Your Emergency Loan Options

Emergency Loans

Emergency loans are generally associated with times in which individuals need fast funding to cover any number of different expenses. The options that are available to you will likely depend on your credit score.

However, there are indeed emergency loan options for those who have a poor credit score. The next time you find yourself needed emergency funds, consider the following three options:

Payday Loans

This is a popular option for those who are employed and need to borrow £1,000 or less. Most lenders do not check credit scores in order to determine approval for this loan type. Instead, qualification tends to be based on employment status.

Payday loans are considered short term loans, and typically need to paid back within two weeks, or on the agreed date. One of the major benefits of this type of loan is that the funds can be received quite quickly. The approval time can be as little as fifteen minutes, after which the funds will be issued.

Payday loans can be renewed should you not be able to repay the loan in full on the agreed date. There are fees associated with renewal. Therefore, it is wise to only accept a loan amount that you feel comfortable with. First time borrowers will likely not be issued larger amounts until they have successfully repaid one or more loans.

Learn more about Payday Loans now.

Logbook Loans

This option can be paid back over time, and is reserved for car owners. When your vehicle is used as security, you may be able to receive a loan without a credit check. The maximum loan amount will be based on the value of the vehicle, with loans up to £50,000 being an option if your vehicle carries a high value.

These emergency loans can be paid back in payments, and while the loan terms are being satisfied you will be able to use your vehicle as usual. Application approval generally takes 24 hours of less, and the application process can be started online.

Learn more about Log Book Loans here now.

Unsecured Loans

These loans tend to be much harder to obtain if you do not have an excellent credit score. Since there is no collateral involved, applicants are carefully screened in order to determine the likelihood that the loan will be successfully paid back.

The benefit of this loan type is that those who do qualify typically are offered lower interest rates which will reduce the overall cost of the loan. Banks and private lenders are where you will want to turn if you feel that you will be approved for unsecured emergency loans.

To apply for an unsecured loan use our quick and easy form on the right.

It is wise to consider all of your options prior to applying for emergency loans. The amount of money that you need, the time frame in which you need it, and the total cost of the loan should all be considered. Each of these loan types are considered to be safe, with the only potential problem being any inability to pay the loan back as agreed.

So long as you are prepared to meet the terms you have agreed to when accepting the loan, there should be no problems.