When Might You Consider Emergency Loans?

Emergency loans are specifically that – they’re designed to meet occasional, unexpected, emergency costs when a person literally feels they need money right now. Lenders suggest borrowers minimise the use of payday loans to keep overall costs low. However, there are times when the use of an emergency loan can be practical. In these situations, borrowers should never be afraid to take the steps needed to cover emergency expenses. Although the costs are higher than traditional loans, having ready access to cash on the same day that it’s needed can prevent other costly events from occurring, such as default penalties or loss of earnings.

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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%. 

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