Unexpected expenses, such as medical bills, urgent travel or home repairs, can put pressure on your monthly budget. If your emergency savings are not enough, you may need to explore different ways to arrange money.

Before considering a short-term loan, compare the interest rate, processing fees, repayment period and late payment charges. Also, make sure the repayment amount fits within your next month's budget.

For those researching borrowing options in India, this guide on 15 days loan app instant approval covers some short-term loan options and factors worth checking before applying.