Emergency Loans
Emergency loans can provide quick financial relief during unexpected emergencies. At Lending Stream, we offer emergency cash loans that can help you cover expenses when you need it most. With a simple online application process, we can provide you with the funds you need in a few seconds (if approved). We consider people with bad credit.
Representative Example: Given a Representative APR of 1271%, if you borrow £300 over 6 months at 292% p.a. (fixed), you would owe 6 equal repayments of £96.39. You will repay £578.36 in total.
Not all applications will be approved for a loan. An offer of credit is subject to status and affordability checks.
Why choose Lending Stream for Emergency Loans?
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Direct Lender
Lending Stream is a FCA authorised and regulated direct lender, offering short-term loans without any hidden fees.
No early repayment fees
Repay in 6 monthly instalments. We don’t charge for early repayment.
Fast
Apply online 24/7 with decisions in seconds. If approved, cash is sent to your bank in 90 seconds.*
Lending Stream is FCA Authorised
At Lending Stream, we’ve been proudly helping customers in the UK since 2008. In fact, we’ve helped over half a million customers with their financial needs by lending over 2.5 million loans. We’re an FCA authorised and regulated direct lender, with authorisation number 689378. Responsible lending is our biggest priority.
What are emergency loans?
Emergency loans are short term loans designed to help during a financial emergency. These loans provide quick access to funds for unexpected expenses like urgent car repairs, bills, or other financial emergencies.
Typically, emergency loans are offered by direct online lenders, or credit unions, Providing a simple loan process, fast decision and minimal paperwork.
These loans are especially helpful for individuals who need immediate funds and may not have access to savings or other resources.
How do emergency loans work in the UK?
Emergency loans work similar to other short term loans. These are usually needed by individuals who are in need of money urgently.
Here’s how they work:
- Apply online with an FCA authorised direct lender. To apply, borrowers must meet basic eligibility criteria, including being a UK resident with a valid bank account.
- Once the application is submitted, the lender will review your application, run a credit and affordability check to assess your eligibility. If approved, they’ll send the loan amount directly in your bank account.
- Repay your loan as per your loan agreement to avoid penalties or a negative impact to your credit score.
Eligibility for an emergency loan with Lending Stream
If you are looking for an emergency loan with Lending Stream, first check your eligibility. For a loan with us you must:
- Be a UK resident
- Have an active UK bank account
- Have a valid debit card
- Be over the age of 18+
- Should be in regular employment with a monthly income of at least £400
During our application process, we might ask you to show proof of your income. As a responsible lender, we do this to ensure that you can comfortably afford the loan repayments.
Representative 1271%APR
How to apply for an emergency loan with Lending Stream?
Applying for emergency loans with us is an easy process. You need to fill out our online application form and give us the following details:
- Enter your personal details
- Choose the amount you want to borrow with us
- Provide us with your employment, salary, expenses, and banking details
Once we receive your application form, we will run affordability and credit checks on your profile. If approved, we’ll send the cash to your bank within 90 seconds*.
Representative 1271%APR
How much can I borrow with an emergency loan?
With Lending Stream, you can borrow emergency loans ranging from £50 to £800 as a new customer and from £100 to £1500 if you’re an existing customer. The loan amount depends on your financial situation and eligibility. If approved, we’ll send the money to your bank in under 90 seconds*. If you want to repay early, you can.
You can save money on interest by repaying early. We don’t charge any extra fees if you make the repayments early. We believe in ensuring that you are fully informed about the costs, fees, and repayment terms of our loans. With us, there are no hidden fees or unwelcome surprises.
What can I use an emergency loan for?
An emergency loan should only be used to meet urgent financial needs or unexpected expenses. You can consider using this emergency money for:
- Unplanned vehicle repairs
- Unexpected home repairs, like a boiler repair
- Managing the costs of a funeral or memorial service
- Coping with any unforeseen emergency that requires immediate funding
Technically there are no restrictions on what you use your emergency loan for. But it’s important to note that they’re mainly used for short-term financial emergencies
What if my emergency loan application is rejected?
At Lending Stream, we don’t guarantee approval. We approach each application separately, based on your ability to repay. Your application may be declined, even if you were accepted for a loan with us in the past.
Our customer service representatives won’t have access to information about credit decisions. So, they won’t be able to tell why you weren’t approved. If your application is rejected based on the information, we receive from one of the credit reference agencies then we’ll let you know the name of the credit reference agency by email. You can check your credit file with them directly.
Advantages of emergency loans
- Fast Cash: If you have an unexpected expense, then emergency loans could give you quick access to money when you need it. This could be emergency funds for urgent car repair or unexpected expenses.
- No Asset Required: When you apply for an emergency loan, you won’t have to give any kind of asset. They don’t work like pawnbrokers or rely on you putting your house or car at risk.
- Unsecured Loans for Bad Credit: We will never pretend that your credit score isn’t important to us. But we do understand that your credit score will never reflect your entire current situation in a perfect manner. At Lending Stream, we offer loans for bad credit.
- Affordable Repayments: If you take out an emergency loan with Lending Stream, we’ll give you 6 months to pay back what you borrow. You repay in monthly instalments. Unlike a payday loan you don’t have to pay it all in a short amount of time.
Disadvantages of emergency loans
- Short repayment period: The shorter repayment period of emergency loans can result in higher monthly payments and higher interest rates.
- Potential for debt cycle: Depending on your financial situation, relying on emergency loans for a longer period of time could put you in a debt cycle.
- Impact on credit score: If you’re unable to make timely payments, your credit score could be negatively affected.
FAQs – emergency loans
Why are our emergency loans better than payday loans?
Our emergency loans offer more flexibility and affordability compared to traditional payday loans. Unlike payday loans, which require full repayment on your next payday, our loans give you 6 months to repay in monthly instalments. This reduces financial strain and helps you budget effectively.
How can I borrow money in an emergency?
To borrow money in an emergency, apply for a loan online with a direct lender. Provide the requested details. Lenders usually offer quick decisions. If approved, they’ll send the cash to your bank account within a few minutes or hours. You can use that cash for unexpected expenses such as bills, car repairs, or other financial emergencies.
Can I get emergency loans today?
Yes, many lenders offer same day loans. By applying online, you can often receive decision within seconds. If approved, the lender will send the funds in your bank account within hours, depending on business hours.
Can I get emergency loan with bad credit score?
Yes, it’s possible to get an emergency loan with a bad credit score. At Lending Stream, we know that your credit score doesn’t always reflect your full circumstances and may not represent your current financial situation. If you can show affordability and meet our eligibility criteria, you may qualify despite having a poor credit history.
Can I get an emergency loan if I am self-employed?
We currently do not offer loans to individuals who are self-employed. Our eligibility criteria require applicants to be employed with a steady income of at least £400 a month. If you meet our other requirements, such as being a UK resident with a valid bank account, you can apply for a loan.
Can I get an emergency loan if I am on benefits payment?
At Lending Stream, we are unable to provide loans to individuals whose sole income is from benefits payments. Our loans are designed for those with regular, verifiable employment income. If you meet our other eligibility criteria, we encourage you to explore our quick and transparent loan process for urgent financial needs.
Are emergency loans also called as crisis loans?
Sometimes, people do refer to emergency loans as crisis loans. Both terms describe short-term financial help for urgent financial situations. Crisis Loans were provided by the government, but they are no longer available. You may be eligible for government assistance through a Budgeting Loan if you’ve been on certain benefits for 6 months.