We all find ourselves struggling from time to time and may need an emergency loan. Life has a way of throwing the unexpected at us with no warning and most commonly, this is an extra financial expense. It could be that you have been sick or injured and unable to work for a week or two so your salary isn’t up to the usual amount, or that your fridge has started playing up and needs repairing or replacing.
Emergency loans for people with bad credit
If you have a bad credit score, these situations can be very stressful as you don’t have access to a credit card to tide you over until you get back on your feet. There is help available though, in the form of an emergency payday loan. These loans are available to those of you who have a poor credit scores as long as you have a job or other source of income, are over 18 years old, live in the UK, and have a bank account and are often referred to as bad credit loans or payday loans for those with bad credit.
Where to find emergency loans with a poor credit score?
Emergency payday loans are not offered by your traditional lenders like banks and building societies, so you don’t have to go through the same, long and slow process of application. Emergency payday loans are offered by direct lenders, and most of them can be found online. The method of applying for one of these emergency loans has been streamlined quite significantly when compared to something like a bank loan, and you can do it all from the comfort of your computer. You can also get help with applying for loans with multiple lenders all at once by contacting a payday loans broker, thus speeding up the time it takes to get the money you need, and increasing your chances of being accepted for a loan.
Can I get a loan with no credit check?
To put it simply, loans with no credit check don’t exist. There will always be some kind of check no matter who is offering the loan as it is required by the FCA (Financial Conduct Authority). The difference between the check that is done by a direct lender and one from say a bank manager, is that a direct lender are not really that interested in what happened with your finances years ago. They are more concerned with the here and now.
Are you working and able to make the repayments? This is the most important thing a direct lender needs to know when they are assessing your eligibility for an emergency cash loan.
How fast can I get an emergency cash loan from direct lenders?
For the most part, payday loans from direct lenders have been designed to be quick and straightforward to apply for.
These lenders know that people want their money in a hurry to deal with whatever problems they are currently experiencing and will process applications much faster than a bank, usually within a few hours. If you are successful in your application, the direct lender will offer you a fast loan with the interest rate and repayment schedule set out. If you accept the offer the funds should be transferred into your account as soon as possible.
To make your application go as smoothly as possible, and to give yourself the best chances of being accepted for an emergency payday loan, please make sure the information you provide is accurate and you have documentation to back it up.
Are there emergency loans from direct lenders for students without guarantor?
Yes, emergency loans are available for students but the interest rates on these types of loans are typically higher than with a government student loan so it might be better to go down that avenue first before looking for a loan without guarantor. If that isn’t an option for you, then you can apply and get a loan for students from a direct lender. These types of loans can sometimes be helpful when you are only a week or two away from getting your student loan instalment and need a financial life raft to help you get to dry land, you can also consider student payday loans too. As long as you pay the loan back in time, an emergency payday loan from a direct lender will not harm your credit rating.
Compare emergency loans |
||||
|---|---|---|---|---|
Total Amount |
Length borrowed for |
Monthly APR example Representative 1266% |
Loan total |
Monthly repayment |
£100 loan |
3 months | 24% | £152.17 | £50.72 |
£200 loan |
3 months | 24% | £304.34 | £101.45 |
Can I get help with finding an emergency small loan?
As we already mentioned earlier in this article, you can get professional help with your payday loan applications through a broker. Payday loan brokers only require you to supply them with your details a single time and then they will contact the direct lenders on their panel and broker the best deal for you with regards to a small loan. You are not obligated to accept any of the deals that the brokers arrange so the ball is still in your court, and using a payday loans broker will really speed up the process.If however, you want to do it yourself, then I would advise you to do your homework on these kinds of loans by reading reviews of direct lenders from previous customers and visiting payday loan forums and chat rooms.
If no one makes an offer and you really need emergency funding then speak to stepchange.org. If you need emergency help and money for food that is the best place to start. No one has to starve in the UK.