Need money now?

Being in a position where you need money urgently can feel extremely worrying. This is a frightening situation that could happen to any of us at any time. Whether it’s an unexpected bill that threatens to drain your monthly budget or repairs needed to get your vehicle back on the road for your daily commute, a financial emergency can be extremely stressful.

Growing Power explores some of the options that could be available to help if you need money now.

How do I get emergency money now?

When you need money fast, the most important thing to do is take a step back. This isn’t always easy to do when we’re panicking, but it’s very, very important not to rush into making a decision that might not be right for you and your finances. The very last thing you need is to find yourself in an even worse financial position further down the line.
You should carefully assess any options that could be available to you.

Important: emergency help if you have no money or food

If you have no money or food, please visit StepChange’s website. Please don’t suffer in silence; you have nothing to be ashamed of and have every right to access the support you deserve.

Possible options if you need money now

1. 1. Review the situation
   A broken washing machine or a car that’s failed its MOT can leave us feeling anxious, but are these expenses really urgent? They may well appear to be at first glance, but is there any way that you could wait a couple of months and save up the money you need? For example, while a packed-up car is frustrating, could you perhaps consider working from home or using public transport while you gather some savings together?
   Taking the time to think outside the box could help you come up with a finance-friendly solution.


2. 2. Use your savings, if you have some
   Do you have any savings that you could use to fund the emergency cost? We understand that it’s upsetting to have to raid your hard-earned savings pot to cover an unexpected expense but using your own money rather than applying for credit will be cheaper, as you won’t need to pay interest.


3. 3. Family and friends
   Talking about money can feel awkward, but it shouldn’t be. Many of us will experience money worries at some point in our lives, and you shouldn’t be afraid of voicing your concerns and asking for help. A friend or family member might be in a position where they’re able to lend you some money, although it’s imperative that both parties agree on and stick to a repayment plan.


4. 4. Sell items
   Of course, this isn’t guaranteed to be a quick fix, but selling items that you no longer need, either online or in-person at a car-boot sale, could help to bring in some extra money. From clothes and accessories to electronics and books, second-hand sites such as Vinted and eBay allow users to sell unwanted items.


5. 5. Budgeting Advance
   If you’re in receipt of Universal Credit and you need money now, you might be able to get a Budgeting Advance which could help with expenses such as emergency household costs. You can find out more about a Budgeting Advance and check your eligibility here.


6. 6. Budgeting Loan
   You might be able to get a Budgeting Loan if you’ve been claiming certain types of benefits, excluding Universal Credit, for the last 6 months.


7. 7. Search for a personal loan
   A loan could be a suitable option to consider if you’re confident that you’ll be able to afford the monthly repayments alongside your necessary outgoings, such as rent, bills, and food.

Things to think about before searching for a loan

Please remember that a loan is a serious financial commitment, and applying for one is a decision that should only be made after very careful consideration.

• The cost
  When you take out a loan, you repay not only the money you owe, but also interest, which will be included in your monthly repayments. The interest rate you’re offered will depend on your credit score, credit history, and affordability. A higher rate of interest will increase the cost of borrowing. If approved for a loan, you should be fully aware of and comfortable with the cost of your monthly repayments before you sign your credit agreement.


• The impact to your credit score
  A loan will affect your credit score.
  When you apply for a loan, the lender will carry out a creditworthiness assessment, which could include a hard search. Undergoing multiple hard searches within a short period of time will harm your credit score. Growing Power is a credit broker and could help to reduce the number of hard searches on your credit file by scanning over 30 lenders at the same time for a suitable loan for you, with no impact to your credit score.*
  Keeping on top of your repayments throughout the duration of your loan could lead to an increase in your credit score, although you’ll need to make sure that any other credit commitments and bills are also managed well.
  A missed or late repayment will have the opposite effect: your credit score will decline.


• The type of loan
  There are different types of loan to consider. Here are just a couple of them.
  
  1. A payday loan could be useful in an emergency, although they are typically required to be repaid in full within a month, which might not suit everyone.
  
  2. A short-term loan, like those offered by the lenders on the Growing Power panel, provide borrowers with a range of repayment terms which could help to spread the cost of borrowing. Depending on the amount of money you apply to borrow, Growing Power makes it possible to search for a loan with a repayment term between 3 and 60 months.
  
  3. A guarantor loan is when somebody, usually a family member or close friend, agrees to act as a ‘guarantor’ and make your repayments if you’re unexpectedly unable to. You might wish to do further research into a guarantor loan if you have bad credit; if you have a guarantor as an extra layer of security, lenders may feel more comfortable when considering your application.

Can I get a same-day loan? I need money urgently.

Again, we’d like to stress that a loan should only be applied for if you’re absolutely certain that it’s the right option for you, and that you can afford the repayments.

Some lenders, including several on the Growing Power panel, could send your money on the same day as your application is approved.
Please be aware that while it’s possible for your money to be sent the same day, it’s not guaranteed to show in your account straight away. The time it takes for the money to become available will depend on your bank’s policies and procedures.

I need money now; can I search for a loan with Growing Power?

Growing Power is a credit broker. The lenders on our panel offer short-term personal loans from £100 to £10,000, with repayment terms between 3 and 60 months, depending on the amount of money you apply to borrow.

If you need money now and have decided to search for a loan after thorough research, you’re welcome to fill out our online form, providing that you meet our eligibility criteria.
In order to search for a loan with Growing Power, you must:

• Be a UK resident;
• Be over the age of 18;
• Have a UK bank account and valid debit card; and
• Have a regular source of income paid into your bank account.

I need money now, but I have bad credit; will this affect my chances of being approved for a loan?

It’s true that having bad credit history could restrict your options when applying for a loan, although there are several lenders, including a number of those on the Growing Power panel, who are open to considering applications from people with poor credit.

A bad credit loan could come with a higher rate of interest, so careful thought is required before you decide whether to make an application. A higher interest rate will increase the overall cost of borrowing and your monthly repayments, and you’ll need to make sure that you can afford to make these on time and in full each month without it affecting your ability to pay for your essential outgoings.

I can’t afford my loan repayments; what should I do?

If you’re struggling to make your monthly repayments, you should speak to your lender as soon as you can. We understand that this can feel uncomfortable, and it can be tempting to ignore the problem, but the sooner you reach out and ask for help, the sooner you and your lender can decide on a suitable plan going forwards.
Every lender is different, but some options that may be suggested could include a repayment holiday or temporarily reduced repayments.

Where can I get money and debt advice?

Free, impartial money and debt management advice can be accessed through a range of organisations, including StepChange, MoneyHelper, Citizens Advice, and National Debtline.

*If you’ve been matched with a loan and you make a full application directly with the lender, a creditworthiness assessment will be carried out by that company. This will include a hard search or Open Banking. A hard search will remain on your credit file for up to 12 months, and multiple hard searches within a short period of time will damage your credit score.