Written by
Cara Bradley
5 min read
Updated: 15th December 2023
No matter how careful we might be with our finances, a sudden, unexpected bill could leave us out of pocket. Some expenses – such as an urgent car repair or a big vet’s bill - simply can’t wait.
When faced with a stressful situation, you might be thinking about an emergency loan to bridge the gap until your next payday.
Viva Money could help you find an emergency loan that could be paid into your bank account the same day, if you are approved.*
Things to think about before you apply for an emergency loan
During a crisis, in the spur of the moment, you may think that a loan is the best way to get some money fast.
Before you apply, ask yourself if a credit product is the best option for you right now. Could a friend or family member help you out instead?
A loan is a serious financial commitment that should not be taken lightly.
While it may seem like a quick fix, it’s important to consider the bigger picture.
Will you be able to manage the loan’s monthly repayments? Are you aware of any fees that you may have to pay during the loan agreement?
The last thing you need on top of an already difficult situation is increased financial strain further down the line.
Falling behind on or failing to pay your monthly repayments can lead to serious money worries, including a decline in your credit rating and possibly additional fees.
When thinking about loans, it can be easy to get carried away and apply for more money than you actually need. This is a bad idea. You should only ever borrow what you need and can afford to repay.
Who can apply for an emergency loan?
You can apply for an emergency loan if you:
- Are over 18 years of age;
- Are a UK resident with a UK address;
- Have a UK-issued bank account with a valid debit card; and
- Have a regular income paid directly into your bank account.
Can I apply for an emergency loan if I have poor credit history or a low credit rating?
Yes, you can. We welcome all credit types to see if we can match you with a loan, and doing so will not affect your credit score.
If you have a low credit score, you may find that your options are limited when it comes to borrowing money. That being said, some lenders on our panel specialise in loans for bad credit, so finding you a match may not be impossible.
I’m unemployed – can I apply for an emergency loan?
It’s unlikely that you will be approved for a loan if you are unemployed.
When carrying out their hard credit search, lenders will take an in-depth look at your income. A regular income shows lenders you are more likely to manage your monthly repayments.
You can still check your eligibility for an emergency loan, but please be aware that we may not be able to find you a match.
How does the Viva Money application process work?
The initial online application with us should take less than 5 minutes to complete, and is designed to try to match you with a provider, with no impact to your credit score. We’ll scan our panel of lenders to find you a suitable loan. If we match you to a lender, you’ll be redirected to their website to complete a full application where they will complete further checks, including a hard credit search.
What’s the benefit of using a credit broker?
Trawling through various lenders in an attempt to find a loan can be time-consuming. Additionally, if you make multiple applications with different lenders over a short period of time, and each lender conducts a hard search on your credit file, this could have a negative effect on your credit score.
As a credit broker, we are able to scan a range of lenders for an ideal loan to suit you and your circumstances. We do this using a soft credit search; unlike hard credit searches, this won’t affect your credit rating or be visible to other lenders.
How much money could I borrow?
Viva Money search for loans between £100 and £10,000, which can be paid off over terms to suit you - from 3 months to 60 months, depending on the amount.
I need an emergency loan, fast. What can I do to speed up the process?
- Lenders could ask for proof of identification and a recent wage slip. If you want to avoid delaying your application, it may be an idea to have these documents to hand.
- If your application is successful, you may be expected to reconfirm details such as your bank account number and sort code. Again, having quick access to this information should help prevent any hold ups.
When will I receive my money?
If approved by a lender, it’s possible that your loan could be paid to you on the very same day. However, the time it takes to appear as available in your account depends on your bank’s policies and procedures.
I’m struggling to make my repayments – what can I do?
We’re really sorry to hear that you’re in this position.
Contact your lender and explain that you’re struggling – there may be things they can put in place to help you.
If you’re worried about the cost of living, need support with budgeting, or think you might need debt advice, StepChange could help. They offer free, impartial support and help hundreds of thousands of people every year to deal with their debt.
To find out how StepChange could help you, take the free Money Health Check. It’s quick and easy to complete, and will give you a personalised recommendation on what to do next.
While opening up about money worries can feel daunting, it’s important that you seek help as soon as possible so that you can take the first steps towards getting back in control. You can find free, impartial money and debt management advice at Citizens Advice Bureau, MoneyHelper, and National Debtline.
*Once approved, your loan could be sent within minutes. The time that it takes for the money to be received in your account will depend on your bank’s policies and procedures.
