The headaches, fear and exhaustion that come along with a financial emergency aren't enjoyable. You may hope to alleviate those conditions with at least one personal loan. However, before getting one or multiple loans, you've got to be clear-headed about the following.

Consulting Your Banker

After deciding on the final cash amount you think is both necessary and reasonable, you'll have to seek lenders. Examine your current bills; who is already working with you on a car loan, insurance or other financial issues? That company could be your first stop, because they will be able to look over your history and possibly consider you a good loan applicant. If you don't have any such lenders, however, first consider your personal bank.

Your bank is already likely receiving some or all of your paychecks on a regular basis. Their records reveal your spending habits. Because you've had such an ongoing relationship, you might find bank staff eager to offer you some loan options with better terms than other lenders.

Watching Interest Rates

Of course, borrowing money means you'll be subject to a loan's interest rates. Understand what rates are most likely and get estimates from different loan providers so that you avoid overly high rates.

Handling Repayment

Perhaps the least considered aspect of a loan, especially when you're seeking one, is repayment. Once your financial condition is soothed by the dollars a loan provides, you can't rest completely unless you have a sure way of repaying it without further harming your financial life. Is a second job in your future until you repay in full? Will a raise be coming? Without a plan, you could be in a similar position in just a few months. Talk with family and others about how repayment is possible.

Considering Other Options

While your first impulse is that you need money immediately and only a bank or other lender can help, most people have some resources. Can you talk with close friends or favorite family members? Can all of your friends donate small dollar amounts to satisfy your financial situation? Even if they're unable to cover the full amount, you might be able to ask for less when you approach formal lenders. This could make an approval easier, since you're asking for fewer dollars. In addition, you're likely to pay lower interest amounts overall.

Using these pointers and remaining calm throughout the application and repayment process is important for all loans. Working with lenders and giving yourself time to arrive at a sensible financial decision about the loans you'll seek and use is wise.