Emergencies are expensive, and whenever they happen, it’s the wrong time. For cash-strapped families, even a small emergency can be financially devastating as well as stressful. Fortunately, there are ways to get emergency loans. The first place to look for an immediate decision is a bank or credit union located in your community or online. There are many options for borrowing money in an emergency, and they all have pros and cons.

Any money that is legally borrowed falls into two categories: secured and unsecured. This simply means that the bank has secured collateral on the loan. Unsecured loans are given to applicants after verifying employment and considering the likelihood of the applicant paying back the loan. Because unsecured loans don’t require collateral, interest rates are higher and the line of credit is generally lower. The benefit of unsecured loans is the bank can’t seize the collateral. If an unsecured loan is not repaid, the bank will report that failure to credit bureaus.

You can borrow money from banks and credit unions in two ways: as a line of credit or a loan. Both of these options are available as secured or unsecured contracts, which are paid back in monthly payments. Loans are provided as a lump sum, but credit lines can be used as needed by withdrawing money using a check card. Homeowners can always use their house as collateral to get a home equity loan or a secured line of credit. Premier credit cards sometimes offer advance cash services for a small percentage-based fee in addition to the annual interest rate.

Applying for emergency loans is easy. Many banks offer online applications with nearly instant decisions. To apply for a loan or line of credit, applicants must have valid ID, social security number, and proof of income. If applying for a secured loan, applicants need an estimate on the value of the collateral.