Emergency loan UK – we can help if you live in the UK and need an emergency loan. Apply today.
An emergency loan is a form of same-day payday loan which can be taken out when an unexpected financial burden requires action. If you need access to money but don’t otherwise have the funding available to cover the costs of your unexpected expense, you might want to consider taking out a same-day emergency loan.
Emergency loans are perfect for those who need rapid access to cash, and in many instances, they are more convenient than traditional forms of finance. Credit cards, bank loans and overdrafts can take days or even weeks of phone calls and meetings to arrange. On the other hand, an emergency loan could be paid directly into your bank account within an hour of your application being accepted.
How to get an emergency loan
When an emergency hits and you need fast access to cash, it’s reassuring to know that you can take out an emergency payday loan to tide you over until you receive your next wage. Here’s how the process works:
1) Complete a simple online application form
When applying for an emergency loan, you’ll do so online via a simple web form. This involves providing some personal information (including contact information, expenses, monthly income and bank details). You’ll also need to tell your lender how much you want to borrow, and how long you will need to pay it back.
2) Receive an immediate decision
Emergency loan decisions are made instantly, which means you can expect to find out if your application has been accepted in a matter of seconds. Sometimes, lenders might need to conduct further checks which could take an additional hour or two, but in most cases you will receive an immediate decision.
3) Decide what you need to do
If you’re advised that you’re eligible for an emergency loan, it’s up to you whether you wish to proceed. There’s no obligation to accept – but if you need fast access to cash, an affordable emergency loan could be the best option for you. If you agree to the repayment terms, you’ll be required to digitally sign a document detailing this. This can be done via your computer/smartphone and takes mere seconds.
4) Receive your cash within one hour!
After choosing to proceed with your emergency loan offer, you’ll receive your emergency loan into your bank account within an hour. In a lot of cases, you’ll receive payment instantly! Emergency loans are great for dealing with unexpected financial issues because they are so quickly and easily accessible.
5) Make your repayments
Your payday lender will always be completely transparent when it comes to your short-term loan repayments. You’ll know exactly how much to repay, and when it needs to be paid by. Your lender will take care of repayments for you, by setting up a direct debit to automatically take repayments when you next get your monthly wage.
For small loans, you might decide to pay things off in full in one go. For example, if you borrowed £100 to pay an unexpected utility bill, you might decide that it’s easier and more affordable to simply pay the full amount plus interest back when you next get paid.
If you’ve taken out a larger amount (for example, £600 to pay for emergency vehicle repairs), you might want to spread the cost of repayments over three months. This way, you can afford your repayments while ensuring your car remains on the road.
The beauty of same-day emergency loans is that most lenders are flexible when it comes to repayments. Lenders will even allow you to make early repayments if you feel you’re able to do so.
Can I get a loan with a bad credit rating?
When applying for traditional forms of finance, you might find that companies tend to focus on your financial past. Most payday lenders tend to instead focus on your ability to repay a loan in the future. It’s possible to take out an emergency loan even if you have bad credit, provided that you are in full-time employment and can demonstrate that you can afford to make the repayments.
In fact, an emergency loan could help to improve your credit score. When you repay on time, this information is given to the credit reference agencies and stored on your credit file. The ability to repay reflects well on you and could make other lenders more willing to allow you to access a line of credit in the future.
Am I eligible for a UK emergency loan?
Like all forms of credit, there are certain criteria you’ll need to meet to be eligible for an emergency loan. You must:
- Be over 18 years of age.
- Be a UK resident (with proof of a permanent UK address).
- Have a regular income (a means of paying back your emergency loan – your lender may want to confirm this with your employer).
- Be able to afford repayments (your expenses should not exceed your monthly income).
- Agree to a credit check (most lenders will conduct an affordability assessment, including a credit check).
- Not be bankrupt (if you’ve recently filed for bankruptcy, you will not be eligible for an emergency loan)