Are Emergency Loans Right For You?
What would you do if your washing machine suddenly broke down, or your car stopped running when you were halfway home from work?
In an ideal world, you’d be able to call someone to repair your broken device or vehicle and pay them with the savings that you have in your emergency account. Unfortunately, that won’t be the case for a lot of people in the current economy.
When emergencies happen in life, we don’t always have the money that we need to deal with them. That’s particularly true when it’s coming towards the end of the month, and we’ve already used all the spare cash that we might have had available in our budget.
How much would you like to borrow?
Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
So how do you survive life’s unexpected issues?
The truth is that no matter how well-prepared you might be, unexpected problems can occur in anyone’s life. Even if you have the perfect budget and a little cash put away for a rainy day, you might not have all the money you need when disaster strikes.
The good news is that there are loans specifically designed for people who need to solve problems fast. Emergency loans are quick and convenient solutions for anyone who needs to borrow money without having to worry about the inconveniences of traditional or conventional lending.
What is an Emergency Loan, Anyway?
An emergency loan, otherwise known as an urgent or payday loan, is a short-term lending solution for people who don’t have time to wait around for personal loan requests to be approved when you need money now. When you’re dealing with an unexpected emergency in your life, you won’t always have the time to wait for a personal loan application to go through. After all, banks and building societies often require a lot of complicated meetings and checks before your loan can be approved.
Another thing that emergency lending can be good for, is when you only need to borrow a small amount of money for a short period of time. While traditional lenders require you to borrow a minimum amount from them to get the best deals on your loans, you can lend as little as £50 from a payday lender without any repercussions. You’ll also get the benefit of being able to pay off your credit and get out of debt within 30 days – which takes a huge amount of stress off your mind.
Emergency loans aren’t intended for complicated lending strategies when you need to borrow money for things like a new car, or a down payment on a home. Instead, this form of urgent, or short-term lending is specifically designed for people who need to get access to cash as quickly as possible.
So, what might you use an emergency loan for?
There are a lot of things that you might need to borrow from a payday lender. For instance, these short-term loans are excellent when you have:
- Unexpected bills to pay for
- Vet expenses to deal with
- Sudden car repairs to manage
- Home emergencies to overcome
- Replacements for critical household items and appliances
One of the best things about an urgent loan provider is that they won’t even ask you to explain why you need to borrow the money that you’re asking for. Instead, they’ll simply check your credit and affordability and give you the cash you need, often within 24 hours or less.
Are Urgent Loans Easy to Get?
When you’re dealing with a sudden emergency in your life, the last thing you need is for a complicated application to hold you back. No-one wants to fill out piles of paperwork or go through multiple meetings with financial professionals to get the money that they need.
The good news is that the lenders that offer emergency cash advances are devoted to giving you a quick and simple way to getting the money you need. If you apply with a cash advance broker like Boutell you could find that your application process is even easier than you expected.
Working with a broker like Boutell means that you can avoid the headaches and hassle of comparing loan options from different companies to find someone who can give you the best deal. Instead, you get to fill out a single application form, which we use to present your case to lenders that are regulated and approved by the FCA. After the lenders have conducted a soft credit check which doesn’t leave any marks on your file whatsoever, they can tell you whether you’ve been approved for a loan and offer you the cash that you’ve asked for.
We can come back to you then with all the information that you need to make an informed decision about who to borrow from. For instance, we can tell you the APR and interest rates of each loan provider, as well as how much money they’re willing to offer you. There’s even an option to browse through the terms and conditions of each loan before you move into the next step, so you know exactly what you’re getting into.
Once you’ve decided on a lender that you want to continue your application with, you agree to the terms that they’ve laid out for the loan, and they’ll conduct a hard credit pull. With a broker like Boutell, a hard credit check is only performed once you’ve decided who you want to borrow from. This is great for your credit rating as it means that you end up with as few fingerprints on your file as possible.
Can Anyone Qualify for Urgent Lending?
There are many great benefits to short-term and payday loans for today’s emergency borrowers. For instance, with an urgent loan, you improve your chances of getting access to the exact money that you need to borrow as quickly as possible, without any complicated application forms. Another big benefit of this form of lending is that practically anyone can be approved.
Unlike most conventional lenders, payday loan providers don’t look just at your credit rating to decide whether you should be approved for a loan. Instead, they assess your current situation and affordability to see whether you can afford to pay back what you borrow within a reasonable period of time. This makes it much easier for people without a perfect credit rating to get the money that they need fast.
As long as you’re a resident of the UK, you’re aged over 18, and you don’t have any prior bankruptcies or dangerous red flags in your credit history, you’re already on the right track to getting the loan that you need. More often than not, you’ll even find that this kind of lending doesn’t require any in-person meetings at all. Instead, you can finish your entire application online.
Because many short-term loan providers operate online, they can go through your application a lot faster than conventional lenders. Many providers will be able to get you the money that you need to borrow into a registered UK bank account within 24 hours or less. Just keep in mind that the exact time you get access to your loan will depend on a number of factors, including the day and time that you apply for the money that you need.
You may find that it takes slightly longer for you to access the money that you ask for if you’re asking for a large amount of cash – or something close to the maximum that the lender offers. Additionally, although most online short-term loan providers will still give you access to money over the weekend and on bank holidays, some companies don’t operate on certain days, so you’ll need to keep this in mind when you’re completing your application.
Getting your Emergency Money
Emergencies happen in all walks of life, no matter how well prepared you might be. Sometimes, there’s nothing you can do to protect yourself against a situation that causes you to need extra assistance or money. However, with a broker like Boutell, you can at least make sure that you have the assistance you need to get back on your feet as quickly as possible when something goes wrong in your life.
When you successfully apply for and receive an urgent loan with Boutell, there’s no need to jump through a lot of complicated hoops like you normally would with conventional lenders. At the same time, you won’t have to worry about adjusting your budget to manage months of paying off your debt. Unlike conventional lending options, you can get yourself out of debt within a month or less. This means that getting back into a regular routine with your money is a lot simpler.
When an emergency happens in your life, all you want to do is deal with the issue quickly and move on. Unfortunately, most typical quick loan providers simply don’t allow for this kind of fast-paced resolution. The good news is that there are options out there for borrowers who want to take a different route. Contact Boutell today to find out more about getting emergency money from a loan provider.