Emergency loans could be a way to get money quickly. Here at Wizzcash, we can help customers when they are experiencing a financial emergency and are unsure of what else to do, as long as they pass our eligibility criteria. We know that a financial emergency can happen to anyone, at any time, when something breaks down or crops up out of the blue. Emergency loans can be used to tide you over until your next cheque comes in and allows daily life to continue as normally as possible.

What Is An Emergency Loan?

An emergency cash loan could provide applicants with the funds they need, usually on the same working day they apply. Emergency loans are used by people who find themselves in extreme need of financial help or assistance and who have exhausted all other options.

An emergency loan is another term we use to describe a payday or short term loan, because they are used when customers are experiencing a genuine emergency. For example, 10% of all payday loan borrowers use this money to pay for vehicle repairs, which is considered an unexpected emergency and an example of how our loans could help you. All emergency loans are subject to a successful application to ensure you are able to afford the repayment scheme. This is because, like payday loans, the APR can be quite high for temporary financial help and quick access to funds.

It is important that emergency loans are not to be used as a solution to a long term debt issue or in the case where alternative funding is available. Emergency cash loans should not be used in any kind of debt consolidation capacity, but in a genuine financial emergency. Here at Wizzcash, we practice ethical and responsible lending to ensure customers can afford to repay the loans they take out from us.

How To Get An Emergency Loan?

Applying for emergency loans is simple and straightforward with our online form. Wizzcash’s emergency loan online form is easy to complete and, if successful, the amount requested could be paid out to you within the same working day.

Here at Wizzcash, our emergency loans application process is purely online for easy access from anywhere. We will ask for information that will allow us to make a responsible decision regarding your application; this ensures we can run our affordability checks to establish if you can realistically pay back your requested sum.

Once you have submitted your application to us, all you have to do is wait for the outcome. Here at Wizzcash, we completely understand that this is probably a stressful time for all our customers, as they will be in a genuine financial emergency, so we strive to get back to you as soon as possible to avoid leaving you waiting and wondering where you stand with your finances. All our loans are no guarantor loans, which means the application process is even quicker!

If approved, your emergency loan could be in your account by the end of the day. If we are unable to provide you a same day loan, the funds will be in your account within one working day. We help you make informed financial decisions but provide fast access to cash to ensure you can act swiftly and turn your attention to your car breakdown, water leak or anything else that might have caused an unexpected and unpleasant bill.

Emergency loans are available up to £1000, but you can borrow from sums as small as £200. The borrowing period of an emergency loan is 3 months as standard. We believe this makes the repayment of the loan simpler and easier to manage.

Can I Get An Emergency Loan With Bad Credit?

Emergency loans with bad credit are available, depending on your specific circumstance. If you are an applicant seeking emergency loans with bad credit, Wizzcash could help you, as we consider and check applications with good and bad credit ratings.

We do not believe in penalising those who are in an unfortunate situation, just because they previously might have had bad credit or made financial mistakes. We understand and appreciate that often, a credit score is not representative of an individual’s current financial status and needs. We are committed to helping everyone we can when they apply for emergency loans.

Wizzcash will analyse a wide range of different factors when evaluating an emergency loan applicant, credit score is just one of them. Other providers might offer emergency loans with bad credit as a separate loan product, which has the possibility to incur higher fees to cover the risk of lending. We do not offer dedicated loans like this but are open to all applicants because we are a broker as well as a payday loan direct lender. This means even if we are unable to lend to you ourselves, we may be able to connect you with alternate services that could help your situation.

Emergency Loan Eligibility

As we have already said, it is possible to get emergency loans with bad credit, but with Wizzcash you will still be subject to other criteria. This is set out to help us protect people from loans they cannot afford, as well as ensuring we are lending responsibly. These criteria are as follows:

  • To apply for an emergency cash loans, you must be at least aged 18 at the time at which your application is made (we cannot provide any sort of emergency loan to individuals under the age of 18).
  • Emergency loans are only available to UK residents.
  • You must be in a type of employment that facilitates the taking home (total pay after tax and national insurance has been deducted – where applicable) of at least £750 per month to be eligible for an emergency loan.

If you do not meet the above criteria then, unfortunately, we will not be able to provide you with any form of emergency loan at this time.

Responsible Lending For Fast Cash

Wizzcash are a responsible, FCA authorised and ethical lender and as such we have strict lending criteria for our short term loan that every application must pass before they can secure themselves an emergency payday loan. The lending criteria itself does include a credit check and an affordability check.

A good credit score is favourable when we look to approve a loan, but as we have already said, we will not automatically exclude applicants for emergency loans with bad credit or a less than perfect score. A credit score does not always accurately reflect a person’s current financial status, but it is the yardstick which must be used. We will always work in the best interest of all customers and promise to practice responsible lending with your financial emergencies at the forefront of what we do.

What Can I Use An Emergency Loan For?

Emergency cash loans are not to be used in non-emergency situations and we cannot condone the use of an emergency loan on a frivolous expense. We do not have restrictions or strict controls over the spending or the use of your emergency loan, however it is strongly recommended that you only use the funding in a real emergency, for example:

Medical Emergencies:

  • Needing sudden dental work as a result of an accident or the deterioration of an existing condition, for yourself or for an immediate family member.
  • Needing to pay for private medical care for yourself or for an immediate family member
  • Needing to pay for veterinary care for the family pet

Household Emergencies:

  • To repair or replace an essential household appliance, such as an oven or a fridge/freezer
  • To restore functionality of your boiler and/or your heating system. This is especially important during the winter months for heating and for hot water
  • To put right damages that have taken place in the home that are not covered by your home insurance or contents insurance policy (if applicable). Examples of this would be flood damage, fire damage, or damages to the pipes, plumbing or electrical system(s) of your home

Emergency Repairs:

  • The emergency repairs would apply to something such as your vehicle, especially if your vehicle is used to travel to and from work and being without it would mean that you are unable to get to your place of work. The same would apply in this instance to a push bike or a motorbike
  • To repair or replace a laptop or an electronic device that is essential to your work

These are all just examples of how emergency loans might be used, but you will see that the focus is on essentials and not on debt consolidation or frivolous, luxury spending, even if you may feel like you need this. Here at Wizzcash, we believe in protecting your financial security as much as possible, but the best way for customers to do that is to budgeting and treat their finances as a priority.

Emergency Loans From Wizzcash

Emergency loans are available to help our customers through trying and testing financial times, but to ensure the stress does not follow them around, we strongly believe in ethical lending. This means that all our lending practices adhere to FCA regulations that have been put into place to protect the borrower. These were set out in the last couple of years to help prevent a debt cycle or irresponsible lending and borrowing, without overly limiting access to fast cash or emergency loans, when customers really need It.

If we are unable to provide you with emergency loans then we are set up to be able to connect you to a panel of different, UK-based consumer credit companies who may be able to offer you assistance. This way, you may find an alternative to credit through another provider to continue your daily life.