{"id":540100,"date":"2024-08-21T09:57:53","date_gmt":"2024-08-21T08:57:53","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?page_id=540100"},"modified":"2026-02-09T11:31:54","modified_gmt":"2026-02-09T11:31:54","slug":"emergency-loans","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/personal-loans\/emergency-loans","title":{"rendered":"Find the best emergency loan"},"content":{"rendered":"

If you have an expected expense or bill that you need to pay immediately but don\u2019t have the funds available, then an emergency loan is an option to consider.<\/p>

What are emergency loans?<\/h3>

Emergency loans are funds that you can apply for and borrow in a fast turnaround time, sometimes even the same day. Personal loans and payday loans are the best sources for an emergency loan. We also have a guide on getting a universal credit budgeting advance<\/a> if you are on universal credit.<\/p>

Personal loans are ideal for larger expenses and paying off over a longer period of time, while payday loans offer smaller amounts and shorter repayment periods.<\/p>

It\u2019s worth noting that not all personal loans providers have a fast turnaround time for approving and funding loans, so it\u2019s worth checking how long it will take them to send the money you want to borrow before you commit.<\/p>

Also be aware that payday lenders, while tending to offer more instant funding, do have higher interest rates, so should be a last resort.<\/p>

It\u2019s important that you read the terms of whichever loan you choose to apply for, and make sure that you can afford all the repayments.<\/p>

Where can I get an emergency loan?<\/h3>

You could apply for an emergency loan from a personal loans provider if they are one which is able to assess your application and get the funds straight out to you if you\u2019re approved. Some personal loans providers that say they can offer same-day funding include Santander<\/a>, My Community Bank<\/a>, Bamboo<\/a>, Lendable<\/a> and Fluro<\/a>.<\/p>

Payday lenders will usually give you an instant decision when you apply for a loan online and will get the money out to you on the same day. You can read more about this type of short term loan in our guide to payday loans<\/a>. Remember that payday loans are a very expensive way of borrowing money, so you should consider all your other options first. <\/p>

\r\n We compare lenders including:\r\n<\/h4>\r\n
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\r\n\"Santander\"\r\n <\/div>\r\n <\/div>\r\n \r\n
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\r\n\"HSBC\"\r\n <\/div>\r\n <\/div>\r\n \r\n
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\r\n\"Fluro\"\r\n <\/div>\r\n <\/div>\r\n \r\n
\r\n
\r\n\"Abound\"\r\n <\/div>\r\n <\/div>\r\n \r\n
\r\n
\r\n\"My\r\n <\/div>\r\n <\/div>\r\n \r\n
\r\n
\r\n\"Bamboo\"\r\n <\/div>\r\n <\/div>\r\n \r\n <\/div>\r\n<\/div>

Warning:<\/strong> Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk<\/a>.<\/p>

Please note:<\/strong> High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.<\/p><\/div><\/article>

What can you use an emergency loan for?<\/h3>

You\u2019re probably looking for an emergency loan if an unexpected expense has cropped up that you need to deal with straight away. For example, if your boiler has packed up during a cold snap or if your car has broken down and needs to be repaired.<\/p>

If you need to borrow money for something that\u2019s less of an emergency, say a dream holiday, or for something that you\u2019re planning in advance, like a wedding or a home improvement project, then you\u2019d be better off with a different form of funding.<\/p>

This might be a more general personal loan that doesn\u2019t necessarily need to be funded the same day, a secured loan<\/a> if you\u2019re a homeowner, or perhaps even a 0% purchase credit card<\/a> that you could pay off gradually without accruing interest over the 0% period.<\/p>

Am I eligible for an emergency loan?<\/h3>

You\u2019ll usually need to be at least 18 years old and a UK resident to apply, plus you will need sufficient income to be able to repay the amount you borrow.<\/p>

Every lender will have different qualifying criteria though, and you can use a personal loan eligibility checker to see what loans you\u2019re likely to be approved for before applying (these quotes will be generated via a \u201csoft\u201d credit check, so will not be visible on your credit file).<\/p>

Can I get an emergency loan with bad credit?<\/h3>

Some personal loans providers won\u2019t approve applicants with bad credit \u2013 it will depend on their eligibility criteria.<\/p>

Payday loan providers will usually consider applications from people with poor credit histories, and will typically focus more on how affordable the loan would be for you.<\/p>

Pros and cons of emergency loans<\/h3>
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Pros<\/h4>\n
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  • You may be able to borrow money very quickly, which is what you need in an emergency.<\/li>\n
  • You might be eligible if you have bad credit.<\/li>\n <\/ul>\n <\/div>\n \n
    \n

    Cons<\/h4>\n
      \n
    • If using a personal loans provider, you need to find one that can potentially fund your loan the same day.<\/li>\n
    • If using a payday loan, this can be a very expensive form of borrowing.<\/li>\n
    • Payday loans are also typically only for smaller amounts.<\/li>\n <\/ul>\n <\/div>\n <\/div>\n

      What emergency loan can I get if I\u2019m unemployed?<\/h3>

      If you\u2019re unemployed and not able to get approved for a loan with a personal loan or payday loan provider, then the government does offer emergency loans to people on benefits.<\/p>

      These loans are called Budgeting Loans and are provided through the Department for Work and Pensions (DWP). The loans are interest-free and designed to help cover paying for things such as kitchen appliances, house furniture, advance rent, maternity costs, funeral costs, or costs associated with getting a new job.<\/p>

      You normally have to repay a Budgeting Loan within 2 years \u2013 the repayments will be based on your income and automatically taken from your benefits.<\/p>

      The lowest amount you can borrow is \u00a3100. You could get up to \u00a3348 if you\u2019re single, \u00a3464 if you have a partner, or \u00a3812 if you or your partner claim Child Benefit.<\/p>

      To get a Budgeting Loan you must have been getting one or more of these benefits for the past 6 months: income support, income-based Jobseeker\u2019s Allowance, income-related Employment and Support Allowance, or Pension Credit. You can apply online or by using a paper form.<\/p>

      If you already owe more than \u00a31,500 in total for Budgeting Loans or Crisis Loans (the predecessor to Budgeting Loans), then you can\u2019t apply for another Budgeting Loan.<\/p>

      You also can\u2019t get a Budgeting Loan if you\u2019re receiving Universal Credit, but you can apply for a different government emergency loan called a Budgeting Advance. <\/p>

      You\u2019ll need to have been getting Universal Credit for 6 months, and the amount you can potentially borrow through a Budgeting Advance is the same as with a Budgeting Loan.<\/p>

      Bottom line<\/h3>

      If you need money in a hurry to fund an essential and unexpected expense, then an emergency loan could be an option. Even though you need the money quickly, it\u2019s still important that you research the loan provider, understand the terms of the loan and can afford to make the repayments. Remember that payday loans, although often an instant source of funds, have very high interest rates and should be considered a last resort. If you\u2019re unemployed or receiving certain benefits, then you may also be eligible for a DWP emergency loan.<\/p>

      Sources<\/h3>\n
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