How An Emergency Loan Can Help
Almost everyone is surprised by unexpected bills or expenses at some point in their lives. You might be faced with an unexpected medical bill, your car might fail its MOT, or your fridge/washing machine might decide to stop working. Whatever the financial issue that might arise sometimes you need an emergency loan to help you keep your head above water, that is where LoanPig comes in.
If you don’t have the cash available, or the savings to dip into then you could, all of a sudden, find yourself in a financial emergency. At LoanPig, we are equipped to help you with an emergency loan should the worst occur, providing you with fast and reliable access to the cash you require when you need it most.
What Exactly Is An Emergency Loan?
An emergency loan is a short term loan designed to help people access cash in a financial emergency. If your loan application is approved then your cash can be in your account the same day, which means that you can pay your expense right away, with repayments in structured instalments over a predetermined period of time.
What Can I Use An Emergency Loan For?
Emergency cash loans can be used to help you get through whatever financial situation you’re facing. Some of the more common types of expenses people might use an emergency loan for include:
– Car repair
– Utility bills
– Unexpected medical or vet expense
– Replacement of household items (e.g. fridges or heaters)
– Home repairs
Fortunately, with LoanPig, we provide access to emergency loans that can help you overcome your financial emergency. If you would like to learn more about our cash loans then you can do so here.
How Do Emergency Loans Work?
Emergency loans are a type of short term loan and are considered an alternative to a payday loan. With an emergency loan, you simply apply to borrow the amount of money you need, agreeing to pay it back over a specified period of time. Not only does a payment arrangement make it easier to keep up with your repayment obligations, but it also makes your loan more affordable and easier to manage.
However, with a payday loan you’re expected to repay the entire sum of money that you borrowed at the end of the month as a lump sum payment, or within 30 days of the loan being approved. This can cause a great deal of financial pressure.
How Much Can I Borrow?
Depending on your financial history, your repayment capacity, your employment status and your overall situation, you could borrow as little as £50 or as much as £1500. Always remember to only borrow as much as you can reasonably afford to repay.
How Fast Will The Money Arrive?
In most cases, it’s possible to get your cash deposited into your bank account on the same day that your application is approved.
How Quickly Do I Have To Repay The Loan?
Emergency loans are only intended to be used as a short term solution, so you’re expected to repay them over a short period of time. Fortunately, the loan terms are set up to offer you a high level of flexibility in regards to paying back your loan.
Depending on the lender used to fund your loan and the amount you borrow, you could choose to pay back your loan in as little as 1 months or up to 12 months if you need more time.
Do I Qualify For An Emergency Loan?
Almost anyone can apply for a short term emergency loan. At LoanPig, we have access to a panel of different UK lenders, all of which have specific lending criteria which they check before approving a loan application.
As long as you are older than 18 at the time you submit your application and are a UK resident, have a verifiable source of income and can reasonably afford to pay back the amount you borrow, you should be able to qualify for a fast cash emergency loan to help you pay for your emergency.
If you’re uncertain as to whether you would qualify for an emergency loan, you can check our FAQs for more information.
What Security Do I Need For An Emergency Loan?
An emergency loan is an unsecured loan, so there’s no need to put up an asset or an item of value as security for your loan.
With other types of loans, specifically, a secured loan, banks and lenders will require you to put up an asset as collateral, such as a house or a car. If you miss your monthly repayments, or default on your loan completely then the lender can claim the asset to recoup their losses.
By comparison, an unsecured emergency loan doesn’t require security or collateral. As the lender has no assets secured against the loan, they charge a higher interest rate to cover their risk.
Can I Borrow With Bad Credit?
At LoanPig, we have access to a wide range of different UK lenders, some of which may be happy to help those with a less than perfect credit score. In some cases, you may even qualify to borrow money if you have bad credit.
Will An Emergency Loan Affect My Credit Score?
If you are diligent about repaying your loan on time, your lender will report your level of financial responsibility, which should have a positive effect on your credit score. However, if you miss repayments or are sporadic and/or inconsistent regarding payments, this will be reported on your credit history, which could have a negative effect on your score.
How Do I Apply For A Cash Emergency Loan?
The application process for a fast cash emergency loan is quick and easy. Simply choose how much money you want to borrow and how long you would like to repay your debt, which is quick and simple, use our online repayment calculator here and apply online today.
The convenient online calculator will work out how much your monthly repayments will be and what interest rate you will be charged. If you’re happy with the amounts shown, you can go ahead and enter your personal details and get the ball rolling on your emergency loan application.
Your personal information is always kept secure and completely confidential and is only used to match your financial situation with a lender best suited to help you with your emergency cash loan needs.