Emergency Loans – Fast Cash for Bad Credit Borrowers

Emergencies, by their very nature, are unpredictable. No matter how sound your household budget you can never really plan for a spending crisis. Ideally, you’d have money in the bank to cover the sudden expenditure. But that’s not always an option. Sometime you simply don’t have the ready cash to smooth out the financial bumps when you have urgent need of a loan.

When you need quick access to cash a short-term loan is often the answer. But for borrowers with adverse credit histories applying for a loan can sometimes seem daunting. But bad credit borrowers no longer have to feel cut off from the funds they need in a crisis. If you’re worried a poor credit score will cut you off from the cash you need take heart. Emergency loans for customers with bad credit are easier to obtain than you might think.

What Exactly is an Emergency Loan?

An emergency loan is a type of same day lending product designed to quickly provide the funds customers need to cover an unexpected expense. Like other short-term loans for bad credit borrowers they typically feature relatively small sums that are meant to be repaid over a short period of time.

Emergency bad credit loans are similar to other short-term lending products such as payday loans and urgent loans. They are targeted to the needs of people who find themselves in need of a quick influx of money. As with other short-term bad credit loans the money provided can be used by borrowers to cover a wide variety of financial needs, including:

  • Unexpected utility bills
  • Tuition costs
  • Home and car repairs
  • DIY projects
  • Emergency travel expenses
  • Unforeseen funeral costs

What Should You Know about Emergency Loans?

Emergency loans are a short-term lending product designed to provide bad credit borrowers with the funds they need to cover an unexpected expense. Much like payday loans they deliver smaller sums of money and include brief and highly structured repayment plans.

In the past these types of short-term loans featured extremely restrictive repayments terms. Typically, borrowers were expected to repay the loan out of their next pay cheque. That repayment would include not only the principle sum, but all of the attendant fees and interest as well.

Recently, the UK Financial Conduct Authority (FCA) has introduced new regulations regarding short-term loans. Repayment terms are now less restrictive, with consumers being expected to repay their loans over the course of a few months rather than a few weeks. This is still a fairly tight schedule, but it gives borrowers more maneuverability on the loan’s back end.

How much would you like to borrow?

Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum loan length is 1 month. Maximum loan length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).

How Does Bad Credit Impact Your Loan Options?

When it comes to applying for loans your credit history is one of the most valuable bargaining chips you have. It is an indication of your past financial performance. Lenders look at a borrower’s credit rating to determine if they are a good risk for loans or lines of credit. The better the rating the more likely it is you will be approved for the loan you want.

Over time many different factors can impact on your credit rating. Purchasing patterns, payment histories, and your use of credit itself all factor into your score. Credit reporting agencies gather this information and use it to create a virtual snapshot of your financial history.

The most critical factors impacting your rating include:

  • Past Credit Use – It takes credit to build credit. Lenders want to know effectively you’ve handled loans and credit in the past. They want proof that you have a history of using credit sensibly and paying your bills on time.This can create a stumbling block for young borrowers with little or no credit history to draw on. In some respects having little or no credit history can be as problematical as having a poor performance record.
  • Payment History – Credit reporting agencies look at your entire payment history, including credit cards, loans, and utility bills. In fact any recurring bill contributes to your overall credit score, though some will carry more weight than others. But every late payment or unpaid bill adversely impacts your credit rating.
  • Loan Defaults – Defaulting on a loan will significantly damage your credit score. If a pattern of late payments is bad, actually defaulting on a loan is much much worse. If you have defaulted on loans in the past it will take time and hard work to rebuild your credit score.
  • Bankruptcies – A bankruptcy or county court judgement will cause your credit rating to drop precipitously. Having said that they are not a point of no return for consumers. Even credit histories with a bankruptcy can be restored with some smart financial management.

Consumers with poor or bad credit ratings are generally perceived as high risk customers. Conventional lenders often hesitate to offer loans to consumers with troubled credit histories. But that doesn’t mean bad credit borrowers are without options. Small short-term loans from lenders who specialise in serving customers with rough credit histories can not only get you the cash you need but, in the long run, can actually help you improve your credit rating.

Are Emergency Bad Credit Loans Safe?

All loans carry some level of risk to the borrower. You’re entering into a binding agreement with a lender and are promising to repay your loan in full and on time according to the terms they’ve set. Short-term bad credit loans are no different, and they do come with a price tag attached.

While bad credit lenders don’t rely entirely on an applicant’s credit history to determine their eligibility for a loan it is a factor in the how a loan will be structured. Borrowers with poor credit histories should expect to see relatively higher interest rates attached to their loans. This is to offset some of the inherent risk to the lender. Repayment periods also tend to be brief, meaning that borrowers must be prepared to repay their loans in short order.

Before applying for any short-term bad credit loan consider the following key points:

  • What is the total cost of the loan? – Bad credit lenders approve emergency loans based on credit history, current income and employment status, and current outstanding debts. Keep in mind that in addition to the sum you are borrowing you will also be paying interest and processing fees. This will increase the total cost of the loan to you. It is important to understand that cost before accepting any loan offers.
  • What are the terms of the loan? – Short-term loans for bad credit borrowers typically come with brief and highly structured repayment schedule. That repayment period is critical. Late or missed payments are not an option. Be sure to review the terms of your loan to ensure that you are in a position to repay the total amount in full and on schedule.

How to Apply for an Emergency Loan

At Bad Credit Loans we keep our loan application process as quick and easy as possible. All you need do is fill in the online form and we can begin processing your loan request. Naturally, we will need to gather some specifics about your current financial situation before we can make a final determination.

To be eligible for a short-term emergency loan from Bad Credit Loans applicants must meet the following criteria:

  • All applicants must be 18 years of age.
  • All applicants must be a valid UK resident.
  • We require applicants to show proof of current employment.
  • Applicants should be prepared to submit an estimate of their current debts and recurring expenditure.
  • All applicants must have an active UK banking account.
  • We require applicants to supply and verify their current address.
  • Applicants must provide a valid e-mail address and telephone contact.

We may need to collect additional information from some applicants before we can approve their loan request. In order to speed up the application process we recommend that you keep yourself available to answer any questions our lending officers may have so that we can quickly and efficiently process your loan request.

If you are approved for an emergency loan the funds you requested will be deposited directly into the account we have on file. In most cases you should have same-day access to your cash.

Why Use Us

  • PCAW Approved
  • £100 - £5,000
  • Instant Transfer
  • Same Day Cash
  • Direct Lenders
  • Flexible Terms
  • Reputable Lenders
  • No Guarantor
  • 1 - 36 Months
  • 98% Approved
  • Fast Application
  • No Paperwork
  • UK Service
  • 24/7 Support
  • Quick Decision
  • Bad Credit OK
  • Easy Repayments
  • No Hidden Fees

Restore Your Credit History with Effective Money Management

An emergency loan from Bad Credit Loans can help you cope with a sudden spending crisis. But it can also help you to rebuild your credit score. Remember, every on-time payment helps to improve your rating. And every successfully discharged loan, no matter how small, is mark in your favor. While our short-term emergency loans don’t involve large sums they can have a big impact on your financial profile.

If you would like more information on managing debt and improving your credit rating you should reach out to the following UK government services. These resources are free to all UK citizens and offer valuable advice and counseling for consumers struggling with debt and poor credit ratings.

Apply Now

Simply select how much you'd like to borrow and for how long:

Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum loan length is 1 month. Maximum loan length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).