In this article:
- What are Emergency Cash Loans?
- How can I get approved for an Emergency Cash Loan?
- Can I get an Emergency Loan with bad credit?
- Can I get an Emergency Cash Loan with no credit check?
- I am on benefits or unemployed, am I eligible?
- How long does it take to get a loan?
- What can I use an Emergency Cash Loan for?
- How do I repay an Emergency Loan?
- Where can I apply for an Emergency Cash Loan?
What are Emergency Cash Loans?
Emergency Cash Loans are usually small, short term loans that are taken out to cover a sudden, unexpected expense.
We never know when something unexpected is going to happen in life and although we try to save for those rainy days, sometimes we need a little extra cash to see us through.
Emergency Loans may sometimes be called Payday Loans as usually they would be repaid on your next payday.
How can I get approved for an emergency loan?
Criteria to get approved for an emergency loan is largely the same the application criteria for a payday loan or a short term loan.
Lenders will be looking for some of the basic criteria such as:
- You must be over 18
- You should have regular income, normally through employment
- You must be a UK citizen
- You should have a UK bank account with a debit card
- You’ll need a mobile phone and email address
As with all loans, emergency cash loans will be subject to credit checks and affordability checks.
Can I get an emergency loan with bad credit?
Yes you can, as long as you are not in an IVA or bankrupt or have severely bad credit. What we mean by severely bad credit is multiple CCJ’s, defaults and a history of missing payments on other credit accounts.
Emergency loans are typically issued by short term or payday lenders so people with some history of bad credit may be able to get a loan. If you would like to check if you would be eligible for an emergency loan then why not make use of our Eligibility Checker – we can show you the lenders that are most likely to accept you before you apply, without affecting your credit score.
Can I get an emergency loan with no credit check?
No, this is not possible. Lender must undertake full credit and affordability checks before agreeing any loan – this is done to protect both yourself and the lender.
Emergency cash loans are typically high cost and if not used correctly could make a bad financial situation even worse so you should think carefully before applying.
There are no regulated loans in the UK that you can get without having a full credit check, if you see advertisements for loans with no credit checks we would strongly advise you against using these companies.
I am on benefits or unemployed, can I get an emergency loan?
It is certainly possible however you may find that your choice of lenders will be far more restricted than somebody who is in employment.
However, if you are on benefits or are unemployed we would not recommend using emergency cash lenders because of the costs associated with these types of high cost loans – we would encourage you to look at alternatives first such as applying with your local credit union, asking family or friends or checking the money advise service for other emergency loan options.
How long does it take to get a loan?
Generally, the loan process is very fast, after applying you’ll usually be given an instant online decision and if your loan is accepted, you will be invited to sign the paperwork electronically.
You can do all of this from your mobile phone or computer and after signing the documents and the lender has made their final checks, you loan will be sent to your bank account sometimes within 15 minutes or usually within the hour.
This all depends on the times that you make your application of course, applying at the weekend or bank holiday may mean that you wont get your loan until the next working day.
What can I use an emergency cash loan for?
There are many reasons that people would need an emergency loan, usually it’s for something that is totally unexpected. It could be for essentials such as:
- Car repairs
- Home repairs
- Fixing a broken boiler
- Emergency medical bills
- Emergency vet bills
Emergency loans can help with all of these types of issues because they can be approved and paid out extremely quickly meaning you can deal with the issue you need to the same day.
How do I repay an emergency loan?
The lenders featured on allthelenders will typically arrange equal monthly repayments – so that you know exactly how much you will be repaying each month. All you need to do is make sure that you have money available in your account on that specific day for collection. When borrowing money with our lenders, you are in control.
You can select exactly which day you would like your repayments to come in, and most people will choose the day that they get paid from work, which is usually the last Friday of the month or the 25th of each month. Loan providers will use a system called continuous payment authority which collects the amount owed from your debit account each month on the scheduled date. This is an automatic system used for recurring payments and means that you do not have to call up, go to the bank or send anything in the post – as it is all taken care of.
Where can I apply for an emergency loan?
allthelenders work with more short term, emergency lenders than anybody else and we offer you 2 different ways to apply for your loan.
Price comparison – visit our price comparison page and we will show you all of the lenders that offer loans and how much they’ll cost. From here, you pick the lender you want to apply to and you can go directly to their website and apply with them directly.
Alternatively, you can use our Eligibility Checker and fill out one simple form and we’ll search the market for you and tell you which lenders would accept your application before you apply – this uses just a soft search of your credit file so it will not harm your credit score at all.