Emergency loans are designed to help resolve short-term financial needs when all other options are exhausted. Here at QuidMarket, we can look to help even if you have a poor credit history, so that you can resolve your financial emergency fast and choose flexible repayments you can afford to sustain.
We are fully transparent about every aspect of our short term loans, so you won’t need to choose between borrowing the money you need and making the right decision for your finances. Whether you have had a history of CCJs, defaults, arrears payments, or need an emergency loan for bad credit, we may be able to help with an emergency loan when you need it most.
- New customers can borrow between £300 and £600*
- Returning customers may be eligible to borrow up to £1,500*
- Flexible repayment terms between 3-6 months
- Emergency loans for bad credit available
- QuidMarket is an FCA Authorised responsible lender
- No hidden fees for emergency cash loans
- No guarantor or collateral needed
- Same day cash transfer wherever possible
- Quick and easy application online
- Decisions made by humans, not computers
*Loan amounts and repayment terms are dependent on affordability checks
You’ll find further information below about our emergency loans for bad credit, but if you have any questions, please contact us. Once you’ve made your decision, it’s quick and easy to apply for an emergency loan online. Just use our loan calculator to choose the amount and repayment term you need and complete our short application form. We’ll give you a decision in principle quickly so you won’t be left waiting, and if we can approve your application, we’ll process the transfer of funds as quickly as possible to your bank account. Click apply now to being your application. Please note that applications made outside of office hours will be dealt with on the next working day
What Are Emergency Loans?
An emergency loan is designed to be used in circumstances when no other options are available. Whether your boiler has broken down and you need to pay for a repair or replacement, or your car needs an urgent repair that was unexpected, an emergency loan is a quick way to resolve the issue. You can then repay the loan with affordable monthly instalments. Emergency loans in the UK are a form of short term borrowing and can provide access to funds quickly once approved, making them ideal when a financial emergency won’t wait until your next payday.
Emergency loans are not a suitable option for those who cannot afford the monthly repayments and should not be used to cover non-essential goods and services. Using an emergency loan for bad credit on non-essential payments is not advisable, and you should consider other options first. This includes using emergency savings, borrowing from friends or family if they can help, or taking out a loan with a credit union. Emergency loans are not a form of bad debt loan, so are not ideal for covering other financial commitments you may have.
If you have tried other options that are available to you, and the payment cannot be delayed, our emergency cash loans are designed to be accessible to hard-working people. As a Financial Conduct Authority (FCA) authorised lender of emergency loans in the UK, we always have our customers’ best interests when assessing an application. We take a responsible approach to our decision-making process, so if we cannot determine whether the loan is sustainably affordable for you, we will unfortunately have to decline your application. If you can sustain the repayments needed, we may be able to help you today.
Emergency Loans For Bad Credit
Having a low credit score can make it more difficult to be approved for credit. Those with a history of poor credit may be declined by high street and online lenders who use automated processes to assess applications for borrowing. As automated processes are designed to speed up approval times, they may only look at your current credit rating, and if it doesn’t meet a minimum threshold, you could be declined. This may be the case even if you would be able to sustainably afford the cash loan you’ve applied for.
Here at QuidMarket, checking your credit score isn’t the only consideration of your suitability for an emergency loan we’ll make. We look at the bigger picture of your finances as, although you may have a low credit rating, this may not reflect your current affordability. During our decision-making process, we’ll consider your regular income and outgoing payments to determine if you can sustainably afford the loan. What’s more, every application is manually underwritten – because the few extra minutes it takes for a member of our team to personally look over your application is worthwhile, potentially helping us approve loans for those that could be declined elsewhere.
We wouldn’t approve emergency loans for bad credit if they would potentially lead you into further financial difficulties, and we will signpost services that can help if we suspect an applicant is in financial trouble – visiting Money Helper can provide helpful information for those needing help with Debt.
