If you are faced with an emergency and you need funds quickly, instant loans can sort you out. These loans are designed to assist you to attend to your emergency expenses quickly to regain your peace of mind and get your life back. Whether you have urgent car repairs, home renovations, medical emergencies, or any other unforeseen issues, quick loans can help resolve them.
Most emergency loans range between £500 and £25,000. Even if you have bad credit, you can still qualify for these loans and many of them come with flexible repayment options. During an emergency, the best loans you can get are quick loans without guarantor. Here, you don’t need any other person to co-sign the loan agreement hence less paperwork and privacy in settling your financial issues.
There are several reasons why people apply for quick loans and below are some of the common ones.
Job Loss
With the Covid 19 pandemic, many companies were forced to make their employees redundant to ease cash flow pressures on their businesses. Millions of jobs were affected with many more at risk due to the covid lockdowns and related spillovers. To shield themselves against the effects of job losses, many people applied for quick working capital loan .
A quick loan can serve as a stopgap measure as you wait to snap up another job to help you normalize your financial situation. Some of the jobs you get may not pay as much as your last job. Quick loans can help you support your cashflows as you ride out such downturns.
Home Repairs and Renovations
Every renovation project is unique with a different set of components involved. However, one common factor is that most renovations can be financially costly with the average cost of renovating a three-bedroom house ranging from £38,000 to £74,000.
Whether you are replacing a heating system, installing a new gas supply, rewiring a house, installing a new set of windows or replastering walls, the cost involved may drain your cash reserves. Instead of going for expensive debt or liquidating hard-to-sell assets, a quick loan can sort you out.
Having said that, not every home repair and renovation project is an emergency. To ensure that you do not borrow irresponsibly categorize emergency and non-emergency repairs. For instance, if you are in the middle of the rainy season and you suffer a damaged wall or ceiling, you can treat that as an emergency and take a quick loan to fix the situation.
Car Repairs
Your vehicle is a vital tool of trade helping you to get to work and back as well as giving convenience to your family among other things. Depending on your vehicle and the extent of damage, you may have to fork out a tidy sum to get your car fixed. Research done by Kwik Fit revealed that on average a UK driver incurs £1,295.52 a year in car servicing and maintenance. This translates to £107.96 a month.
Apart from fuel which is the larger cost, unexpected repairs and breakdowns and breakdown cover are some of the other significant costs. If you find yourself in a situation where your car has an emergency and you do not have enough cash on you to fix it, you may opt for quick loans.
In other scenarios, you may have credit cards, but the service providers may not readily accept them thus resorting to cash. With most quick loans taking under 24 hours to be approved, such financing can come in handy for you and your car.
Medical Emergencies
Healthcare costs are rising across the UK. While the NHS endeavours to make healthcare accessible to all, private healthcare is still one of the preferred avenues for people to access comfortable and modern treatment.
Unlike NHS facilities that do not give you much legroom in terms of choice, private healthcare facilities may offer you exclusive services such as private accommodation, greater choice of food, and the privilege of being seen by the same consultant.
In medical emergencies, you may be forced to seek private treatment hence out of pocket expenses pending reimbursement by your insurer. To help bridge the cash flow gap between the time you spend and the time your claim is processed, a quick loan can come in handy.
Taking Advantage of Offers and Promotions
At times you may come across offers on things such as appliances or home essentials. If you have ready cash, you can take advantage of such promotions and make lots of savings. However, you need to be careful so that you do not become an impulse buyer.
Having cash in hand gives you great bargains and deep discounts than using cards and other forms of financing.
What You Need to Access Quick Loans Today
Most lenders in the UK can get you approved for a quick loan if you are 18 years and above, a UK resident, part-time or self-employed and you have bank account details. People with bad credit can also qualify for these loans which make them a go-to financial solution for most people struggling to repair their credit scores.
The process of applying for quick loans is simple and easy with decisions arrived at in minutes. You can use loan calculators to choose your borrowing terms including the loan amount and the repayment term. You may also be asked to state the reason for taking out the loan for record purposes.
Conclusion
There are lots of reasons why quick loans may be suitable for you. Whether you want to pay for emergency car repairs, overdue bills, medical expenses, or any other form of emergency expense, quick loans can give you cash in your account within 24 hours.
