Emergency Loans in Minutes
Being successful at managing your personal finances requires consistency between your earnings and your outgoings. Put simply, if you’re earning more than you spend each month, you’ll be less likely to lose ground and end up in debt.
Unfortunately, life isn’t that simple. Even the most disciplined of savers can find themselves in the midst of a completely unexpected financial emergency. Sometimes, financial emergencies appear from nowhere – and at the least appropriate time. This can result in not having enough time to carefully plan for unexpected emergencies, which can cause the debt cycle to continue spiralling downwards.
Thankfully, there’s a means to reduce the strain on your existing finances when life’s little emergencies command it. Online emergency loans are designed to provide relief when you’re between paydays. It’s the smart way to help tide you over when emergency expenses crop up.
Emergency loans should be used as a short-term solution to financial difficulties, and many of their proponents cite unexpected expenses such as a broken-down vehicle or household appliance replacements as examples of when to use them. Any short-term sudden spending needs meet these criteria – emergency loans are not restricted, leaving you to spend the proceeds on whatever you have in mind.
If you have short-term spending needs, an emergency loan might be the right option. Emergency loans provide fast cash for urgent spending. As an alternative to typical bank loans which require lengthy periods of waiting for approval (not to mention potential meetings with bank managers), emergency loans are designed for rapid deployment. They are arguably the most flexible means of securing funds when you need them the most.
Is it possible to get a loan quickly?
If you need access to money straight away, an emergency loan could help. While other long-range money lending services might take time, it’s possible to get an emergency loan paid into your bank account in a matter of hours. This helps to alleviate the financial burden and provides you with some breathing space and the funds to cover your financial emergency. Online loans for fast cash are most often considered by people in the UK when:
- Credit sources are maxed out
While reaching for a “flexible friend” in the form of a credit card can help to avert a financial emergency, this isn’t always an option. If you’ve already reached your credit limit or otherwise have poor credit, you might not have easy access to funds from a credit card provider.
- Household savings are less than the cost of an emergency
While it’s good practice to keep a household fund for things like repairs and replacements of essential utilities, it’s a fact that most UK families don’t keep much money set aside for potential emergencies. As such, it’s not always possible to rely on savings to cover a financial crisis – particularly if it’s an essential yet pricey emergency, like vehicle repair.
- Payday can’t come soon enough
If you’ve exhausted your monthly wage covering a financial emergency, you might feel like you won’t be able to make it to payday without assistance. Emergency loans are designed to provide cash without any delay, making them a great choice for those times when payday simply cannot come around soon enough.
If any of these situations sound familiar to you, you might want to consider an online emergency loan the next time you find yourself in a financial quandary. These loans can be transferred directly to your bank account in a matter of minutes, making them ideal for when you need cash fast.
Will the need for an emergency loan limit my lending options?
Provided you pay back your emergency loan at the agreed date, it won’t negatively affect your credit score or limit your lending options in any way, shape or form. In fact, the opposite is true. Taking out an emergency loan could actually improve your credit rating after you’ve demonstrated that you are responsible and capable of making timely repayments.
If your lending options are already limited (due to poor credit, for example), you might be surprised to learn that you may find it easier to source an emergency loan in comparison to other traditional forms of credit.
Lenders typically examine your credit reference files before agreeing to offer funds. A credit file with a history of late payments, missed payments and other financial issues could cause consternation with some lenders, who may decide to decline a loan. Emergency loans don’t work on this basis. Instead, emergency loans can be considered a streamlined alternative to traditional credit, where relatively small sums are borrowed and paid back within a matter of weeks.
To this end, most emergency loan providers will be able to offer greater flexibility when it comes to approving your application. Online approval rates are much higher because emergency loan companies don’t focus on your financial history. Instead, they take a pragmatic look at your employment status and current earnings to calculate whether you’re in a position to make repayments.
This is a much more convenient way of accessing cash in an emergency, and you won’t even need to leave the home. Most emergency loan applications are processed online, which means you can gain access to a line of credit when you need it the most, regardless of whether you’re at work, in your house or somewhere where you need to make an instant payment.
While each lender will offer different terms, most have similar lending criteria and APR rates. In this example, we’ll look at a lender which offers emergency loans at a rate of 305.9% APR.
If £400 was borrowed for a period of 90 days, the total amount repayable would amount to £561.92. This would be repaid in three monthly instalments of £187.31 each. The total amount of interest charged is £161.91, with a variable interest rate of 161.9%, and representative 305.9% APR.
Be aware that there are differences between lenders and brokers. “Lender” is the term given to the finance company who provides you with a loan. “Broker” is the term given to a company who searches multiple sources on your behalf to find you a suitable loan, and then puts you in touch with the lender. Most brokers don’t charge fees, and all are obliged to protect your personal data.
Modern emergency loan lenders might perform a credit check on your file to assess your eligibility and capability to make repayments on time. Other lenders might perform what is known as a “soft search”. A credit “soft search” is similar to a credit check although the results of whether you have been approved or declined will not show up your credit file.
If you accept a loan offer based on a soft search, your lender may perform a hard search prior to releasing the funds to your account.
How soon could I receive my money?
When surprise spending leaves you struggling to make ends meet, it’s only natural to want to know how fast you could receive an emergency loan. The good news is that many lenders can process loan applications in as little as 15 minutes. Ultimately, if you’re in need of rapid access to funds, it’s refreshing to know that you could receive payment in under an hour.
Of course, the time it takes to process an emergency loan can vary from lender to lender, so it’s worthwhile checking the terms and conditions to make sure a lender meets your requirements before agreeing to a loan.
Emergency loans are not designed for large purchases or long-term repayment. Online UK loans are typically structured to meet immediate short-term spending needs. If you need finances and can’t wait until your next payday, an emergency loan could help you meet your shortfall and provide a monetary bridge until you receive your next wage.
Spending emergencies often arise for a variety of reasons – unexpected events, family issues, bad timing and other circumstances. Thankfully, emergency loans can help to furnish you with rapid cash to help you weather the storm during life’s niggling financial problems. If this sounds familiar, here are some reasons why you might want to consider an online emergency loan:
- Fast funding direct
Once you’ve been approved for an emergency loan, your funds will be transferred directly to your current account – often within the hour. It’s quick cash when you need it the most.
- Rapid response
When you’re facing a financial emergency, time is of the essence. Lengthy approval periods only add to the stress, and emergency lenders understand this – which is why most offer rapid response times. Submitting a loan request takes less than a minute, and you could have a decision in less than 15 minutes.
Everybody is different, and everybody has unique financial circumstances. This means there’s no “one size fits all” type of loan. Instead of being restricted by set amounts, an emergency loan allows you to dictate how much you need to borrow, how long you need it for and the schedule on when you intend to pay it back.