Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk
Many of us are all too aware that it can take just one incident to turn our financial situation upside down. A car in need of urgent repairs or a kitchen appliance that’s unexpectedly given up the ghost can threaten to leave us out of pocket. In these situations, we might find ourselves wondering: is there any way to get emergency money?
Our guide answers some important questions about emergency loans and their alternatives and provides a range of information to help you make the best decision for your circumstances.
An emergency loan is a sum of money borrowed from a lender, which is then used to pay for an expense that cannot wait, such as a vet’s bill or a broken washing machine.
The money is then repaid in monthly instalments over a set term.
When a financial emergency strikes, it’s understandable that we could panic. Being in a position where you need money fast can feel overwhelming, but it’s important to assess all the options that may be available to you and avoid rushing into making a decision.
A loan is a serious financial commitment.
If you do decide that a loan is right for you, you should never apply to borrow more money than you need or can afford to repay. Before you apply, you must carefully consider the cost of your monthly loan repayments, which will include interest.
Repaying a loan shouldn’t impact your ability to cover the cost of your necessary outgoings, such as rent, bills, groceries, and any other credit commitments that you have.
Before you apply for an emergency loan, you should take the time to ask yourself the following questions:
Cashflex is a credit broker, working with a large panel of trusted lenders who offer personal loans from £100 to £10,000. Depending on the amount of money you apply to borrow, you can repay your loan across terms between 3 and 60 months.
The overall cost of the loan will depend on several factors, including your credit score and credit history.
The repayment term you choose will also affect how much interest you are charged. The longer the term, the more you will pay in interest, although you’ll have more time to spread the cost of the loan. On the other hand, a shorter term gives you less time to repay your loan, but you will pay less in interest.
When it comes to selecting a repayment term, you should weigh up what works best for you based on your personal financial situation.
Please be aware that every lender will have their own set of eligibility criteria, but generally, you can apply for a loan if you:
You’re welcome to search for a loan with Cashflex if you meet the above criteria.
If you’ve done thorough research and are certain that a loan is an affordable option to fund your emergency expense, Cashflex could help you search for a suitable lender.
Our online form is straightforward; it can be completed 24 hours a day, 7 days a week, at a time and place that suits you, and should take no longer than five minutes to fill out.
If successful, some of the lenders on our panel can send your money on the same day as your application is approved, although the time it takes for the money to become available in your account will depend on your bank’s policies and procedures.
Here’s how it works.
1. Fill in our online form. Tell us how much money you need to borrow and select your ideal repayment term.
2. We’ll run a soft search and scan our panel of lenders for a suitable match. This stage should take no longer than 60 seconds.
3. If we’ve found you a loan, you’ll be redirected to the lender’s website, where you can find out more. Please be aware that being matched with a loan does not guarantee acceptance.
4. Should you choose to go ahead and make a full application, the lender will carry out some further checks, including a hard search or Open Banking.*
5. If the lender is happy with the outcome of their checks, you’ll be sent a loan agreement. Read through this carefully before deciding whether to sign and return.
*Cashflex uses soft search technology, which won’t harm your credit score. A soft search is only visible on your credit file to you and the company that carried out the search. If you’re matched with a lender and choose to make a full application, the lender will carry out a hard search. A hard search will remain visible on your credit file for up to 12 months, and undergoing multiple hard searches within a short period of time could damage your credit score.
Jargon buster: Open Banking works by allowing the lender a read-only view of the transactions in your online banking app. It’s a safe and secure way to provide the lender with your most recent financial information.
If you have bad credit, you might feel nervous about applying for a loan, particularly if you’ve been turned down to borrow credit in the past.
A number of lenders on the Cashflex panel specialise in loans for people with poor credit. However, you should be aware of the impact that a bad credit loan could have on your finances and credit score. Falling behind on or missing your repayments altogether will harm your credit score and could result in late fees, additional charges, and financial stress.
A bad credit loan could come with a higher rate of interest, which will increase the overall cost of borrowing.
Having no credit history is also referred to as having a ‘thin’ credit file. With no evidence of how you’ve managed credit in the past, lenders may view your application as riskier.
Cashflex works with several lenders who are willing to consider applications from people with thin credit files, although it’s important to remember that if your application is matched with a lender, you could be offered a higher rate of interest and may not be approved to borrow as much money as you need.
If you’re in desperate need of money, you might be tempted to try and find the quickest way to get hold of the funds you need. It’s important to take a step back and think very carefully before you make a decision.
Companies and individuals advertising ‘no credit check loans’ should not be trusted.
You should always make sure that the company you apply with is authorised and regulated by the Financial Conduct Authority (FCA). All authorised and regulated companies will appear on the FCA register, which you can search here.
The FCA requires lenders to carry out affordability checks before they decide whether to enter into a credit agreement with a borrower; this could be a hard credit search or Open Banking.
**Each lender will have their own payout timescale. The time it takes for the money to become available in your account will depend on your bank’s policies and procedures.
If you’ve taken out a loan that you’re struggling to repay, you should contact your lender as soon as you can. They will be able to discuss any options that may be available to help you work through this difficult time and get your finances back on track.
While every lender is different, some may be able to offer loan repayment holidays, or reduce the cost of your monthly repayments for a set period of time.
You can find free, confidential money and debt management advice on sites such as StepChange, MoneyHelper, Citizens Advice, and National Debtline.
Try our FastCheck tool with no impact to your credit score
Our tool allows you to calculate your chance of being accepted for a loan.
You are age 18 and a UK resident
You have a regular income from employment
You have a valid UK bank account with an active debt card
Why choose us
Sometimes, the unexpected happens that means you need money fast. Here at Cashflex we offer a user friendly process to help you find same day loans in a responsible and affordable way.
The exact amount you can borrow depends on your personal circumstances and can differ by lender. You can apply for a loan between £100 and £10,000
This is dependent on the amount that you wish to borrow. The repayment terms can be: 3 months, 6 months and 12 months to name a few, ranging right up to 36 months.
Yes. If you are unsure you can use our FastCheck tool to find out your loan eligibility.
Yes.
Over 18
You'll need proof that you are over 18.
Bank Account
Hold a valid UK bank account.
Income
Have evidence of a regular income and UK residency.
Check out what our trusted customers had to say.
Representative example: Amount of credit: £1000 for 12 months at £134.94 per month. Total amount repayable of £1,619.26 Interest: £619.26. Interest rate: 99.9% p.a. (fixed). Representative 99.9% APR.
We’re a fully regulated and authorised credit broker and not a lender.