As an FCA authorised and responsible lender, we will carry out credit checks, but are willing to consider all levels of credit score.
About Our Alternative Emergency Loans for Bad Credit
We offer emergency loans for bad credit online of up to £1,500, dependent on affordability checks (Up to £600 if you are a new customer).. Keeping the cost of your emergency loans down begins with ensuring you only apply for the amount you need to cover your short term issue. Borrowing too much will mean you’ll pay more interest unnecessarily, so applying for the exact amount you need to settle your emergency bill is the best option.
In addition, we offer flexible repayment terms between 3 – 6 months, and you can decide whether repaying weekly or monthly instalments would suit you best. You’ll see the repayment amount you’ll need to pay each week or month including the interest charged when using our loan calculator.This will be detailed in your credit agreement too. Choosing a longer repayment term for an emergency loan can make repayments more manageable, but you should be aware that it will increase the total cost of your loan because interest builds up over time.
Before taking out emergency cash loans, you should first make sure that you can sustainably afford the repayments, as defaulting on an emergency loan in the UK can impact your credit file. At QuidMarket, we understand that circumstances change, and if you feel that you may not be able to make a particular payment on time, contact us to discuss this as soon as possible.
Are You Eligible For An Emergency Loan With QuidMarket?
To apply for an emergency cash loan online, you’ll need to meet the following eligibility criteria first. Meeting the below doesn’t guarantee we can help, but you’ll be able to complete our online application form and get a decision in principle quickly.
- Currently live in the UK
- Over 23 years old, and under 65 years old
- Have a mobile phone (we send an SMS code during your application)
- Hold a UK bank account with a valid debit card
- Be in employment and take home at least £1,300 a month
If you’re eligible and are confident you can afford an emergency loan with us, it’s quick and easy to apply online. The application form takes just a few minutes to complete on your smartphone, tablet, or computer. If approved, we’ll transfer the funds to your bank account without delay using the Faster Payments System, which means you could receive your loan the same day as approval where possible, if your bank supports this.
Please note that any application received outside office hours will be processed the next working day.
Apply Today for an Emergency Loan
An emergency loan can help you quickly resolve a short term situation when you have no other way to pay. If you have a poor credit history but you can afford repayments for the loan, apply today and we’ll see if we can help.
If you have any questions about our emergency loans, our decision-making process, repayments, or anything else, please contact us. We’re a fully transparent lender, so you can always rely on an honest and clear answer from QuidMarket.
Emergency loans are available to those in need of quick cash in urgent situations. There are many lenders online who offer emergency cash loans for those in need, so if you require urgent money, it’s always a good idea to compare lenders. You can easily search for emergency loans in the UK and compare your options to find a suitable provider for you, checking the eligibility criteria, interest rates, and terms. At QuidMarket, you can use our loan calculator
There are many options available for those needing emergency loans for bad credit. You’ll need to ensure you have plenty of affordability first before applying. Affordability checks by lenders typically review your monthly income, essential spending, and other financial commitments to determine whether you will be able to afford the monthly repayments. If you are looking for a bad credit emergency loan in the UK, we may be able to help you if we can determine whether the loan is affordable for you.
Emergency cash loans will vary across lenders, so the overall cost of the repayments will differ. However, it is essential to remember interest is included in the monthly repayment figure. The interest rate or APR is usually depicted as a percentage, so you should shop around online to find the best deals. The lower the percentage, the lower the cost of your borrowing will be. To make your search a little easier, you can use online comparison tools to do the work for you and find you the most affordable emergency loans.
We do not offer loans to those on a benefits-only income, but we are willing to help those with poor credit. You may find other online lenders of emergency loans in the UK that could help you if receiving a benefits-only income. They may need you to supply evidence of your benefits income, essential spending, and any other financial commitments. They will use these to determine whether you will be able to sustainably make the monthly repayments. However, this type of loan may be an expensive way to borrow, so you should only apply if necessary and there are no other options available to you.