Emergency Loans.

Money in your time of need.

Fast affordable online loans for bad credit scores.

Emergency loans from £50 to £5000

Have you found yourself dealing with an unexpected expense or difficult financial situation? Are you unsure how to resolve it? Don’t worry. You’re not alone, or, if you’ll forgive the pun, a-loan. An emergency loan is a brilliant example of an alternative lending option. In plain terms, an alternative lending option is anything that doesn’t go through a bank. This could be a payday loan, short-term loan or any other loan that an online lender provides.

Though a staggering amount of Brits take out all kinds of emergency loans every day, for first-timers, the process can feel daunting. How do you know if you’re eligible, and how do you know if an emergency loan is suitable? Thankfully, this short guide will debunk all of your money worries and cash queries. Keep reading to find out everything you need to know about emergency loans..

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What is an emergency loan?

Put simply, an emergency loan is a type of short-term loan. It’s most often taken out when somebody has an unexpected, pressing financial burden that needs to be resolved quickly, but the borrower is financially unable to do this. Therefore, emergency loans are designed to give you quick solutions – they’re efficient, speedy and couldn’t be easier to apply for. With most companies, you’re able to have the cash in your bank within 24 hours.

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Your questions, answered

Are you eligible for an emergency loan?

Like any standard lending company, The lenders on our partner’s panel require you to be:

  • Over 18 years old.
  • A registered UK resident. 
  • Have a valid bank account and debit card. 
  • In employment or are being regularly paid. 

Some loan companies also require you to be paid a regular minimum amount. At The Money Shop, we ask that you’re receiving more than £417 per month after tax.

Do emergency loan applications require credit checks?

Ah, the humble credit check. These two words can often appear the most intimidating part of any loan application. This worry is certainly justified as many lenders keep your credit score in mind when determining how much loan you’ll be offered. As an FCA (Financial Conduct Authority) accredited credit broker, our broker partner is a reputable, renowned route for requesting a loan. With this in mind, a credit check is carried out as part of your loan application. 

If you’re concerned that this will affect your application, it may be wise to check your credit history with a referencing agency or another service provider before applying. Remember, all their lenders will use soft search technology so you can apply without damaging your credit score.

When should I apply for an emergency loan?

You may find that you need an emergency loan if you face an unexpected expense, or equally, you’ve received an unexpected dip in income. Common reasons include:

  • Home improvement or fixing repairs.
  • Car loans.
  • Holidays.
  • Weddings.
  • Settling previous debt. 

All of these reasons are valid, and even if your personal reason isn’t listed, it’s likely to be valid, too. This is why it’s always worth putting in a loan application if you need that extra bit of support.

How can I apply for an emergency loan?

Even thinking of a loan application is enough to strike fear into many, but as we’ve said, this process is thankfully really simple. Here’s how to go about your loan application in 5 simple steps:

  1. Consider your preferred loan amount and duration. This is important to ensure you’re borrowing the money you require over a time when you can feasibly make repayments. 
  2. Once you’ve decided on your loan amount and duration, you can apply using The Money Shop’s website. In this application, you’ll be asked for your personal information and financial credentials. 
  3. If your application is approved, you will be directed to the most suitable lender. This means our broker partner selected the loan that best suits your personal finances. 
  4. If you’re happy, you can sign your loan agreement electronically. If your agreement is received before 3 pm, you may be able to receive a same-day bank transfer. 
  5. Sit back and wait for your money to come in. Through The Money Shop, as soon as your loan is signed off, you’ll receive your payment speedily and with ease. 

If you have any queries, The Money Shop’s online customer service team is on hand to help you, and you can always log in to the online lender portal to check the status of your application.

How much money can I borrow?

Many people take out emergency loans for all kinds of reasons. In light of this, we understand you may need to take out varying amounts of money. As a short-term loan, our emergency loans provide anywhere between £50 to £5,000. The amount you’re offered following your application may be slightly different to what you’ve requested. This will depend on the personal details you’ve provided in your application. From these details, our broker partner’s panel of lenders assess your suitability to different types of loans, their amounts and for how long you’ll make repayments.

How long will it take me to repay my loan?

The Money Shop offers access to a borrowing period of anywhere between three and 36 months. There’s also the opportunity to borrow in three-month increments (otherwise known as quarterlies). This means you’ll either borrow for 3, 6, 9 or 12 months and a maximum of 36 months. How long you choose as your repayment period is up to you, but do be mindful of how much you’re borrowing and how long you’ll realistically take to pay it off. 

However, you can repay the loan early, which may bring positive effects, leading us to interest rates.

What are the interest rates on an emergency loan?

Interest rates is another one of those scary terms. However, when you break it down, this term is quite simple. Like any loan, an emergency loan will always be paid back with a surplus charge. This is because your loan accrues interest. Interest rates vary between lenders but can be compared via an APR, an annual percentage rate. You can break this down to compare as a monthly interest rate. You just need to divide your APR by 12. Generally, your loan duration and interest rate go hand-in-hand. Simply put, the longer your borrowing period, the higher your interest will be.

What will determine my total loan amount?

Your loan amount will depend on how much you’d like to borrow, how long you want to borrow for and when you’d like to repay, as well as your circumstances, such as credit history. As a generic example, if you wanted to borrow £2,000 for one year and the interest rate is 10%, you’ll pay back 10% of the total loan in interest as well as the money you originally borrowed. 10% of £2,000 is £200 – so, in total, you will pay back £2,200.

Can I repay my emergency loan early?

Yes, the great news about The Money Shop’s emergency loans is that our broker partner’s panel of lenders allow for their loans to be paid back early, which means you’re only paying interest on your borrowing period.  This reduces your daily interest charges and, overall, the total loan cost.

How The Money Shop can help you?

Whether you need to get the kitchen mended ASAP or you’re struggling to pay off an unexpected debt, The Money Shop can provide you with access to an easy loan without a moan. Our broker partner only works with authorised lenders, and therefore reliable payment is quick and convenient, and the repayment term is in your hands.

How much money do you need to borrow?

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