If you need money in an emergency then your options could be limited. Applying for most loans takes a lot of time and this might be something that you do not have. It does not only take time to fill out the paperwork but then you have to wait for them to be approved and this could take a lot longer than you can wait. Therefore you may not have many options.
It can be wise to prepare for such a situation by having some money available for when you need it. This could mean that you save some money each month and build up a small pot so that if you need some money in an emergency then you can withdraw some. Even if you just put a small amount of money aside, it could soon add up to be enough to help you when you need it. If you do not think that you would have the resources, self-discipline or time to save up like this, then you could try to get some credit arranged that you could use. You could get a credit card or apply for an overdraft. These will then be available for emergencies. If you suddenly needed some money you could use them to help you. One problem with this is that some people would be tempted to use them when they really did not need them. For some people, knowing that money is available, means that they will just go and spend it and use the credit card or overdraft up, even if it on things that they do not really need. If you think that you are likely to do this, then it will be much better not to get one in the first place as it will not help you at all. Another problem is that there is no formal repayment system with these. The credit card will need a minimum repayment each month but there is no pressure to pay back more than this and the overdraft will just be repaid when money appears in your current account. This means that you can find that the interest on these can build up really quickly without you necessarily noticing and they could end up being very expensive. So if you do use them, make sure that you pay them back as soon as you possibly can. Remember you can always borrow again using them if you need to but if you pay them back quickly, you will have less to pay out in interest and will therefore be less likely to need to borrow more.
If you do not have anything to fall back on, then you may not have many choices in an emergency situation. It could be worth starting by looking for friends and family to help though. There may be some that will be more than willing to help you out and will not mind letting you have money interest free and giving you as long as you want to pay them back. However, not everyone has this sort of help available to them. A credit union can be another option, although you may need to have savings with them before they allow you to have a loan. It is worth checking though as they could be a reasonably priced option. As they are usually small local companies, the rules will differ between them so ask at your local citizen’s advice bureau to find out more about them.
Many people will use a short term loan such as a logbook loan or a payday loan in an emergency. This is what they are designed for but they both carry a high element of risk. If you do not keep up payments on the logbook loan, your vehicle will be taken from you in lieu of the missed payments. If you do not make the repayment of the payday loan on time then you will be charged fees and these can be really expensive. These should be a very last resort and even then you should think really hard before using them. Make sure that you have no other options which are better before even considering if this is something that you should do. If you have no other choice, then make sure that you compare the different companies in order to get the one that is the cheapest and has terms that are best suited to you.