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Emergency Loans - What You Need To Know First!

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Emergency Loans

Emergency loans provide immediate access to cash and are of great use when you need to pay unexpected bills. We know that you may not always be able to borrow funds quickly from traditional lenders, due to their rigid loan processing requirements. So, to make things easier for its customers, Money Pig partners-up with direct lenders willing to minimize the formalities involved in processing emergency loans. Since our network of direct lenders does not mind lowering the barrier, we successfully process hundreds of emergency loans every single day.

Money Pig’s emergency loans are usually advanced for a very short period, and help deal with unanticipated expenses and emergencies such as repairs of large home appliances or a sudden car breakdown. So, yes, emergency loans are quite similar to our other same-day loans but are processed on a high-priority.

We know that traditional lenders in the UK only offer this type of loan for smaller amounts. With the current inflation, such smaller advances may not be sufficient. So, to make things better, we go a step further and rope in lenders willing to offer the highest emergency loan amounts, and that too at the lowest interest rates.

So, if you are stuck in an unpleasant situation and need money quickly, Money Pig can facilitate that. We can put you through a process that is designed to be paperless, and quick. We make this possible by facilitating the entire process through the internet. After all, we know how difficult it is to do the paperwork while being stuck in an emergency situation.

Our emergency loans can help you through these tough times, without costing you dearly. We are fully aware of the malpractices that have destroyed customer trust and challenged the integrity of the financial services industry. So, we make it a point to partner-up only with those direct lenders, who possess the highest ethical standards and agree with our customer-centric approach.

We know that there are going to be times when you need money urgently but are denied emergency loans by banks and other financial institutions that require lengthy formalities. No matter how many lenders have turned you down or what your credit background is, we can offer an emergency loan that would help you deal with the situation that you are in.

Emergency Loans| FAQs

  1. What is an emergency loan?
  2. For what type of emergencies can I borrow an emergency loan?
  3. How much can I borrow through Money Pig’s emergency loans?
  4. What are the eligibility criteria for emergency loans?
  5. What is your approval rate for emergency loans?
  6. Will you approve my emergency loan if I’am a new customer?
  7. Can I borrow an emergency loan despite receiving certain benefits?
  8. Can I borrow emergency loans with bad credit score?
  9. How can I apply for an emergency loan?
  10. How do you approve my emergency loan?
  11. Can I borrow emergency loans on weekends?
  12. For how long can I borrow an emergency loan?
  13. Do you charge high-interest rates on emergency loans?
  14. Can I borrow an emergency loan with no credit check?
  15. I have existing loans. Can I still borrow an emergency loan?
  16. Do you offer emergency loans for business?
  17. Do you charge a loan processing fee for emergency loans?

emergency loans


What is an emergency loan?

Emergency loans are a form of unsecured short term loans, that address the need of the hour by providing quick liquidity to the borrower. Since the approval or disapproval of this type of loan is communicated almost immediately, it puts the mind of the borrower, at ease. The most common types of emergency loans that people request for, from Money Pig include small advances that help them pay for an unexpected repair or replacement.

As these small advances provide immediate funds to the borrower, it helps deal with sudden expenses. These are ideal for those who do not have enough savings to deal with such situations and are extremely stressed out about getting access to quick funds. At times, you may have savings but also certain other debts and financial obligations which may cause a cash crunch. Also, you may have reached the bank overdraft limit and credit card limit offered to you. These things happen and when they do, Money Pig’s emergency loans can provide some quick relief. No matter which situation you are stuck in, Money Pig’s emergency loans can help you find a way out.

For what type of emergencies can I borrow an emergency loan?

You can borrow an emergency loan for whatever purposes you wish to. As this type of loan is designed to be released quickly and involves fewer formalities, it is labeled as emergency loans. In other words, you are free to use the funds released to you, in whichever manner you wish to. However, always remember that it would be unwise to borrow this type of loan for casual purposes because emergency loans come with higher APRs. So, your decision to borrow it and travel for pleasure could turn out to be a wee bit expensive. However, if its winter and your HVAC has broken down, then you definitely must hurry up with your emergency loan application.

How much can I borrow through Money Pig’s emergency loans?

Money Pig’s emergency loans are offered through a network of well-established direct lenders, that offer you the best deals. However, we may not be able to pinpoint precisely how much each of these lenders would be willing to advance. The exact amount for which you qualify largely depends on a particular direct lender’s internal assessment pattern and your credit background.

