July 26, 2023
- Olsen Breet
- April 24, 2021
Financial life has many ups and downs. When it is up, you can accomplish anything. When it is down, you are exposed to the bitter reality of life.
Managing the finances is not an easy job. It needs proper attention, contentment and special mention to the solutions. You may face financial emergency in different forms, like health issues, unexpected bills, urgent university fees and emergency car repair.
Such situations generate an emergency, and at the same time, it creates a necessity for emergency funding.
- Will you disturb your savings to cope up with this emergency?
- Is there any other way to arrange funds urgently?
- Will you approach your near and dear ones to get some help?
Savings, asking for money from your boss or approaching relatives or friends may be the options to consider. Still, these cannot guarantee the same. They have their financial compulsions.
Lending options and instant funding – Do they relate to each other?
When other options do not seem valuable in a financial emergency, the last option that remains is borrowing funds from the lending market.
Indeed, this may be your last option but may prove helpful in challenging circumstances. The UK marketplace, over the years, has been providing various loan options. The strange thing is that most of these options come from the direct lending market.
Therefore, the preference is for direct lenders because borrowers have the advantage of quick funding.
Yes, the phrase ‘quick funding’ is something you were looking for during a financial emergency. Thus, you have got the solution in the form of online borrowing that may even bring 5 minute money to your bank account.
Immediate fund support and its advantages
The best way to tackle the financial emergency is to get instant funding support. Moreover, when it comes to immediate funding, online lenders in the UK seem the only option.
With having quick fund disbursal to your bank account, you will have several advantages to your favour. Some of them are mentioned below:-
- The first and foremost advantage of getting instant funding is the easy online procedure. Unlike the traditional pattern of borrowing, you only need to fill out a single page online form. It is what you need during the funding urgency. However, you still have to follow the procedure sincerely, as any wrong detail can terminate your chances of loan approval.
- The second advantage you have with immediate funding is manageable monthly repayments. Here you need to understand that getting instant funding is possible only for a small funding. You cannot apply for long-term financing, but small funds are easily available. It will have small instalments to pay monthly, which does not put an extra burden on your financial capacity.
- The third advantage you get in the form of competitive interest rates. There is a bunch of small loan deals available from different lenders in the UK marketplace. It gives a clear advantage to the borrowers because they can get competitive rates due to the competition among the lenders. If you can research well, then you will get loans at manageable rates.
- The fourth advantage of instant funding is your bad credit score does not have too much value. Traditional lenders make borrowers’ credit scores the sole criterion to approve for a loan. Online lenders have different policies. They prefer borrowers’ income status and current financial capacity for the loan approval in place of credit scores. The best example of it is debt consolidation loans for bad credit in the UK.
- The fifth benefit is you get acceptance on your loan application with no guarantor. Your income capacity guarantees loan approval, and online lenders will accept your loan application. Having a reliable person as your guarantor becomes tough in urgency and with bad credit. Therefore, instant funding brings you a sigh of relief during tricky times.
Risks involved with instant funding
You may be thrilled to see the advantages you get with instant funding. However, there are some risks involved too.
- To get funds immediately, you will not do hardcore research for finding out the right deal.
- You may be trapped in mere advertisements of some lenders and end up paying more than borrowed.
- Small funding always has the disadvantage of higher interest rates.
Therefore, the financial emergency has now the perfect answer as instant funding thanks to the online lending trends. The final nutshell is how much you can get the most out of that instant funding.
Your sincerity, skills and stability do it for you.
Olsen Breet is our in-house Financial Expert at EasyPolicyLoans, with more than a decade of writing for various finance companies in the UK. He has got this knack for turning even the trickiest money matters into something we can get our heads around. Before he started sharing his wisdom here, Olsen was playing with big numbers and advising on loans at a bank. He graduated from University of Glasgow, grabbing a finance degree before jumping into the deep end of the financial pool. Olsen’s our go-to guy for making sense of market trends and is always ahead of the curve.