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Emergency Loans & Options for Bad Credit

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Emergency Loans & Options for Bad Credit

We never know when a financial emergency will arise, and emergency loans might be a good option if you need cash immediately. Emergency cash can be used for anything from an emergency boiler repair to a new set of tyres for your car, and the release of the funds can be quick.

But, what is an emergency loan? An “emergency loan” generally acts as a catch-all term. It covers any type of financial loan that is short-term. Things like payday loans and loans on short repayment terms might be considered an emergency loan because they’re quick to receive and are paid back fairly quickly.

 

When to Take Out An Emergency Loan

 

Everyone’s situation is different, therefore, you must decide when emergency loans are appropriate for your financial situation. Here are a few common reasons that people turn to emergency loans:

  • You don’t want to use credit cards or they are maxed out — A credit card can be handy in a  financial disaster, but if you’ve reached your credit limit or have bad credit, cards won’t be able to aid you with a spending emergency.
  • Your savings won’t cover an unexpected bill — While a household emergency fund protects against some unexpected costs, most UK households don’t have too much money set aside for when unexpected costs arise, it can be tough to get together the funds to cover bills.
  • You cannot wait until payday – Emergency loans deliver cash almost immediately and this makes them a suitable option if you need some cash but can’t quite wait until your pay hits your bank.

 

Emergency Loans for Bad Credit

 

Bad credit doesn’t always mean that emergency loans are out of the question. The struggle comes when trying to work out where exactly your best loan options are and how you can your hands on emergency cash quickly.

If you’re trying to get an emergency loan with a missed payment or CCJ on your credit report, your options might be slightly more limited. If you go through a broker a lot of this worry can be eased as a broker will do a lot of the hard work for you. Badger Loans, for example, will present your case to a panel of over 40 lenders to see which loans you will qualify for. You won’t have to do multiple credit checks to see which can and can’t work — so that’s another mark missing from your report that can work in your favour.

 

Do You Get Emergency Cash Immediately?

 

The time it takes to receive funds will vary from lender to lender but because of the nature of emergency loans, it’s usually pretty fast. There are still a number of things that can impact approval speed, and here are a few…

  • The lender you choose and their policies
  • Your own credit history and application
  • The amount you are borrowing
  • The time of day (if it needs manual approval)
  • Bank Holidays (and sometimes weekends)

When it comes to arranging an emergency cash loan, Badger Loans responds quickly. The entire process takes less than 15 minutes, and if your criteria match what the lender is looking for, you can have your money deposited directly into your bank account the same day.

 

Will I Be Accepted for An Emergency Loan?

 

It’s hard to say whether you will be accepted for an emergency loan. They’re usually decided on a case-by-case basis. Saying this, there are a couple of things you can do to give yourself the best chance of securing a loan.

 

Understand Your Credit Report

 

Your credit report isn’t the be-all and end-all of getting your hands on emergency cash, but it can impact which lenders are the best to go to as some are more strict than others. Along with the reason you give for taking out an emergency loan, you will find that your credit report (and more specifically, any marks on it) will have the biggest impact on your acceptance.

Typically lenders that are newer to the market will be more strict as providing a short-term loan holds more financial risk.

 

Compare the Best Emergency Loans

 

How do you know which are the best emergency loans? Of course, you can take the time to analyse all of your options yourself, but the likelihood is that an emergency loan needs a quick payout. In these situations, you have a few extra options, one being finding a broker website (like this one.)

Badger Loans provides a quick and easy way to get an emergency cash loan without the need for guarantors. It’s really simple to apply for an emergency cash loan with Badger Loans. Fill out a short form and you’ll be put in front of our panel of over 40 lenders. Borrowing amounts range from £100 up to £15,000 over 3 months to 5 years. Apply now to see how much we can help you!

 

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