Understanding Emergency Loans
Learn about emergency loans What are emergency loans?
Emergency loans, otherwise known as an emergency cash loan, are a quick short-term loan that is intended to be used for unexpected expenses. They are designed to help borrowers make ends meet in difficult financial situations, such as car repairs and unexpected bills.
How does an emergency loan work?
An emergency loan is designed to be a short-term loan that is used to cover unexpected emergency expenses. Usually the amount borrowed is small to cover the cost of an unforeseen circumstance. An emergency loan is similar to a quick loan, as approval needs to be quick to ensure that you can receive money fast.
Almost everybody will experience money problems caused by unexpected bills at some stage in their lives. Often, it’s simply that your regular income isn’t enough to cover the additional costs. If this sounds like your situation, applying online for an emergency loan may be right for you.
How quick is an emergency loan?
You can receive a quick emergency loan on the same day you apply. Lenders understand that emergency cash loans need to be accessed ASAP, so that’s why they try to make an instant decision when assessing your application. In some cases a lender can transfer the money into your account within 15 minutes of the loan being accepted.
Will I be approved for an emergency loan?
Approval for an emergency loan is subject to your application. The panel of lenders we work with are flexible and approve many emergency loan applications, even people who have a bad credit score. The lenders we work with don’t just assess your credit rating, they also look at whether you can afford the loan and make the repayments on time. This means there are lenders who will approve applications for bad credit emergency loans.
The basics that you need to meet when applying for emergency cash loans are:
- You’re over the age of 18.
- You’re a legal UK resident.
- You have a regular monthly income.
- You have a UK bank account.
How much can I borrow with an emergency loan?
You can borrow up to £5000 if you apply for an emergency loan. Typically an emergency loan is usually a small amount or enough to cover the emergency cost. So you should only borrow how much you need and not over borrow, otherwise you could find yourself in financial difficulty.
What can you use emergency loans for?
An emergency cash loan can be used for any immediate expense you need to cover. They are usually short term loans that are used to pay for essential items and services where you need the funding right away. Some common reasons for using an emergency loan include:
- Car repairs
- Emergency travel
- Lost and stolen valuables
- Medical/dental expenses
- Unexpected bills
- Unexpected repairs
Should I borrow money if I'm already in longstanding debt?
It is not advisable that you borrow money to cover long standing debts. Borrowing money to cover long standing debts or borrowing more than you can afford, can lead to financial difficulties.
If you are having problems with debt you can contact the following organisations who are able to provide free advice to people struggling with debt:
How to get a loan with bad credit Can I get an emergency loan with bad credit?
Yes, you can get an emergency cash loan with bad credit. Lenders and credit brokers assess several factors when looking at a loan application, not just your credit score. Lenders can be flexible and will offer emergency loans to people with bad credit, as long as they believe that they can repay the loan. Registered in England, Flexy Finance are a broker of emergency and same day loans. We think that a bad credit score shouldn’t count against those who need an emergency loan. Bad credit is just one of many factors we consider, including;
- Your management of bank accounts and debt
- Your current financial situation
- Your ability to afford monthly repayments
How can I get an emergency loan with bad credit?
The lenders that we work with don’t just focus on bad credit, but also look at whether or not you can afford to repay the loan that you apply for to ensure responsible lending.
Regulated by the Financial Conduct Authority (FCA), we’re a credit broker of emergency loans for clients with a variety of credit histories, including those with bad credit. You can get an emergency loan with us of up to £5,000.
Where Can I get an Emergency Cash Loan With No Credit Check?
All short term loans, such as payday loans, are authorised and regulated by FCA. This requires all payday lenders to carry out appropriate affordability and creditworthiness checks on all applicants before they’re approved. So, you will need to have a credit check before you can access an emergency loan. Bad credit however, will not prevent you from accessing our emergency loans if:
- You have a regular paying job
- You have an active UK bank account
- You are a UK resident
How can I get an emergency loan? How Can I Apply for an Emergency Loan?
At Flexy Finance, we make applying for emergency loans online quick and easy. Our application process takes just a few minutes. Get started with your application now if you meet the following conditions.
- You're 18 years old * You're a legal UK resident * You have a regular income * You have an active UK bank account The application form is entirely online and can be used with your phone, tablet or computer. It means you can choose to apply whenever is convenient for you.
How do I apply for an emergency loan?
The application process for an emergency loan can be completed in 3 easy steps.
1. Complete the online form: Simply complete and submit the online application.You’ll need to provide how much money you want to borrow, repayment details and some personal information. 2. Receive an offer: Your loan application will be assessed by us and a lender. The lender will then make you a loan offer and show you the terms and conditions of the loan. 3. Get your loan: Once you accept the loan, you can receive the money into your account the same day, in some cases it could take 15-minutes.
How Can I Get Emergency Money Fast?
