How to Get Emergency Loans Without Collateral. Many people consider saving money, rather than spending it, to be a virtue. Yet, inevitably, the day arrives that savings dwindle or an emergency occurs that creates a situation in which you need money and you need it fast. If you don't have collateral, non-collateral emergency loans do exist and can offer you the support to get you over life's little bumps in the road.
Take out a payday loan. Payday and general financing institutions issue payday loans, a type of cash advance loan, as an "advance" on your next paycheck at extremely high interest rates. Although your check acts like collateral, these loans don't follow traditional collateral loans as the check may cover the original loan amount, but not subsequent interest related balances. Keep in mind that although a good credit history isn't required, these institutions do require that you have an open checking account validated with a bank statement and voided check, a monthly minimum employer deposit and proof of employer direct deposit to take out this type of loan.
Apply for a credit card or take out a cash advance/cash direct deposit on an existing credit card.
Request an emergency school-related loan through your university's financial aid office if enrolled in a university program. Students often need emergency loans when grant or other monies arrive too late to help with funding or when medical emergencies occur. As students often don't have collateral, these types of loans--typically in amounts meant to assist the student until the funding arrives or the emergency has past--offer students the perfect means to acquire financial assistance and build their credit history.
Ask a family or friend if all else fails. Although this may seem like the perfect first step in acquiring an emergency non-collateral loan, borrowing from a family or friend based on a verbal promise without a written contract can and does lead to serious arguments that can result in destroyed relationships and even court proceedings. If borrowing through this route is unavoidable, have a formal document witnessed that outlines lender and borrower expectations and responsibilities.