The Value of Payday Loans in an Emergency

payday loans in an emergency
October 3, 2020 by Stuart Smale

The unfolding COVID-19 pandemic has tested many UK families to the limit, and the latest financial figures to come out of government sources only serve to heighten the worry felt by many over their financial futures. With millions of people on a furlough scheme that runs out in October, and many more finding themselves in a position of having to work part-time or reduced hours, families are wondering how they’re going to keep up with their financial commitments. Luckily, when used responsibly, Payday loans are a perfect way to manage those short term finance shortfalls so you can limit your worries and keep life as close to normal as possible. Here’s how!

They’re Possible Without Tough Credit Checks

One of the first things that borrowers will notice about trying to arrange finance in the current environment is that many lenders have clamped down their policies on credit. While this is designed to be for the protection of borrowers, it’s a tricky spot to be in if you need to bridge a gap in an emergency. Whatever is wrong, whether it’s a broken down boiler or a flat tyre, you can still get that cash to make up a shortfall from payday loan providers, even if you have bad credit or you’ve been refused a loan in the past. While lenders still have to perform credit checks by law, they’re not nearly as prescriptive as other lenders about minimum lending amounts or why you are borrowing the money. We understand that life throws up little surprises that you just need help with, and we’re here to facilitate that.

You Can Get the Money Fast

Another thing you may have noticed if you’ve tried to access credit recently is that the length of time it takes to get access has become longer. Not only are credit companies stretched to breaking point by the number of enquiries, but their extra checks are also taking longer to complete, and help such as payment freezes and interest holidays can sometimes take days or weeks to come. There’s also the uncertainty of waiting for a result and planning in the meantime, unsure if you’ll actually get the help you need. With payday loans, there’s less of a problem for applicants: you application can be completed online and in minutes, without complicated forms to fill in; your decision will be conducted quickly and a result sent to you much faster than is possible with other kinds of loans, and once you have your decision the money can be in your account in as little as 24 hours. Life’s emergencies can’t wait for slow lenders to make up their minds, so borrow from someone who’s on your side.

Help Is at Hand

Many families across the UK are now feeling financial burdens ever more heavily as the disruption of COVID-19 weighs on their income, which is why it’s good to feel like there’s a helping hand available. While many traditional lenders are clamping up their lending policies in this difficult time, many British payday loan companies are continuing to lend and help families in need. As long as you meet the minimum income threshold to qualify for a payday loan there are still options available for people who are furloughed, people who have had their hours cut to part-time working, and people moved onto new contracts. In many situations, other lenders are refusing to lend to people in these circumstances, which is why a payday loan might be the best option in these scenarios.

Always Flexible

One of the many ways that traditional lenders have tightened up their lending criteria is in the flexibility of their lending packages. Even when lenders will agree to a loan, they often insist on minimum amounts or specific sums that don’t match what you want or need, which can lead to you borrowing more than you need and having to pay for it. One of the strongest points in favour of taking out a payday loan is that we’ll never turn down any amount you want to borrow between £100 and £5000, no matter what it’s for. Whether you’re covering a water bill or your next rent payment, we’ve got it covered.

Lenders You Can Trust

It’s true that there are some payday lenders out there who are trying to make a quick profit from people who are struggling during the Coronavirus pandemic, but we at Cobra Pay Day Loans aren’t one of them. We work with a panel of responsible lenders to make sure we only lend money that we know our customers can afford, and try our best to help you pay us back on time and on budget. Unlike some lenders who try to trap their customers, we hope you only have to use us once or twice in real emergencies, but if you decide to come back we want it to be because you like our customer service and transparency, not because you feel you have to. We focus on being as accessible and easy to use as possible, without the kinds of barriers that other lenders put in place during difficult times like this, and without pressuring you to borrow more later.

Always Accessible

You never know when an unexpected financial emergency will crop up, and you don’t always have time to wait until it’s a bank’s usual opening hours in order to make an application. Not only is our application process 100% online, we’re also open 365 days a year including bank holidays so there’s never a time when we’re not there for you in your time of need. We also don’t have any upfront fees in place, so there’s nothing nasty standing between you and your next pay day loan. We also only ever use soft searches to make our credit checks, so there’s no need to worry about future lenders being put off seeing you have used pay day loans in the past, and your credit report also won’t suffer as a result of our checks.

Is the managing director of Cobra Payday Loans and Ready Money Capital Limited. He is responsible for all the day to day functions and performance of both companies and regularly contributes information on the short term finance sector. Stuart is an approved person with the Financial Conduct Authority, holding SMF3 (Executive Director) status.

« »