Emergency loans

How they work

Typically, nothing could be simpler — providing you approach a specialist in emergency loans.

All you’ll typically have to do is:

• state how much you need and over what period of time you wish to repay it;
• provide some basic information about yourself; such as confirmation of your place of residence and income status.

An objective of emergency loans is to move quickly. Therefore, you won’t see any bureaucracy or extensive form-filling. You’ll typically get a very rapid answer and if it’s positive, very fast access to funds in your bank account.

Bad credit and variable income loans

There might be no need to be overly concerned about your credit status.

Lenders offering emergency loans in the UK are required to conform to official regulations relating to lending money. They are legally obliged to check that there is a realistic prospect of you being able to repay the loan and that means a credit check will be performed.

However, very large numbers of people have negative marks recorded on their credit history files. There is no stigma associated with that and lenders will have seen it all before.

As a result, there are emergency loans for bad credit cases.

Lenders also typically realise that some people might struggle to show that they have conventional regular income. Perhaps they are self-employed, part-time workers or part retired etc. Providing there is some evidence of income, those situations might not be a problem.

That’s why it might well be possible to find emergency loans for people who are unemployed or on certain benefits.

With emergency loans, direct lenders will make all possible efforts to find a solution to your needs.

Of course, no lender can guarantee unconditionally in advance that they will be able to meet your requirements. All will reserve the right to decline a loan request if they believe that it would not be in the potential borrower’s interests to offer the sums involved.

Flexibility

As a general rule, lenders will not require an in-depth explanation as to why you need the cash.

Furthermore, modern emergency loans can be repaid over a period ranging from a few weeks up to two years. The sums available might normally be around a minimum of £100 up to £3,000.

Of course, the longer you select to repay the loan, the more it will cost you overall.