Are you struggling to make ends meet this month? Sometimes life can throw an unexpected curveball at us, and no amount of budgeting or saving can help. If you’re faced with a financial emergency such as a large medical bill, your car’s broken down, or any other reason, then you may be looking at emergency loans. We are proud of being able to provide emergency loans to those who need it, as quickly as possible. With an efficient application process, and a number of affordability checks to ensure that we are only lending to those who can truly afford it, we can help you to pay off unexpected expenses without a lengthy application process. Whatever you need, make sure to turn to LoanPig.
What Are Emergency Loans?
Emergency loans can be used for a number of purposes, with some of the most common being:
• An unexpected medical bill.
• A car breaking down.
• Urgent home repairs.
Emergency cash loans are ideal for those who are in need of a small amount of cash, for a short term period, quickly. Once your application is approved, you will receive the emergency cash within 24 hours (with many cases being less than one hour), in order to help you deal with the financial emergency when you need it most. Emergency loans are a form of alternative payday loan, but can be paid across a number of months rather than in one lump sum at the end of the month. This helps to make them more affordable, giving you a more flexible and manageable repayment approach. In many cases, you will also be considered for an emergency loan if you have less than perfect credit, from a responsible and reliable lender.
Who Takes Out Emergency Loans?
Emergency loans are suitable for almost anyone, as long as you are currently in work and can afford to pay the loan back, and are over 18 years of age. Emergency loans are designed to only be used over a short period of time. Many lenders will have an eligibility criteria that you will need to meet in order for your emergency cash loan to be approved. Here at LoanPig, we aim to match you with the most suitable lender in order to provide you with an efficient, easy and fast process, and you can find out more about our eligibility criteria in our FAQs.
How Are Emergency Cash Loans Different To Other Loans?
Emergency cash loans are designed to help those in a financial emergency over the short term, rather than be a lengthy financial commitment like some bank loans can be. Here at LoanPig we can provide you with a match to a lender who offers from £150-£700 over a period of 2 to 6 months. With a short repayment period and access to cash quickly, an emergency cash loan can help you when experiencing a difficult situation. There are a number of different types of loans to choose from. Firstly, you have a bank loan which is often a long term loan with repayment periods of a number of years. Alternatively you can turn to payday loan lenders for emergency cash loans. The applications here tend to be a lot faster, and you can repay the loan over a short-term period. However higher interest rates can be a put off for those who are looking for a cost-effective option of borrowing money. You could also choose a credit union loan from a local set up. However some credit unions may not lend amounts as small as a payday loan lender, and you may need to have some form of savings before they will lend to you.
What Is An Unsecured Emergency Loan?
One of the biggest benefits of emergency cash loans is that they are unsecured. This means that your loan is not tied to any of your assets. This means that if you fail to repay on time, a lender will not be able to take your car, home or any other asset as part of the repayment. An example of a secured loan is a mortgage. A secured loan can be a big commitment, whereas an unsecured loan will tend to have higher interest rates as lenders protect themselves without having an asset secured against the loan. Knowing whether an unsecured or secured loan is right for you is an important consideration when taking out emergency loans.
Does LoanPig Offer Emergency Cash?
Here at LoanPig, we aim to match your needs to a lender who can provide you with emergency loans quickly. We offer a variety of options across a range of lenders in order to help ensure that you can get the money when you need it. Emergency cash loans can be extremely helpful to those who need them, and are often used as a last resort by those who can’t borrow from other alternatives like banks or family and friends. We will take into account your financial situation, how much money you need, the requested repayment period and match you to a lender who can help.
What Is The Difference Between Bank Overdrafts & Emergency Cash Loans?
When some people are short of money, they find themselves falling into a bank overdraft. While an arranged overdraft can have some benefits, when people fall into an unarranged overdraft, there are a lot of fees and charges. A bank overdraft is essentially a deficit where people are spending more than what is in their bank account. Emergency cash loans on the other hand are borrowed from lenders which you then repay over a period of time. Find out more about the difference between bank overdrafts and emergency loans with our blog.
What Is APR?
When taking out a loan or dealing with almost any financial product, you will come across the three letter abbreviation ‘APR’. APR stands for Annual Percentage Rate and is a percentage that tells consumers how much their loan will cost them, including interest rates and any fees and charges. APR is used by all lenders and is calculated in the same way.
How Does APR Affect My Emergency Loan?