When you’re in need of emergency funds, there are several options for you to choose from. They all have their own pros and cons and some may be more suitable for your needs than others. Here are some of the most common options;
Sell possessions that you neither need nor want.
Get a second job or side hustle to supplement your earnings.
Arrange an overdraft with your bank or building society.
Take out a secured personal loan.
Use an advance on a credit card.
Apply for a reverse mortgage or take out a home equity loan.
How does representative APR work on emergency loans?
*APR stands for ‘annual percentage rate’.** Representative APR is the total cost of borrowing money over a year, which includes the interest and standard fees you will have to pay.
It is ‘representative’ as 51% of applicants will receive the same rate of interest, or lower, that is advertised by the lender. Therefore, it is not guaranteed that customers will receive the same APR that is advertised.
Instead, a customer will likely be offered a personal rate on a loan, which can be lower, higher, or the same as the advertised APR. Personal rates are generally influenced by factors such as credit score, personal finances and how much you want to borrow.
With the lenders we work with at Flexy Finance, the representative APR that we advertise is 1013.30% APR.
Why choose Flexy Finance for an emergency loan? Why choose Flexy Finance for a loan in an emergency?
We know you might not want to tie your loan to your house or use high interest rate credit cards when you’re faced with an unplanned expense. With our emergency loans, your emergency funds reach your bank account quickly and you repay your total repayable in flexible payment periods of 1 to 24 months. Further benefits include -
- Applicants with all credit backgrounds are accepted. * Our online application process takes just a few minutes. * You’ll receive an outcome on your application in as little as 15 minutes * You’ll receive your loan in just 24 hours*
What are the advantages of applying for emergency loans online?
Money problems caused by an unexpected expense can be helped in many ways. Nevertheless, applying for emergency loans online is perhaps the best way to get you out of your financial jam and nurse your bank account back to health. The advantages include;
- People with all kinds of credit histories are accepted for an emergency loan; bad credit scores and weak credit files included.
- Applying for emergency loans online is easy and can be completed in minutes.
- You will typically find out the outcome of your emergency loan application more quickly than with other emergency funding types, such as a secured personal loan or a reverse mortgage.
- The money could be in your bank account as soon as 24 hours later, helping you to pay your unexpected bills faster and give you peace of mind.
Apply Today - With Flexy Finance!
If you’ve already found yourself in an emergency and think that an emergency loan could be the best option for you, then why not consider applying online with Flexy Finance today.
In times of emergency, when there is no time to waste, head on over to our application form and fill out your application for an emergency loan online.
Can I trust Flexy Finance?
Yes, Flexy Finance is regulated by the FCA and is entered on the Financial Services Register under the reference number: 740571. ©Flexy Finance is a registered Trading name of Quiddi Hub Limited which is an Appointed Representative of QV Holdco Ltd.
QV Holdco Ltd is authorised and regulated by the Financial Conduct Authority, and is entered on the Financial Services Register under reference number: 672826.
At this particularly anxious and upsetting time for all, many of us are concerned with the way in which the global COVID-19 pandemic will affect our finances. This is a concern that is thought and shared by individuals and businesses alike the world over. At Flexy Finance, we understand the concerns that you may be having regarding money and income during COVID-19.
Therefore if you do have any questions during this time regarding any products or services that we provide, our lines are still open and we’re more than happy for you to contact us for further support or information that you may have at this time. Please do not hesitate to get in contact.
Frequently Asked Questions FAQS
What is an Emergency Loan?
An emergency loan is a form of short term credit, to be used specifically when borrowers are facing a financial emergency—allowing applicants to be approved in a short space of time. These loans can help borrowers to bridge the gap until their next payday, covering the costs of things such as unexpected bills, repairs or other living expenses.
How can I get an Emergency Loan?
If you have been faced with a financial emergency, then you may be able to apply for an emergency loan via a payday or personal loan lender. However, before you apply to ensure that your individual circumstances will allow you to repay the loan installments without defaulting or incurring high rates of interest.
Why Choose Flexy Finance?
At Flexy Finance, our short term loans and application process are designed to make your application process as smooth as possible. We ensure that you can swiftly apply and receive your instant decision on your loan in the wake of an emergency. Therefore you won't waste any time waiting around.
How can I apply for an emergency loan?
You can apply for an emergency loan by completing the online application. This application will require you to provide some personal and financial information which will be assessed by us and the lender. If successful you will be offered a loan amount and the money can be transferred into your bank account the same day.
The application is compatible with tablets, smartphones and computers, so you can apply where and when you want.
How long do I have to keep making loan repayments?
You can tailor your repayment plan so that it suits your needs. We are able to offer monthly repayments from 1 - 24 months (2 years). Most emergency loans are repaid in the short-term as they are usually a smaller amount of money.
The loan is repaid once all of the loan and interest has been repaid, as well as any charges that may have been added by the lender.
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