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Emergency Cash Loans – Funds Deposited Quickly – Apply Now!
Sometimes life throws you a curveball, whether it’s a broken-down boiler or an unexpected bill, and you simply don’t have the funds to cover it.
Cobra Payday Loans can help even if you have bad credit, one simple application form, and upon acceptance, the funds can be in your bank account in as little as 15 minutes.
What Are Emergency Loans?
Emergency loans can be a lifesaver and certainly something that can get you out of a muddle. Typically, this type of loan is short term (like a few weeks or months), and as lenders understand that it is an emergency, funds are usually sent quickly.
But, before you even consider applying for one, you should fully understand what you are signing up for. Below, we detail the purpose of an emergency loan and the different types you can obtain.
What’s the purpose of emergency loans?
This is one of the main questions we see circulating online. Notably, this type of loan can help in an unexpected financial crisis. You often receive the funds exceptionally quick, which is usually either in a matter of minutes or, in some cases, up to 24 hours.
But why might you need an emergency loan? More often than not, people come to us to find competitive short-term loans for an array of different reasons. However, it is usually when a client has encountered some unexpected bills which require fast cash.
At the end of the day, no matter how good we budget, unexpected bills can surprise us, which is the main reason why emergency loans exist.
Are there different types of emergency loans?
In today’s age, there is a multitude of different borrowing options. Most offer quick access to cash. It’s always best to weigh up your various options. Here are some of them:
Credit card cash advances
Many people use credit cards to make purchases. Although some people think credit cards are a bad idea, they offer additional extras like Airmiles and more purchase protection.
However, although a credit card lets you spend at merchants, it doesn’t allow you to withdraw cash interest-free. If you need money for whatever reason and have a credit card already, you could use a credit card cash advance. Funds can be withdrawn at an ATM up to your credit limit, but be warned; this can be a costly way of obtaining money.
Payday loans are short-term loans that were initially designed to help people financially until their next payday. The money is paid directly into your bank account, and you’ll repay any charges and interest rates at the end of the month (or as otherwise stated by your lender)
However, in recent years many lenders have increased the borrow periods of payday loans. Nowadays, you can loan money anywhere from 1 to 36 months. In this event, most lenders follow the same instalment cycle by charging you each month for the additional fees and interest.
Another prominent type of emergency loan you can obtain is a personal loan. Personal loans, or more commonly known as unsecured loans, are available from banks and various lenders nationwide. These types of loans aren’t secured against any assets you own, like your home.
A personal loan works similarly to a payday loan. You receive the funds based on a contracted agreement with your lender or bank. This will include how much your borrowing, the interest & fees you’ll pay when you pay it back, and the consequences of failing to repay the money in time.
Lastly, a logbook loan is highly similar to a payday loan. But the only significant difference is that it’s secured by your car or another vehicle. Using your car as the collateral, it’ll help reduce fees dramatically. But unfortunately, this means, if you don’t pay your loan on time, you’ll be at significant risk of losing the vehicle.
As you can see from the above, there are various types of emergency loans available. Each has its pluses and minuses, but all will be able to provide you with fast cash.
How to obtain an emergency loan
If you’re experiencing a financial crisis and seek financial services to obtain an emergency loan, you should consider giving us a try.
Here at Cobra Payday Loans, we offer our customers quick cash when they need it most. With our panel of FCA (Financial Conduct Authority) regulated lenders, we’ve been able to match many thousands of different loan applications to people that need emergency cash. But, before you decide to apply, here are some things you need to think about.
1. Check your credit score
First things first, you need to check your credit score. At Cobra Payday Loans, we don’t check your credit score. Instead, we perform a small background check which doesn’t show up on your credit history. However, once you’ve found a loan you want to go ahead with, the actual lender will have to perform a hard credit check to assess suitability.
All lenders need to perform some sort of credit check by law, as credit is meant to help, not worsen your financial situation.
Therefore, having a good idea of your credit score before applying for a loan is essential, as it may broaden or narrow your lender options.
However, please don’t forget that Cobra Payday Loans also has a comprehensive range of lenders that offer bad credit loans that cater to most financial backgrounds.
2. Compare various lenders
Now you have your credit score; It’s a good idea to start comparing emergency loans. But, first, you’ll want to understand the following and gather data from other lenders to find the best deal.
• Borrowing amount
• Duration of loan
• Monthly repayments
• Interest rates and fees
As mentioned, at Cobra Payday Loans, we work with a vast range of lenders that suit your requirements. However, all may have different loan requirements, interest rates, and repayments, etc. Therefore, if you apply through us and are accepted by a lender, it’s best to read through their terms and conditions to ensure it is best suited for your specific needs.
3. Applying for emergency funds
After finalising which lender is best suited for your requirements, you’ll want to apply for a loan. Here, they’ll perform a hard credit check to see your creditworthiness. If accepted, you’ll then receive the funds within the given time the lender has stated, which is usually within minutes or, in some cases, up to 24 hours.
At Cobra Payday Loans, we know that you need money fast when applying for an emergency loan. Because of this, we wanted to make finding a lender seamless. So if you’re ready to find your ideal lender, fill in the short five-minute application by clicking the “APPLY NOW” button above.
Can I get an emergency loan with bad credit?
Yes, it is possible to qualify for an emergency loan if you have a bad credit history. Some of the lenders we work with will take your whole situation into account rather than rely on just your credit score.
Is there a credit check for an emergency loan?
We will not perform a credit check when you apply for a loan, instead we use a soft check to determine your suitability.
Only once you have been offered a loan by one of our panel of lenders will a full check be performed.
How quickly can I receive an emergency loan?
If you require quick cash, then an emergency loan could be the answer. Typically, you’ll receive the funds the same day with most lenders, if not within 24 hours. All lenders are different, so you should read the terms and conditions to ensure you know everything about your loan.
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