<\/span><\/p>\n
The Pros<\/b><\/p>\n
<\/span><\/p>\n
\n- <\/i> Can be a much-needed lifeline when the unexpected happens<\/span><\/li>\n
- <\/i> Emergency loans can often be obtained on a same-day basis<\/li>\n
- <\/i> Lots of emergency loan providers to choose from<\/li>\n
- <\/i> Suitable for credit profiles of all sizes<\/li>\n
- <\/i> Complete the entire application online or via your mobile phone<\/li>\n<\/ul>\n
<\/div><\/span><\/p>\n<\/div><\/div><\/span><\/p>\n
The Cons<\/b><\/p>\n
<\/span><\/p>\n
\n- <\/i> Emergency loans are typically offered by payday loan providers \u2013 so expect a higher APR<\/span><\/li>\n<\/ul>\n
<\/div><\/div><\/div><\/div><\/span><\/p>\nHow do Emergency Loans work? Read our step-by-step guide<\/h2>\n
If you\u2019ve previously applied for a payday loan before, then you should know that the emergency loan funding process is largely the same. In layman terms, this means that you can make an application from the comfort of your own home, and once you have provided information linked to your personal identity and financial standing, the lender should be able to give you a decision instantly. Nevertheless, if this is your first time applying for an emergency loan, then we would suggest reading the step-by-step guide we have outlined below.<\/p>\n
<\/i>Note:<\/strong> Although you should expect a high rate of interest on your emergency loan, then good news is that the Financial Conduct Authority (FCA) recently imposed caps on the amount that lenders can charge you over the lifespan of the loan. This amounts to \u00a324 in interest for every \u00a3100 that you borrow.<\/div><\/div>\nStep 1: Find a loan provider<\/h3>\n
![\"Carton](\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/140-bridging-loan-providers.jpg\")
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First and foremost, you will need to find an emergency loan provider that has the capacity to facilitate your application on a same-day basis. In fact, if you need the funds in the here and now, then you\u2019re best off finding a lender that can release the money within the hour. On top of fast funding times, you also need to assess how much the lender is able to loan out, and of course \u2013 the representative rate that the provider charges.<\/p>\n
If you need some assistance in finding an emergency loan provider, we have listed the best three lenders currently active in the market further down in our guide.<\/p>\n
Step 2: Start the application<\/h3>\n
As you will be completing the entire application online, you will now need to head over to the homepage of your chosen provider. Next, enter the amount that you wish to borrow (this is usually a drop-down list or scroll-bar), alongside the amount of time that you need to pay the funds back. The representative rate and monthly repayment amounts should update as you adjust the toolbox, although the specific rate that you get could well be higher.<\/p>\n
As the lender needs to acquire more information about you, they will now ask you a range of question pertaining to your personal identity. Simply enter your name, address, date of birth, driver\u2019s license number (if applicable), and contact details. Moreover, you will also be asked about your current job. Enter the name and address of your employer, how much you earn each month (after tax), and what date you get paid.<\/p>\n
Step 4: Provide your bank account and debit card numbers<\/h3>\n
![\"Person](\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/debt-consolidation.loan_.jpg\")
<\/p>\n
If you were applying for a traditional personal loan<\/a>, the lender would typically spend more time running checks on the information you enter on your application. However, as you are seeking emergency funding, the loan provider will attempt to verify your identity without asking you for additional documents.<\/p>\nOne of the easiest ways for them to do this is to get you to enter your current account details. This is also the account that the emergency loan funds will be paid into. You will also need to enter your debit card details at this stage of the application. Not only will this allow the lender to further validate your personal information, but this is the payment card that is likely to be charged when it comes to repaying the loan.<\/p>\n
Best Emergency loan providers: Reviewer\u2019s choice<\/h2>\n\n
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![\"\"](\"https:\/\/learnbonds.com\/uk\/wp-content\/plugins\/in-content-provider\/Library\/assets\/images\/entypo_shield.svg\")
\n Reviewers Choice <\/div>\n
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Ocean Finance<\/div> <\/div>\n\n
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![\"\"](\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/01\/zgiqcwe5-1280-scaled.jpg\")
\n <\/div>\n
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Rating<\/div>\n
\n
<\/div>\n <\/div>\n <\/div>\n
\n
Available Loan Amount<\/div>\n
\u00a3100 - \u00a35,000<\/div>\n <\/div>\n
\n
Available Term Length<\/div>\n
up to 5 years<\/div>\n <\/div>\n
\n
Representative APR<\/div>\n
49.99 to 1336%<\/div>\n <\/div>\n
\n
\n Rating
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<\/div>\n <\/div>\n <\/div>\n\n
![\"Red](\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/loan-medical-emergency.png\")
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