How to Get an Emergency Loan Today

Last updated on October 28th, 2026 at 01:26 pm

An emergency loan can help pay for urgent repairs or travel costs – and using an online lender that can turn around funds in 24 hours is likely to be your best option.

Whether you need to borrow £500 or £1,000, if the loan is unsecured, the lender can often run the checks immediately, provide you with a decision and offer a same day loan, subject to passing checks. Other options you could consider include using credit cards, overdrafts or borrowing from family and friends.

If you would prefer to loan route, The One Stop Money Shop is an FCA-regulated and authorised direct lender and can provide funds within 1 to 24 hours to emergency purposes – and the flexibility to repay over 6-24 months.

The One Stop Money Shop – Key Features

Borrow £400-£2500
Repay over 6-24 months
Direct lender
Bad credit considered
Fully online
Funded same day if approved by 3:30pm

Representative Example:

£400 loan repayable over 12 months, £65 per month, total amount payable £780, Representative 295.60% APR fixed

What Is an Emergency Loan?

An emergency loan is a type of borrowing designed to help cover an unexpected or urgent expense. Depending on the lender and product, you may be able to apply online and receive a decision quickly, with funds potentially arriving on the same day.

Emergency loans can include unsecured short-term loans or personal loans and credit cards. A secured loan could be useful, but can take a few days if you are valuing a car or property.

Your eligibility is typically based on having a regular income and stable employment and demonstrating that you can afford monthly repayments once the lender has carried out an affordability assessment.

Although quick access to money can be helpful, it is important to understand the total repayment amount and make sure the repayments are affordable before committing. Some quick loans used for emergencies are helpful, but can carry higher interest rates for the convenience.

types of emergency loans

What Are the Eligibility Criteria for an Emergency Loan From One Stop?

Be aged 22 or over
Live in the UK
Have been in employment for at least six months
Hold a UK bank account with a valid debit card
Have a UK mobile number and email address
Be able to afford the monthly repayments after your essential spending

What Are Emergency Loans Used For?

Emergency loans are generally intended for unexpected expenses that cannot reasonably wait until your next payday or another source of funds becomes available.

Common examples include:

Urgent car repairs: Paying for essential repairs needed to get to work or manage family responsibilities.
Boiler or heating breakdowns: Covering necessary repairs or replacements, particularly during colder weather.
Unexpected household bills: Managing an essential bill that is due before you have enough money available.
Emergency travel: Paying for urgent journeys, such as travelling to support a family member.
Essential home repairs: Addressing problems such as leaks, broken locks or electrical faults.
Essential appliance replacement: Replacing a fridge, washing machine or another necessary household item.
Unexpected medical or dental expenses: Covering costs that are not immediately affordable, where appropriate.

What Types of Emergency Loans Are Available?

Different borrowing options suit different circumstances. The following table provides an illustrative comparison of common loan types and their potential costs.

Loan type	Typical APR or pricing	Illustrative cost of borrowing £500 over 3 months
Personal loan	Around 15% APR	At an illustrative 15% APR, around £511 total
Short-term loan	Around 100% APR	At an illustrative 100% APR, around £561 total
Payday loans	Around 300%-1200% APR	At an illustrative 1,200% APR, around £692 total
Arranged overdraft	Around 40%	Depends on the overdraft rate, how long the money is used and any applicable charges
Credit union loan	Around 36% APR	Depends on the quoted rate and repayment schedule

Important: These figures are examples, not live quotes or offers from The One Stop Money Shop. The repayment estimates for the first three rows use illustrative APRs, a £500 advance and three equal monthly payments, with no additional fees. Actual repayments depend on the lender’s calculation method and agreement. Overdrafts and credit union loans cannot be compared accurately without their specific terms.

APR represents the annualised cost of borrowing, including applicable mandatory charges. Because a three-month loan is much shorter than a year, the total amount repayable is often more useful than APR alone when comparing offers. Always check the exact repayment schedule, total cost and consequences of missing a payment.

Emergency Loan Options From The UK Government

DWP Budgeting Advance(Universal Credit): If you have been receiving Universal Credit for 6 months or more, you can apply for an interest-free advance (up to £812 depending on your household) for emergency costs like car repairs, household items, or work expenses. It is repaid automatically through your future benefit payments.
DWP Universal Credit Advance: If you have made a new Universal Credit claim and are waiting for your first payment (which usually takes 5 weeks), you can request a same-day or fast advance from your online account or Jobcentre coach to bridge the gap.
Local Council Welfare Assistance / Crisis Payments: Local councils offer discretionary emergency support (such as cash payments, food vouchers, energy fuel vouchers, or emergency white goods) if you face an immediate crisis or financial shock. These do not have to be paid back.

Can I Get an Emergency Same-Day Loan?

