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Emergency Eviction Loans
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Eviction from a primary residence can be termed as an emergency situation that is unavoidable and requires immediate attention. Otherwise, the entire family would face the risk of being stranded on the streets.
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However, many people find it difficult to gather funds or take time out of their busy schedule to get another apartment or house on rent. Emergency eviction loans are highly useful in these situations.
Under the emergency loan program, individuals, who are facing severe financial distress in case of any emergency, are eligible. Emergency situations that are considered under this program include all the situations that are unforeseen, unplanned and unavoidable that require an individual to secure funds within a very short period of time. Some examples of such situations include family medical emergencies, sudden job loss, foreclosure, eviction and termination of utilities.
Emergency loans are under the jurisdiction of the employer or the organization in which the individual is employed. Several organizations have this facility of providing emergency loans to permanent employees. Part-time, casual, contract and temporary employees are not eligible to receive this type of loan. Emergency funds are maintained for the purpose of extending financial help to employees in case of any financial emergencies.
Under the emergency loan program, the maximum loan amount provided to the individual is $500 and the minimum amount is equal to $50. No interest is levied on the loan amount. This amount varies from one organization to another. Every employee can apply for this loan once in a year. Organizations maintain a separate division for approval and disbursement of these emergency rolls. Repayment of loan amount is through monthly deductions from the payroll.
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