Teachers , civil servants as well as other worker at some point can go for emergency loans which are short-term loans that are designed to provide financial assistance to upon subjected to an uprupt expenses.
Emergency loans are simply easy to apply for as well faster processed to allow applicants to access funds once they need them urgently.
Despite other disadvantages,these loans teachers can provide the support an individual teacher when in need to manage unexpected costs and later get back to what they do .
Important details you should know about Emergency Loans
These loans normally are operated like traditional personal loans, however the focus is providing quick access to funds.
In most cases ,these loans are applied online or in-person as lenders mostly offer a simple application process.
Upon meeting qualifications, emergency loan funds are deposited directly into the borrower’s bank account normally within 24 hours or 12 hours.
N/B As you take this loans, be informed that the interest rates are slightly higher than normal loan rates.
List of Types of Emergency Loans for Teachers and civil servants
Several types of emergency loans are available to teachers and civil servants which include;
Personal Loans
These are normally loans that are unsecured which can be used for any purpose .
This category of loans have fixed interest rates as well as servicing terms ranging from 1 to 5 years.
The Payday Loans
These are short-term emergency loans normally repaid on the borrower’s next payday.
Quick access to cash is given through these loans but tend to come with high interest rates and transaction costs.
Teacher in class writing notes as learners record them in their books ;Image/Courtesy
The Credit Union emergency Loans
Most credit unions offer emergency loans to their members normally at a lower interest rates .
The unions normally tend to have more favorable terms than traditional lenders.
Government Assistance Programs
At some point , both teachers and civil servants may be eligible for government assistance programs like hustler fund program that provide financial support during emergency needs.
How do we apply for the loan?
I wanna apply for the loan
I need money urgently while waiting for provident funds from the department of education