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Research suggests that nearly 20% of all adults in the UK today have less than £100 saved for emergencies.
That's a sobering statistic.
While some people can resolve financial emergencies when they occur, others may find it far more difficult to do so. Of course, it does depend on how much cash someone needs to sort out an emergency. For some, loans could be the only source of assistance.
We can agree on one thing here though - in an emergency when you need money, you don't have the luxury of planning to save up however much you need. An emergency is just that - a situation you quickly need to find a solution to.
And in this case, that solution is going to involve money. It could mean looking for credit to help you out.
So, here's what we're going to look at in this loans article:
Join us as we find out the answers to these credit-based topics.
We're sure you can think of a few without stretching your grey cells too far. Let's go over a few of them now, so you can understand why you might look for emergency cash loans in certain circumstances.
So... what do we mean by the short term? Well, it might be easier to explain if we bring in payday loans. This form of credit only lasts for a few weeks at most. Payday loans revolve around your payday, as you've already worked out, we're sure!
What does this mean for making repayments on these loans? You only make one - you repay the amount of credit you were given, plus interest, when it falls due. This should be your next payday. Payday loans aren't designed to go beyond that point.
That's why they're worth considering for a shortfall of only a week or two if you need an emergency loan you can pay off in full when you get paid.
There are no monthly repayments with this credit type... you just pay the one, to clear the loan and the interest. This applies for every payday lender, whether a direct lender or otherwise.
Cars are superb and useful to have... until they break down. Some people might be able to get the train or bus to give them time to save for the repairs. However, you'd need money to do this, and it could be that you don't have any suitable services near you that would get you to work to start with.
If you found yourself in this situation, a short term loan could be a possibility. Since car repairs are often pricey, you're more likely to need to pay back the money you borrow over several months rather than only the one.
There are various financial services focusing on offering short term loans for this and other purposes, however. Loanza could make much lighter work of helping you find emergency cash for this reason.
Our straightforward form is there if you need it, so you could see whether you could get an emergency loan to get your vehicle up and running again.
It's important to understand what we mean by this. We're not referring to a bargain coat or other item you want to purchase now while you see it. We're talking about something you cannot do without.
Let's say you have a washing machine at home that you rely on to launder all your work clothes and other items... and it breaks. There is no launderette nearby. You're either going to need money to fix it or to buy another one. Without it, that washing pile is soon going to reach epic proportions.
This is what we mean by an urgent purchase (or repair). It's just the kind of situation that might cause you to apply for an emergency loan.
Plenty of lenders specialise in offering emergency loans online to those who need a little financial help. If you want to borrow money for any of the above reasons (or many others, such as vet bills or similar unexpected outgoings), you should always look at the market to see what's available.
The basic idea is to look for a suitable lender, find out the facts about a possible short term loan, and make a loan application. You can learn more about an emergency loan online here, of course, so we could save you time on that front.
Do you have a good, passable, or bad credit history? The answer may help determine whether you could get an emergency loan, no matter the reason.
No two lenders are likely to have the exact same conditions and parameters for considering individuals for short term loans. What does this mean? Well, it could mean that you might be turned down by one lender, while another one might be more willing to lend money to you based on your circumstances.
There are plenty of people who want to know how to get emergency money with bad credit. It's reasonable to say that it could be trickier to do this, but we could also say that it may not be impossible.
There are financial institutions and businesses that focus on people who have bad credit and find it much harder to get cash loans when they're in need of them.
At Loanza, we have connections to over 50 direct lender sources of emergency loans, some of whom focus on potential clients with bad credit. What does that mean for you? It means that if your credit history isn't as solid as you'd like it to be right now, you could still find an emergency loan to fit your situation.
Or to put it another way, just how soon could you receive money if your emergency loan application was approved?
If you use Loanza to search for emergency loans, you'll receive your quote for an emergency loan instantly, just as our site says on the homepage. However, you need to recognise the difference between getting a quote for the money you want to borrow and putting in a formal loan application.
If you find a quote that looks promising and suits your financial situation regarding repayments, you would need to apply to the lender to get a decision from them. The amount of time it takes to receive a decision could vary from one lender to another.
However, the entire process is typically faster when you do it online. An instant decision may not be available, but you could still find out if a lender would accept you for an emergency loan reasonably quickly.
There are plenty of emergency loans out there... all you need to do is to find the one that best suits your financial position. You don't want to pay more interest than necessary, yet you also want to sort out a loan quickly and with little to no hassle. If you could do that, you'd have real peace of mind.
Here are a few tips that should help you work out how to find sources of emergency loans.
Sounds obvious, doesn't it? Yet when you've got a potential loans emergency and you need to borrow funds quickly, it's easy to trip yourself up on this. Check that unexpected bill or do your sums prior to searching for some emergency loans sources.
It doesn't need to take ages to get a free quote for the emergency loan you need. Think of this - if you were to go to all the lenders and sources of financial help that we connect to, individually, how long do you think it might take?
We dread to think! And yet with our online form, free to use and complete, you'll have a competitive quote in no time. In fact, you could get it in far less time than it might take you to read this article about emergency loans to start with!
Lenders need accurate information about you and the loan you'd like before they can formally consider you for that loan.
This means looking at your credit report, making sure you are who you say you are, and considering whether your credit history puts you in a position to take out a loan from them.
Remember that one lender may focus on people with excellent credit, another lender may target those with reasonable or average credit, and another lender might consider those with poor credit.
Remember too that Loanza could help you find a credit offer from one of our lenders online. Our network of lenders could include the one that might work for you when hunting down competitive emergency loans.
Do you still have a few questions about finding lenders for this type of credit loan? No problem, we'll cover a few credit queries for you here now.
Unless you get a payday loan, you'll make monthly repayments. However, they could last for six months, a year, or longer. Look at your financial situation and see how much you could pay back on your loan each month to work out the best time frame.
If you're borrowing credit, you're going to have interest charged on that credit. This means you pay back the loan borrowed plus interest, with a portion of each part paid each month.
Obviously, you need to find the lowest interest rate you can. Rates vary hugely, although you should find that the better your credit rating is, the lower the interest could potentially be on that credit line.
It makes sense that you'd want to know about faster payments when you're looking for a suitable loan in a hurry. Most lenders could transfer loans to current bank accounts reasonably quickly once they've given approval.
There could be differences between lenders, of course, but you could also do a spot of research to find out how soon you could get the loan if you're approved for credit.
We could connect you with one of our network of lenders faster than you could find a source of credit on your own. We've made sure our form is fast to complete, so you could move closer to finding a suitable loan in an emergency.
Fast credit could get you out of a pickle. Loanza is here to see if we could help. You're just one form away from seeing whether your quick loan is out there.