I’m sure many of you are aware of that old adage that you should have at least three months worth of payments set aside in an emergency fund.  I used to listen to this advice and let it go in one ear and out the other…then I lost my job!  I always considered myself immune to job loss and financial worries, thinking I was too young and well educated for that to ever matter, but I couldn’t have been more wrong.  Now I actually think you should have no less than a years worth of savings in your emergency account, simply because you never know!  It’s not like we are talking wasted money here, it’s all in your savings for you to use whenever you choose.  However, if like me, you have found yourself in a tight spot and needing funds that simply are not available, then perhaps it’s time to look at loans available online.  Days of having to actually go inside a brick and mortar bank branch are long behind us.  You can fill out an application, have a credit check, get approved, and funded all in one day.  Online loans can truly be a saving grace for anyone needing money in a pinch.

I know most of you might be a bit apprehensive about taking out a loan online, but as long as it’s a reputable bank then you have very little to worry about.  If on the other hand, your financial acumen is lacking, then there are tools available to help you understand the terms and payments.  If you aren’t financially inclined then you can find out more with a loan calculator.  These calculators are actually quite easy to use, and informative to boot.  They can tell you your expected monthly payments, and how much is related to principal versus interest.  At the same time they can help you to calculate your financial obligation over the life of the loan, and the total interest paid over that same period.

I too found myself in a pinch for cash, and I find online loans to be an easy and informative way to borrow some much needed money.  The trick, like any other financial maneuver, is to be well informed and responsible when making the decision.  If you are borrowing to simply buy yourself a new sports car then you need to re-evaluate your spending habits.  However, if you are out of a job, saddled with medical debt, or a family emergency arises, then these loans can be a wise decision.