Yes, it is possible to get a same day loan, provided that you use an online lender and meet the criteria. Some lenders can automatically approve and fund your loan, and this can remarkably be in just a few hours.

Some lenders may require further checks and need to speak with you over the phone or require supplementary proof of income and employment.

Applying first thing in the morning and on a work day will certainly help your chances of being funded on the same day, with many lenders closing their funding at certain hours (like 5pm) and not being able to fund on weekends and bank holidays.

Be sure to:

Give truthful and accurate information
Be realistic in terms of the amount you can borrow based on your income and affordability
Be ready and available by email and phone for any follow up questions they may have

Can I Get an Emergency Loan With Bad Credit?

Yes, it is possible to get an emergency loan even if you have bad credit. You can be still be eligible with various payday lenders and credit unions provided that you have a regular income and can afford monthly repayments (after all essential expenses and current debts are paid).

Using a credit card for emergencies is viable if you have a credit limit still remaining, with some cards offering an overdraft facility, specifically for emergency borrowing. See loans for people with bad credit for more information.

Can I Get a Loan With No Credit Check?

Some products are advertised as offering no credit check, but you should be cautious about such claims. A responsible UK lender will generally need to assess affordability and may use credit-reference information as part of its checks.

A lender might use a soft search initially, which generally does not affect your credit score, followed by a hard search if you proceed. The type of search should be explained before you apply.

Rather than focusing solely on whether a lender checks your credit file, look for transparent terms, clear costs and a proper assessment of your ability to repay.

Why Choose The One Stop Money Shop for Emergency Loans?

Direct lender since 2005: We assess and fund every loan ourselves – see payday loans direct lenders
FCA authorised: The One Stop Money Shop Ltd is authorised and regulated by the Financial Conduct Authority, registration number 713424
Quick decisions: Most applications are decided within one to two hours
Same-day payouts: Loans fully approved before 3:30pm are usually paid the same working day
Borrow £400 to £2,500: Based on your income and affordability
Spread the cost: Repay in equal monthly instalments over 6 to 24 months
Bad credit and CCJs considered: We look at your current circumstances
Free to apply: There are no fees for applying

FAQs About Emergency Loans

How much can I borrow?

The One Stop Money Shop offers emergency loans for £400 to £2,500 depending on your income and affordability.

Will applying impact my credit score?

No, we use a soft credit check when assessing your eligibility which does not show up on your credit reporting and disappears shortly after. As you progress, we run a final hard check which does not impact your credit score but stays for a few months to alert other lenders that you are looking for credit.

Do you charge any fees for applying?

No, The One Stop Money Shop does not charge an upfront fee simply for applying for a loan.

If your application is approved and you decide to proceed, the interest rate, repayment schedule and total amount repayable will be explained in your loan agreement.

Can I apply if I am on benefits?

No, we are not currently lending to people on benefits, we require borrowers to be employed, full time or part time.

Can I apply if I am self-employed or a sole trader?

Currently, we are not accepting borrowers that are self-employed or sole traders unless they are part of a limited company that has been trading for a few years.

What happens if my loan application is declined?

If declined for a loan application, nothing will happen – no fees are charged, no impact to your credit score and no further action is required. However, it is recommended to avoid making lots of applications with different lenders in a short space of time. The information is recorded on your credit report, and whilst not negatively, having lots of applications too fast can make you appear desperate or may look fraudulent.

Do I need a guarantor to be eligible?

No, our loans are unsecured and do not require anyone to guarantee your repayments.

Guarantor loans are a separate type of credit in which another person agrees to meet repayments if the borrower does not. Whether a guarantor is required depends on the specific product. Check the terms of the loan you are considering rather than assuming every emergency loan requires one.

Can I apply for a loan with a CCJ?

You may be able to apply if you have a County Court Judgment (CCJ), depending on how far along your CCJ is and whether it has been satisfied or not. We consider other factors such as your income, outstanding debts and affordability. See also CCJ loans.

What happens if I cannot repay my loan?

Contact your lender as soon as possible if you think you will miss a payment for a loan. Explain your circumstances and ask what support or repayment arrangements may be available. Missed payments can lead to additional consequences, affect your credit file and result in collection activity, depending on the agreement.

You can also seek free, impartial debt advice from organisations such as StepChange or Citizens Advice. Avoid taking out another high-cost loan simply to repay an existing one without considering the longer-term consequences.

How do I know if a loan offer is a scam?

You can usually tell a loan offer is a scam if you’re asked to pay a fee before receiving the money. Genuine lenders never charge upfront fees to release a loan. Other warning signs include:

Guaranteed approval without any checks
Requests to pay by bank transfer to a personal account, gift cards or cryptocurrency
Pressure to accept an offer immediately
Unexpected calls, texts or social media messages offering loans
No FCA reference number, or contact details that don’t match the FCA Register

If you’re unsure, read our guide on how to know a payday lender is legitimate.