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Cash loans are frequently used today when individuals find themselves in a financial crunch they cannot dig their way out of on their own. These loans are usually quick to apply for and approval may come in 24 hours or less. Once an individual is approved for the loan, the funds are often distributed into the person’s checking account nearly as quickly.

Despite their convenience, not everyone is a good candidate for a cash loan. These four factors will help you decide if an emergency loan is the right choice for you.

Immediate Need

The right candidates for cash loans will have an immediate need for funds. Perhaps they need to cover a bill before a paycheck comes in, or they need to pay to have their car repaired as soon as possible.

Due to the expedient speed of processing for these loans, they are generally reserved for individuals faced with a somewhat urgent situation. If you can afford to wait a few days or weeks for the money you need, you probably aren’t the best candidate for an emergency loan.

Less than Stellar Credit

Many of the people who opt for cash loans do so because they have less than stellar credit. Particularly in an era of tighter lending practices, if your credit rating is lacking, you probably won’t qualify for many traditional loans today. Because the companies that issue these emergency loans are taking on more risk to do so, they must charge a higher interest rate to help offset that risk. However, if you need money and your credit report is preventing you from getting other types of financing, you may be a good candidate for an emergency cash loan.

No Collateral

Many loans today are “secured” loans, which means the loan balance is secured with some type of equity. The positive feature of secured loans is that they often come with a lower interest rate than other types of loans. The downside is that if you are unable to pay pack your loan balance, the bank can take your collateral into their possession. If your collateral was your home, you’ve just lost your residence.

In contrast, cash loans are issued without any collateral. If you do not have collateral to offer, or you are not willing to risk your home in such an agreement, you may be a good candidate for an emergency loan.

Ability to Pay Back Quickly

Because cash loans tend to come with a higher finance charge than other types of loans, the ability to pay the loan back early is a dramatic factor in saving money. Before you apply for your loan, have a repayment plan in mind. Perhaps you can pay back the loan in full with your next paycheck, or maybe you need two pay periods to pay off the entire balance. If you know you can pay off your entire balance quickly, you are probably a good candidate for an emergency loan.

While cash loans aren’t for everyone, they come in handy for those who need cash in a flash. If you can meet the criteria we have listed here, perhaps it is time to begin shopping for the best emergency loan for your needs.