APR on an emergency loan will help you to determine how much you will be paying back over the duration of your loan. There are a number of factors that can affect your APR and how much you pay back on your emergency loan. For example: your credit history, your history with the lender, how much you want to borrow and how long you can borrow it for all has an impact on the APR of any short term loan you take out.
How Do I Apply For An Emergency Cash Loan?
Applying for emergency loans with LoanPig is simple. All you have to do is determine how much you want to borrow and how long for. In our online loan calculator we will show you how much your interest rate will be, how much you will have to pay back per month, and the total amount repayable dependant on your selection. After this, we will ask you to fill in a few personal details and then match your needs to the most suitable lender.
Are There Any Checks Carried Out During My Application?
When applying for emergency loans, a number of eligibility and affordability checks will be carried out. This is to help us stay in line with our responsible lending practices and to ensure that all of our customers can truly afford to repay the loans that they are looking for.
Can I Get Emergency Cash With Bad Credit?
While a credit check will be carried out upon application of an emergency cash loan, that doesn’t mean it is impossible for an applicant with bad credit to be eligible for emergency cash. We understand that the majority of our customers will have a less than perfect credit score, and instead take a closer look at their financial situation in order to assess affordability. This means we can offer bad credit loans to those who we deem eligible.
Do Emergency Cash Loans Help My Credit Score?
While repaying any type of credit can have a positive effect on a credit score, emergency cash loans should not be taken out with the sole purpose of improving your credit score. If you repay the emergency loan in full or on time, then the effect on your credit score will only be a positive one. However, missing repayments can have serious financial consequences and will be flagged up on your credit history.
Can Other Lenders See If I’ve Applied For Emergency Loans?
When you apply for any form of credit, including emergency loans, it will leave a footprint on your credit history. This is not a negative thing however. While other lenders will be able to see if you’ve applied for emergency loans in the past, this will not have a negative effect on your chances of getting out another loan with another lender – unless you have missed repayments previously. In fact, many lenders will not differentiate between emergency cash loans, payday loans and a bank loan, and so may not discriminate on the basis of borrowing money from an emergency cash lender.
How Do I Know If Emergency Cash Is Right For Me?
When considering applying for emergency cash loans, there are a few questions that you could consider asking yourself in order to ensure that you are happy with the commitment you are making. Firstly, you may want to ensure that you can truly afford to pay back the loan, preferably by being in a comfortable financial position. If you have to get into more debt in order to pay off an emergency loan, then it may not be the best option for you. Another thing to consider is if you have exhausted all other emergency loan alternatives. Emergency cash loans can be a big commitment, and some people prefer to borrow from family and friends before turning to emergency cash loans for help.
When Do I Need To Pay Back My Emergency Cash?
The time you need to pay back your emergency loan will depend on the lender and the options you choose when filling out our online application. With LoanPig, you can borrow emergency cash from 2 months up to 6 months. This form of instalment plan can help to make repayments more manageable, ensuring that they are more affordable. Each lender will have a different repayment choice, but the majority will use Continuous Payment Authority in order to take the repayments from your bank account at an agreed date.
What Happens If I Can’t Keep Up With My Repayments?
The flexibility of emergency cash loans and the tighter regulations courtesy of the Financial Conduct Authority has led to making repayments far more manageable. With LoanPig, you can borrow over a period of 2 to 6 months, meaning repayments are smaller in order to help those who need the emergency cash the most. Emergency loans lenders will schedule collection dates for the money to be repaid, but if you miss a repayment your account will generally be moved into arrears and be subject to a default fee (up to a maximum of £15). After this, interest will continue to accrue on the remaining balance of your loan. Late repayment can result in serious money problems, so if you are struggling to make repayments it is important that you let the lender know as soon as possible. If you give them enough notice they may be able to arrange a flexible repayment plan, rollover or renewal of your emergency cash loan.
Why Should I Choose LoanPig?
Here at LoanPig, we can provide you with a flexible, efficient and affordable way to borrow emergency cash when you’re facing a financial emergency. We follow responsible lending practices and so ensure that we have an eligibility criteria in place to ensure we only allow those who can afford it to borrow from lenders. We will work our hardest to match your application with a suitable lender. We are also regulated by the Financial Conduct Authority, and follow their guidelines to ensure that we are in line with the industry best practices. If you’re looking for a responsible and reliable payday loan lender, then turn to LoanPig today. Use our online calculator and submit your application now.