Emergency loans

What can I use an emergency loan for?

You can't always plan for an unexpected expense. They often come out of the blue and cost more than you’ve got available. We understand how stressful it is when you need cash in an emergency.

Short-term loans can be used as emergency loans, letting you borrow cash for a short period to help you pay for an unexpected expense that can’t wait. Urgent expenses might include:

• Unplanned car maintenance
• Unexpected home repairs, like fixing a broken boiler or washing machine
• Emergency dental bills
• Veterinary costs
• Any other unforeseen circumstances that require emergency funding

These types of loans are also sometimes called payday loans or instant loans as they typically provide a way of getting access to cash quickly, helping you cover short-term financial emergencies.

Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%. 

Compare Moneyboat loans.

Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.

Payday loans vs. short-term emergency loans: What’s the difference?

Payday loans and short-term emergency loans are both designed to provide quick access to cash, but they do differ slightly. With this in mind, here are some of the key differences:

• Repayment terms: Moneyboat’s short-term loans can be repaid over 2 to 6 instalments, while payday loans typically need to be repaid in full by your next payday.
• Flexibility: Short-term loans offer you added flexibility when it comes to your repayments, helping you budget better over time.
• Affordability: For many people, paying the money back in manageable instalments can often be a more affordable way of borrowing.

Responsible borrowing

Whether you’re applying for a short-term loan with Moneyboat or seeking a payday loan from a direct lender, you’ll need to be certain that you can comfortably meet the loan repayments. If you’re not sure you can repay, it might not be the right time to apply for an emergency loan.

As a responsible lender, we carefully consider each application on a case-by-case basis, only approving those that meet our affordability criteria to help protect borrowers.

Can I get an emergency loan with bad credit?

Here at Moneyboat, we offer a human approach to lending. We’ll always keep an open mind when assessing your application for an emergency loan with bad credit – even if your credit record isn’t strong enough for a credit card or a bank loan. We’ll look at factors like income and outgoings to help us assess your affordability, as opposed to just focusing on credit scores.

However, if you have CCJs or bankruptcy on your record, we might not be able to offer you an urgent loan. We have a minimum level of requirements that we need all our clients to meet:

• You must be at least 18 years old
• You must be in full or part-time employment
• You must receive a minimum NET pay of £1,000 per month

You must be a holder of a UK bank account and debit card

Is coming to Moneyboat for an emergency loan right for me?

When you’re looking for a loan, it’s important to consider the following questions: 

What do you need the money for?

When you’re facing an unexpected expense, such as an urgent car repair or a broken boiler, emergency loans can give you quick access to cash when you need it. However, if the expense isn’t time-sensitive, or you’re thinking about using the money for non-essential spending, it’s a good idea to explore alternative options.

How long do you need to borrow money?

Our fair and flexible loans are designed for short-term use. They allow you to cover an unexpected expense, then pay the money back over 2 to 6 instalments (with the flexibility to repay in full at any time).  If you need longer to repay, a short-term loan might not be the right choice for you.

How much do you need to borrow?

With Moneyboat, new customers can borrow from £200 to £800, while existing customers can borrow up to £1,500. If you require a larger sum, you may need to consider other credit and borrowing options.

What is your credit rating like?

With a good credit score, there’s a better chance you’ll be accepted for an emergency loan. However, we understand that not everyone has a perfect credit history, and that’s why we assess each application individually and focus on affordability.

What can you afford to repay?

Take a close look at your monthly budget and make sure you’ll be able to comfortably meet the repayments. Missed repayments can lead to additional fees and could damage your credit score.

How much income do you have coming in?

To be eligible for a short-term emergency loan with Moneyboat, you’ll need a NET monthly income of £1,000 per month. If your income isn’t steady and sufficient, you may struggle to meet the repayment deadlines. Before we approve any loan applications, we’ll always consider how affordable the loan is for you.

What are your outgoings?

From bills to rent and everyday spending, knowing your expenses can help you calculate what you can realistically afford to pay each month. Take a good look at your spending to ensure the repayments will be comfortable.

How do you want to repay your loan?

With a Moneyboat loan, you can choose a repayment period that works for you – from 2 to 6 instalments. You’ll also have the option to repay early with no penalties. However, this repayment method isn’t right for everyone, and there are different options out there.

After answering the above questions, you’ll be in a stronger position to decide whether taking out a loan is right for you. If a short-term loan doesn’t feel like the right solution, you might then want to explore some payday loan alternatives.

Representative Example

Based on the last working day of each month

Interest rate 288.35% pa (fixed) Representative 1,267.9% APR

Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.

*Our guide to financial promotions