While some lenders fix the minimum threshold based on your credit score, there are others who pay closer attention to your repayment capability. So, each direct lender has his own set of limits for various persons. With that said, you may apply for emergency loans up to £ 5000 through our direct lenders.

Now this is quite high compared to what your bank might be offering. While designing our emergency loans, we made it a point to partner up with direct lenders that allow you to borrow more. While borrowing emergency loans from Money Pig’s direct lenders, the interest rates may seem high at first, but you can always negotiate it based on the loan amount and the period for which you wish to borrow the loan.

What are the eligibility criteria for emergency loans?

Emergency loans offered by Money Pig’s network of direct lenders require you to have a UK bank account, UK citizenship, be a major and have at least one steady source of income. It is also essential that you receive th6is income through your UK bank account, which makes the verification process more convenient.

In the UK, you must have completed 18 years of age to be a major and to be able to enter into a contractual obligation. Besides these mandatory criteria, the two main factors that our panel of lenders take into account before advancing emergency loans include the loan amount requested by you and your ability to promptly repay it.

What is your approval rate for emergency loans?

Money Pig has a high approval rate for all its loans and approves over 92 percent of emergency loan applications that are received. With the widest network of reliable lenders, we are able to process most emergency loan applications that we receive. Money Pig has always been dedicated to extending financial assistance to those facing monetary problems. So, regardless of your credit score or financial condition, we should be able to advance you an emergency loan through our lenders. However, in order to help us serve you better, we recommend that you furnish full and complete details in the loan application. Depending on your credit background, we will pull out the most profitable options for you.

Will you approve my emergency loan if I am a new customer?

Unlike banks, our decision to approve or reject your emergency loan isn’t influenced by whether or not you have been our customer. We value all our esteemed customers and would be willing to process your emergency loan application, even if this is your first transaction with us. So, do not let that hold you back from applying with us and gaining access to our wide network of lenders who are eager to offer you an emergency loan.

Can I borrow an emergency loan despite receiving certain benefits?

Most benefits such as Jobseeker’s benefits, disability benefits, etc.. are received by those who are not in full-time employment. However, if you receive any such benefits along with a stable source of income — which is rare but not impossible — we should be able to consider that.

Can I borrow emergency loans with a bad credit score?

Yes, Money Pig allows you to borrow emergency loans despite bad credit scores. Bad credit scores can result from many things that you may have or may not have done in the past. It could result from a miscommunication between one of your previous lenders and the credit reference agency, or due to a wrong credit card decision. Also, it is possible that you borrowed a loan when you had a steady job but could not repay it promptly because you lost your job soon after borrowing that loan.

Our lenders understand that there could be hundreds of reasons for poor credit scores and are quite liberal towards those with questionable credit scores. We know that you may have already been rejected by your bank and are counting on us for immediate funds. So, we do everything possible to ensure that you get a loan through our direct lenders, without any complications. Therefore, if you are someone with a bad credit history, then we can still find a lender willing to advance you an emergency loan.


How can I apply for an emergency loan?

You can apply for an emergency loan through our website, provided you are a UK citizen who has completed 18 years of age. To receive funds, you must have a UK bank account and must be living in the UK. If you fulfill these conditions, you may fill in our online application and submit the necessary details to us, which is entirely an online process. After you have made your submission, we will consider your emergency loan application, on a high priority and revert back to you, as early as possible. As an ethical intermediary, we do not charge you anything throughout the process. Our services to you are absolutely free of cost and anyone claiming to be a Money Pig employee and asking for a fee to process your emergency loan is an imposter. If you are contacted by such imposters, then we urge you to report the same to the concerned authorities.

 

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How do you approve my emergency loan?

Once you submit an online application, we collect your contact details along with the necessary information required to process your emergency loan. Please note that all emergency loan applications are processed on a high-priority and the lending decision is made to the earliest. We then communicate this decision to you, and the rest of the process follows. In case, you are approved, we offer you a no-obligation quote from one of our direct lenders. You are then free to make your choice, and if you accept the quote then the direct lender runs a quick soft credit check and releases your loan. You then receive the loan amount straight into your bank account.

If your emergency loan application is rejected by us, which only happens in extremely rare cases, then we intimate you about it. Since no credit check has been carried out by us, you need not worry about any sort of adverse impact on your credit scores. In the UK, loan rejections can lower your credit scores, but only when it is rejected by a direct lender. Since Money Pig is only a financial intermediary, we aren’t under any obligation to run credit checks. So, there is little that you need to worry about your credit history.

Can I borrow emergency loans on weekends?

We know that an emergency situation may arise at any time and therefore, we team up with lenders who have no problems lending you a quick loan on a weekend or a public holiday. So, yes, we do lend emergency loans on weekends and on all public holidays, at the same speed. You are free to apply for an emergency loan on these days, and we will intimate you about the lending decision to the earliest. Since most UK banks, intermediaries, and direct lenders do not offer this option, there is a misconception that one cannot receive emergency funding during weekends and public holidays. However, in the case of Money Pig, that is absolutely untrue because we lend loans throughout the year, on all 365 days. So, if you need urgent cash on a weekend, do not look any further, and submit your emergency loan application to us.

For how long can I borrow an emergency loan?

The rules that Money Pig has in place for all its short term loans, also applies to emergency loans. So, you can borrow this type of loan for any duration, up to a maximum of 36 months. In most cases, we let the concerned direct lender and the borrower decide the duration of repayment, based on their requirements. However, we would like to warn you against longer repayment periods, as these loans come with high APRs. So, the longer you repay it, the more interest rate you would have to pay for it.

Do you charge high-interest rates on emergency loans?

Generally, emergency loans come with higher APRs, however, Money Pig’s direct lenders would offer you the most competitive interest rates. This may vary depending on your credit score, income streams, age, and certain other factors. However, we do our best to connect you with the direct lender who is willing to offer you the lowest interest rates. We ascertain this by taking into account the loan amount and the duration for which you wish to borrow the loan. As our quote is a no-obligation quote, you are free to reject the offer if it does not fulfill your expectations. Since we do not collect any sort of loan processing fee from you, there is no complicated exit procedure involved.

Can I borrow an emergency loan with no credit check?

In the UK, all banks, credit agencies, and direct lenders are regulated by the Financial Conduct Authority (FCA) and one of its guidelines restricts all lenders from advancing loans without running a credit check. Therefore, anyone claiming to offer no credit check loans in the UK, isn’t being entirely transparent with you.

At Money Pig, we refrain from doing that and offer 100% transparency to our customers and provide them with the necessary financial assistance irrespective of their credit history. So, Money Pig partners-up with like-minded direct lenders, who believe in providing financial assistance to everyone, regardless of their credit scores. So, if your bad credit is the reason why you have been looking for emergency loans with no credit check, then consider applying for our bad credit emergency loans.

I have existing loans, so can I still borrow an emergency loan?

Of course, you can borrow multiple loans at the same time, but would our direct lenders be willing to advance one, depends on several factors. We will be able to provide a definite answer only when you share your details with us, and we evaluate the same.

This would require us to pay close attention to your current income streams and existing liabilities. Also, your age and certain other factors play a crucial role in helping us decide which direct lender is most likely to approve your loan. So, we request you to fill in and submit our online application, so that we can offer you the most competitive quotes.

Do you offer emergency loans for business?

The UK is going through a period of economic uncertainties due to Brexit and several other global aspects. We completely understand how this has a direct impact on the liquidity of various businesses. So, if your business is experiencing a slowdown, and you need emergency loans for the smooth functioning of your business, then our direct lenders may be able to help you. However, you need to provide us with clear details in connection with your business and the necessary financial documents. Once you do this, we will be able to connect you to the most appropriate lender.

This may take a couple of hours, but we do our best to speed up the process, which is only possible if your documentation is clear and credible. You must understand that not all direct lenders advance loans to businesses, and most stick to transacting with individuals only. However, Money Pig has partnered up with lenders who would have no problems sanctioning an emergency loan for your business. In the past, our customers have borrowed this type of loan for several purposes such as paying rents, settling lawsuits, paying for repairs, etc… However, to qualify for this type of loan, you must be a registered entity operating in the UK.

Do you charge a loan processing fee for emergency loans?

No, Money Pig does not charge a loan processing fee at any stage and if someone claiming to be our representative asks for it, then we encourage you to report the same to us. Also, do not give any person any money on our behalf because all our loan processing is done free of cost. According to our business model, we charge the direct lender who lends you money through our platform. So, every time someone borrows a loan from our network of direct lenders through us, we earn a small commission. So, you can be sure that all our services offered to you are absolutely free.