Emergency Cash Loans

Emergency Cash Loans To Your DoorA financial emergency can arise out of nowhere and often through no fault of our own – an unexpected bill, the boiler breaks down, that car needs repairing, you need to travel urgently, or perhaps you get the chance of a bargain holiday that is in the plan for next month. Or, as often happens, we simply mess up the monthly budget and leave ourselves short for the month and in need of emergency cash loans.

If you’ve been hit by any such emergency it’s good to know that there’s plenty of UK companies ready and willing to help.

What Is An Emergency Cash Loan.

An emergency cash loan is designed to provide help when you need it and fast – it’s designed to help you over a crisis and is not designed as a long term financial solution. The emphasis for these kind of loans is on speed of delivery and, depending on the actual loan and lender, access to cash can be same day or within just a few days.

There are two main types of emergency loan:

1: The short term “Payday” type loan which provides same day access to cash with a typical limit of no more than a thousand pounds or so which will need to be repaid in full on a convenient date to coincide with the next time you are paid. It’s like an advance on your wages that you’ll need to pay back with interest … often high interest!

2: The instalment emergency loan that may take a little longer to obtain (typically no more than a few days) but will provide a more flexible borrowing solution in that the loan can be repaid in several, more manageable instalments over a period of a few months. Again, interest rates could be high so study very carefully.

How Much Can I Borrow

If you’re looking to borrow to get through an unexpected cash crisis you should not be looking for a large amount. To provide such a fast, emergency service the lender needs to minimise risks and act responsibly – therefore maximum loans will typically be set at just a few hundred pound or up to about a thousand in the case of the short term payday loans and from a few hundred up to a couple of thousand in the case of the emergency instalment loan.

Who Can Apply

You’ll usually need to be a UK residing adult with a UK bank account and active debit card. You’ll also need to be in receipt of a regular income although just how much depends on the loan and size of loan applied for. You will however need to ensure that the loan is affordable.

A less than perfect credit rating and even CCJs will be considered in many cases and by a  variety of lenders – shop around if you know this to be the case as there are many lenders who will look at your current situation and not at what may or may not have happened in the past.

What Can I Use The Money For.

Money can be used for any purpose but think carefully why you need it. Emergency loans are designed to get you over a short term crisis – they are not designed as a long term solution. You should therefore make sure that you only need such a loan for a short period and that you can comfortably repay it when it falls due. Think about what happens when this repayment is made … will it leave you short again and in need of a further loan because if it does you need to consider your options very carefully so as not to fall into the payday loans trap of having to take out another loan because you’ve had to pay a loan off!

More Information

For a genuine, short term emergency it’s great to know that help is out there and readily available but just make sure you use this help correctly. These loans are designed to provide short term emergency help only – they are not a quick fix to a long term problem. Interest rates are usually quite high but should always be quoted in advance – keep your eye on this and make sure you seek professional advice before entering into any form of financial commitment or contract.

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