While you can try your best to budget for unexpected expenses, sometimes you get caught out. You may be faced with urgent car repair costs or an increase in your household bills. Whatever the reason, you can apply for emergency loans to get short term financial relief. However, before you start applying, it’s important you understand the process and requirements associated with emergency loans.
Tendo aims to accommodate as many applicants as possible. We’ll try to find you the best loan for your individual circumstances, no matter your credit history. We work with over 50 trusted lenders and aim to make the best possible matches based on your application.
What are Emergency Loans?
Emergency loans are a short-term financial solution that can provide you with quick access to funds. The loans are designed to be used in situations where you need immediate money due to unforeseen expenses. Emergency loans have a fast approval process, allowing you to access funds within a few hours or days, depending on a successful application.
Key characteristics of emergency loans often include:
- Small loan amounts: You can usually borrow between a few hundred to several thousand pounds
- Short term: Most emergency loans are designed to give you access to funds with a repayment period of a few weeks to several months
- Higher interest rates: Emergency loans usually have higher interest rates than alternative loan types
- Online application: You can apply for emergency loans through a quick and easy online application
As the name suggests, emergency loans should be used in cases of urgent financial need. They shouldn’t be regularly relied on.
Urgent Loans for Bad Credit
You can apply for urgent loans for bad credit with Tendo. We try our best to accommodate all applicants, even if they have a less than perfect credit score or history. It’s worth noting that the time it takes to receive an emergency loan depends on your individual circumstances, the lender policies and your creditworthiness.
You may have a bad credit score for reasons such as having little to no credit history, you’ve missed payments in the past or you have applied for lots of loans in a short space of time. However, this doesn’t mean you can’t still be accepted for an emergency loan for bad credit.
How do Emergency Loans Work?
The Tendo lending processfor emergency loans is simple. Emergency loans are designed to provide you with quick access to funds in urgent situations. We will review your application and match you with a panel of potential lenders. We’ll give you a quote based on your personal situation and requirements, including the size of the loan, repayment schedule and purpose for the loan. You’re under no obligation to accept the quote. However, if you accept, you will be asked to e-sign an agreement and your funds will be deposited directly into your listed bank account.
You can find out if you’re eligible for a loan before completing your application. You must be at least 18 years old, live in the UK, have a bank account and be employed with a regular income to be considered for urgent loans for bad credit.
Why Choose Tendo Loan for an emergency loan?
Tendo provides a quick online application process that can be completed in just a few minutes. Once you submit your information, you’ll receive a personalised quote for your requested loan. As a loan broker, we connect you with suitable lenders based on the information you provide. This service is completely free and there’s no obligation to accept any quotes.
We consider applications from people with all credit histories, including those with bad credit or limited credit histories. This makes us a great option for those who might struggle to get approved elsewhere. However, emergency loans do have high interest rates, so consider your options before applying.
Pros and cons of emergency loans
Before you consider applying for an emergency loan, it's important to consider the associated pros and cons.
Pros
- Fast access to funds: Emergency loans can give you quick access to funds to cover urgent expenses.
- Online application: You can apply for a loan using our simple online application process.
- Flexibility: Emergency loans can be used to cover any number of urgent expenses, including car repairs, increased household bills and vet costs.
Cons
- High interest rates: Emergency loans have high interest rates when compared to other types of loans.
- Short repayment terms: These loans can be a financial burden if you’re not able to keep up with the short repayment terms.
- Debt cycles: Repeatedly applying for emergency loans can lead to a debt cycle that is difficult to break.
What to do if you’re struggling with debt
While urgent loans can give you quick cash, they should be used as a last resort. If you’re struggling to make repayments, you can reach out to financial services and resources for advice. This includes any of the following services:
