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Have you ever been in a situation where you've considered applying for an emergency loan? It's one thing to ask a friend to lend you a few pounds until the end of the week if your account has run dry. It's something altogether different, though, to need several hundred pounds, or even thousands, to solve whatever financial pickle you're faced with.
One of the most common queries we get when people want to know more about loans relates to credit checks. If you're considering an emergency loan, could your credit application get held up just because of a credit check? Could your credit history be an issue?
If your internet search for information on this topic brought you here, make sure you've got a few minutes to stay with us. We can give you the benefit of our experience in this field, as we learn more about emergency cash loans, bad credit challenges, and finding emergency loans online.
We're here to help you find some peace of mind, even if you're faced with a financial emergency.
Yes. However, all the while you're looking at and comparing emergency loans, you shouldn't need to go through this process. It only happens when you apply for credit from a lender.
This is also why we do not recommend you apply for a loan from more than one lender. It may seem like a good approach - you might see two or three loan products that look good, each from a different lender. So, if you apply for all three, you can just pick the one that you're accepted for, yes?
Well... no. That is far from the best way to apply for a loan. In fact, it could make it even harder to get the loan you need.
Lenders do check and see if you have good or bad credit. Some do work with people who have bad credit. But each application you make with a lender is going to leave a mark on your credit history. All the lenders you apply for a loan with are going to see the marks made by the others searching.
And since all those marks are going to appear on your record at around the same time, it's going to look bad. Credit could be harder to get because of this, especially if you had bad credit to start with.
Here's an important fact to take away from this article at the start. Lenders can't check your credit score without asking you. This is reassuring because it means you cannot accidentally be checked without realising it is going to happen.
A soft check is often performed in the early stages, i.e., when you ask if you may be suitable for emergency loans, whether you have bad credit or not. This doesn't leave a mark though.
The formal check that leaves a mark on your record only happens when you make your loan application.
Most people who look for an emergency loan need the funds quickly - as quickly as possible. Yet it is important to still be smart when looking around for loans.
If you're in a hurry, you might well feel tempted to apply for an emergency loan with the first lender you see. However, that lender may not be ideally placed to lend you that money.
There are various lenders for different portions of the lending marketplace. Pick one that isn't well suited to you and your credit score (more on that topic in a bit) and you stand a higher chance of rejection. That would mean your credit score has dropped slightly from the official check by the lender - and it has happened unnecessarily.
We work with over 50 direct lender loan sources. They're experienced in helping people with a loans emergency who need some cash quickly.
They also tend to be more welcoming to those whose credit history isn't at the upper end of the scale. When you use our form, you only need to complete a few details for us to "head off" and quickly look at a series of possible emergency loans. We'll then connect you to which one looks suitable under those circumstances.
We get it - you might be thinking it would be faster if you could skip that part. You may also think you'd have a better choice of loans if lenders didn't review your credit score first.
It makes sense, but lenders need to be sure they're lending emergency loans (along with other long and short term loan offers) to those who can repay them. There can still be problems in a few cases, of course, but in most cases, people who want to borrow emergency loans do pay back the credit they were given.
If credit scores weren't checked like this, there would be more problems. In a sense, the lender is acting in a way that protects you as well as them.
So, if you find a site that says you can avoid credit checks on short term loans or any other loan online or offline, you know you're reading incorrect information. Emergency cash loans no credit check do not exist.
You already know that emergency no credit check personal loans do not exist. So, you must think about whether there is a chance of finding quick and easy emergency loans online that will supply the money you need.
You don't necessarily need an outstanding credit report to get the money you need when looking for a loan. The way to approach this is to find a lender that caters to people much like you.
We've yet to cover the reasons why you might want an emergency loan to start with. Clearly, the name alone suggests you need cash as quickly as possible. Even if you have savings or you live within your means, life could see an event occurring that you cannot afford to deal with unless you take additional steps to do so.
Here are a few reasons why you might get an emergency loan. Even if you are on a regular income, you may not have enough cash put by to deal with any of these challenges. This means you may decide to try and borrow some funds instead.
Some people who have been approved for an emergency loan originally applied for the loan because they needed to get their car fixed.
Have you noticed how expensive car parts are? When you add on the labour costs, you can soon rack up a huge bill. Sometimes it can be cheaper to get another car, but even in that case, you still need to find the money to do so.
Some students manage their bills and outgoings well, handling student loans and getting income from one or more part time jobs. But let's imagine for a moment that even the most diligent of students has an old car they rely on to get to college, university, or their job (you can see where this is going!).
If that car needs some work on it to keep it on the road, they'll need to pay for it. And a loan may be one of the things they'd consider in this scenario. They might need to borrow something if they don't have enough money in their bank account to resolve the issue.
Emergency student loans no credit check aren't possible, as we know lenders will need to check their credit before issuing a loan. However, they could still apply for an emergency loan online if they can meet the repayments.
These never happen at the best times, do they? A storm reveals a leaky roof. Guttering comes away from the side of the building because the fascias are rotten beneath. A tiled floor is damaged with chips out of the tiles that could lead to cut feet if you're not careful when walking on it.
Repairs like these can't be delayed for long. It is in your best interest to see what you have in your bank account, and if you need to borrow some money, even if only until payday, you can think about a short term loan at a reasonable interest rate to help out.
The best way to begin is to know your rating. You can then look for a loan from a provider who caters to people in that same bracket.
So, it's more about choosing the best lender than applying for the loan with the lowest interest and most affordable repayments. Your repayments should be affordable, of course, and yes, you do want a decent interest rate.
However, these are both likely to be higher if you have poor credit. Fortunately, you can find out the figures and assess your own affordability before formally applying and accepting any loan.
An instant decision at the click of your fingers may not quite be the reality. We also know that a credit check does need to happen before lenders will agree to drop some cash into your bank account.
However, applying online is always faster than taking any other route. If accepted, you could receive the money in your account on the same day - very often quite quickly too. Ideal for emergencies. And with a payday loan, there is just one repayment, not multiple repayments to make. You'll only pay interest on the amount borrowed, returning the whole sum in one go.
Some people look at these as a possibility when searching for emergency loans that are smaller in value. The larger a loan is, the more likely that you'll need to make several repayments over time, rather than clearing it in one go.
We've seen some of the many reasons why you may need some emergency cash. Since those reasons may require anything from around £100 to several thousand pounds, it is reasonable to consider which type of loan to look for when you get an emergency loan.
Many lenders go for the payday type of emergency loan as it involves lending over one pay period. This means the interest rate is higher than it would be for borrowing over many months. However, it could have its place if you want to see some extra money in your bank account that you can repay once you're paid.
You could use Loanza to speed up the time it takes to find suitable emergency cash loans.
We recommend that you use our online form to make sure our powerful engine can find you a loan offer from our 50+ direct lenders.
Loanza is always here to assist. The cash you need could be in your account soon. If you meet the requirements laid out by the lender best suited to help you, you could get funded within minutes.