types of emergency loans

There are a number of emergency loans that can arrange funds through difficult times. However, stay at home moms may find it challenging to find an emergency loan provider because they are unable to furnish the documents required for such loans, such as income proof and credit history. Let’s take a look at the best types of emergency loans you can avail with limited documentation and time.

Pawnshop loans

Pawnshops are located around every corner in most of India and can offer loans and cash against valuable items immediately. This includes items like jewellery and gold coins. While this type of emergency money loan is one of the fastest ways to get funds, it can also be the most expensive. Interest rates are set by the pawnbroker, which can be extremely high. They also set the loan tenure, which may not always be enough time to repay the full loan amount. Thus, a loan from a pawnbroker carries several risks of loss.

Friends and family

Borrowing credit from friends and family is always a credible option as an emergency loan for stay at home moms. The process is extremely simple since there are no documents, interest rates, or collateral involved. The loan amount is provided on the basis of mutual trust and a shared history. At the same time, it may take a while to find someone who is willing to offer help and the right amount for the loan. This can cause more difficulties, especially if the emergency is time-bound.

Additionally, there is an opportunity for misunderstandings and a strain on your relationship that can have long-term effects. You will also have to disclose the purpose of the loan, which may not always be something a person wants to share. Moreover, there is no legal protection provided when your emergency loan provider is a loved one. If they change the loan agreement terms suddenly, there is little that can be done.

Credit card loans

A credit card loan is an unsecured type of emergency loan. This emergency loan for stay at home moms can be availed instantly, as long as the borrower has a credit account. The borrower must also have a good credit score and history. The advantage of this type of emergency money loan is that it is a convenient line of credit as applications can be filled out online. However, the loan amount is limited, which may not be feasible if the funds required are high. The borrower cannot withdraw cash until the loan amount is below the cash withdrawal limit either, which can become a problem as well.

Gold loans

A gold loan is one of the best emergency loans on Aadhar card. It can easily be availed by offering gold ornaments as collateral against a loan amount. This is determined by the gold loan-to-value (LTV) rate that the lender offers. Since gold is a valued asset, the loan amount is always high. This can be extremely beneficial when an emergency loan for stay at home moms is required. Time is also of the essence in an emergency, and gold loans have some of the quickest disbursal rates, often within a few hours.

Another key benefit is that there is no need to furnish complicated documents like income proof and a credit score for the emergency money loan. They can also be availed for any purpose which is left to the discretion of the borrower. This removes the pressure of explaining the emergency situation, whether it is something private like the payment of school fees, or the need for a new home appliance.

Rupeek’s emergency loans for stay at home moms

Rupeek’s gold loan services offer the most convenience as well as the best value for your gold. With doorstep services, Rupeek will arrive at the address provided to value the gold, verify the documents, and sanction the loan within a single appointment. Rupeek’s gold loan interest rates are also the lowest in the market, starting as low as 0.49%.

Rupeek also offers the highest per gram rate with flexible repayment options. During an emergency situation, gold loan application can also be a hassle, but with Rupeek, this is not the case. The gold loan application can be carried out anywhere as the process is available online.

Choose Rupeek to meet your emergency needs by applying online on the website or app, or contact a branch near you.

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