What are the fastest ways to get an emergency loan?

What if you forget your debit card and lack cash to fall back on for refuelling the car? You panic and ask for urgent help from your friends and neighbours. What if it does not turn out as expected? It could lead to unfavourable circumstances and stress. Don’t worry. You can rely on Emergency loans in such situations. It is a short-term financial facility to meet your needs within 30 minutes.

You don’t need to panic as these loans provide 100% assistance if you meet the criteria. So, this absence of uncertainty makes emergency loans a popular financial option. Getting the loan requires you to align with certain standards. It will help you get the loan quickly. The blog discusses these in detail. Read ahead to know more.

What do you mean by emergency loans?

Emergency loans are an instant cash facility for urgent requirements like buying important medicines. It is an unsecured loan where you get up to £3000 for your needs.  The interest rates remain competitive throughout the loan period.

However, you can reduce the impact by fetching an affordable amount and repaying it according to the schedule. The monthly instalments stay the same unless you skip a payment.

It may seem like a payday loan. However, it is not. An emergency loan is cheaper than a payday loan. Moreover, unlike payday loans, you can split the repayments into easy and affordable payments. Individuals with bad credit scores may also get one without difficulties. It is because such a loan type prioritises affordability and strength of payment management over credit score. Individuals with consistent earnings and low debt count may qualify.

How to get a loan for emergency needs quickly?

Yes, you may get an instant quote for an emergency loan. However, you must read the following steps. It reduces the chances of loan rejection:

1. Apply only if you meet the terms/criteria

Always check the eligibility criteria before applying. You can also pre-qualify to know your loan approval chances. It does not affect your credit score. Instead, it helps you determine whether you may get the loan. If you may, how much can you get approximately??

2. Choose a lower amount than the approximate figure

Using a loan calculator may help you understand the approximate costs. Always choose a lower figure to increase loan approval chances. It reveals your potential to repay the dues comfortably.

3. Prepare the documents during the initial application

Usually, you get the document requirements after the basic application. Identify these and arrange the actual and the Xerox copies immediately. You must provide documents according to the information you provide on the application. Otherwise, it may lead to rejection.

Who can get guaranteed approval on an emergency loan?

Guaranteed approval does not imply getting a loan regardless of your affordability and eligibility. Instead, it means you may get the loan if you can afford the payments without skipping basic needs.

Explore cheap emergency loans on guaranteed approval from a direct lender nearby. Check and apply for the one that aligns with your finances. Understand the eligibility criteria and the terms. Meeting the eligibility criteria and providing the required proof may help you get guaranteed approval for the emergency loan. Here is who may qualify:

1) Individuals with regular income

Individuals with consistent earnings may qualify for the loan immediately.  It could be part-time income, self-employed, pension or regular salary as a full-time employee. You may get it if you have balanced expenses and a need amount less than your total monthly expenses. Unemployment with part-time income may qualify.

2) Have a permanent citizenship

It is important to be a valid citizen of the country to get the loan. You can reveal it by providing a passport/ID or electoral roll mention. Moreover, your residential address plays an important role in getting the loan. Individuals living at a place for a long time, like 3 years, can qualify easily. Some companies provide such small loans to students on a visa.

3) Well-managed existing payments

Everyone holds some or other debt in their credit profile. You, too, may hold one. Having pending dues does not cancel you out from approval. However, you may not qualify if your total debts exceed your monthly income. It reveals an imbalanced debt-to-income ratio and finances. It shows reliability on your part in managing the loan payments. Hence, you may not qualify.

Alternatively, an individual profile revealing the following aspects may get the loan instantly:

• No heavy debts recently (should not have pending heavy debts for 3 months before applying
• Should not have a bankruptcy status
• Individuals with no bad credit links or joint accounts may qualify
• Share flexibility to manage a new loan within the existing financial circumstances.

Individuals should halt their long-term life plans when applying for a loan.

For example, if exploring the best cars and the car loan rates recently, halt the program. A car loan is a long-term and heavy loan that may affect small payments. Moreover, defaulting on short-term loans may affect your finances and credit rating.

An ideal approach here would be to pay off the short-term debt first. It reduces the total interest you owe on the loan and improves your credit score. It may eventually help you get a car loan on an affordable amount and interest rate. Thus, you pay less monthly instalments, interest rates and overall costs on the car loan.

Thus, explore your financial options and focus on priorities. Walking ahead on life goals with existing debt is not ideal. Instead, clear the pending and walk on the new ones without fear.

4) Must host a valid bank account

Yes, it is the basic requirement to get a small loan for emergencies. You should have a valid bank account to qualify. To get a valid bank account in the UK, you must provide identity and residential address proof. For this, you can provide a passport, an electricity bill, or rental agreements as proof to get one. Alternatively, non-UK nationals must provide a Visa or a biometric residential permit to get a bank account.

After arranging the documents, you can check with the building society or relevant banks to open an account. Preferably open one with a direct debit facility. It helps you get a loan at better interest rates with a bad credit history profile.

Bottom line

Getting an emergency loan for your critical needs requires improvisation. Check whether you can meet the requirements within the amount you get. If not, check other bad credit loans for amount flexibility. Alternatively, provide the latest income, residential and other proofs on the loan. It eases the affordability scanning process. You may get the loan instantly with minimal effort.