When emergencies happen, financial stress can make a bad situation worse. The best emergency loans provide quick access to cash during hard times, without ultra-high interest costs or fees attached. It’s important to know which type of loan you’re getting before you apply, as not all emergency loans are created equal, and some are much better for your long-term financial health than others.
A personal loan for emergencies is usually the best option as your standard APR is typically lower than other types of loans such as a title loan, payday loan, cash advance app, and credit card advance.
Compare emergency loan rates of April 2024
Advertiser DisclosureOverview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Repayment terms
2 - 12 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Read full reviewOverview
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.
Funds are available as soon as the next business day after loan approval.
Eligibility
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Read full reviewOverview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Read full reviewOverview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Read full reviewOverview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Repayment terms
1 to 5 years (2 to 5 years through Credible)
Read full reviewOverview
It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Time to get funds
Same day available, typically 1-3 days
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
Read full reviewOverview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Read full reviewOverview
Zable offers relatively small loan amounts — ranging from $1,000 to $25,000 — that can be deposited in your account as soon as the same day you are approved, if it is by the lender's deadline. It’s an option for fair-credit borrowers, with a minimum credit score of 600, as well as those with lower incomes.
Its origination fees range from 5% to 9%, however, and it does not offer discounts, secured loans, nor the option to add a cosigner to your application. Zable also currently does not offer loans in 21 states.
Fees
Origination fees (5% to 9%)
Eligibility
Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY
Loan uses
Debt consolidation, credit card refinancing, home improvement, major purchase, car financing
Read full reviewFees
Origination Fee, $15 Late Fee, $25 NSF Fee
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
Read full reviewBest emergency loans
Waiting is the worst when you need money now. These emergency loans are all personal loans that can be funded as soon as the same day you apply, or the next day following your application’s approval.
Loan Amount
$5000 to $100000
Min. Credit Score
Does not disclose
No fees required
Large loan amounts available
Autopay and direct pay discounts
Same day funding
Long loan terms available
Good credit required
5,000 minimum loan amount
Overview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Upgrade: Best for fair credit
Loan Amount
$1000 to $50000
Fair credit borrowers eligible
Autopay and direct pay discounts
Can fund in as little as 1 business day
Mobile app
Secured loans available
High maximum origination fee
Cosigners not accepted on home improvement loans
Low J.D. Power ranking
Overview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Discover: Best for no origination fees (and low rates)
Best for no origination fees (and low rates)
Loan Amount
$2500 to $40000
Low minimum APR
May fund the next business day
Long loan terms available
Direct pay to creditors
No origination fee
No discounts offered
Secured loans not available
Overview
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.
Funds are available as soon as the next business day after loan approval.
Eligibility
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Universal Credit: Best debt consolidation loans for bad credit
Best debt consolidation loans for bad credit
Loan Amount
$1000 to $50000
Borrowers with bad credit considered
No minimum income requirement
Autopay and direct pay discounts available
Can fund in one business day
High APRs
Potentially high origination fees
Not available in Iowa
Overview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Splash: Best quick loans for good credit
Best quick loans for good credit
Loan Amount
$5000 to $35000
Excellent customer reviews on Trustpilot
Funding as soon as the same business day
Large loan amounts available
Possible origination fee up to 7.49% (through Credible)
Other lenders may have lower starting APRs
No cosigner option
Overview
It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Time to get funds
Same day available, typically 1-3 days
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
Lightstream: Best home improvement loans and low rates
Best home improvement loans and low rates
Loan Amount
$5000 to $100000
Same-day funding available
High maximum loan amount
No origination fee
Good credit required
No prequalification process
Not available in Vermont
Overview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Repayment terms
2 - 12 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Avant: Best for all credit types
Best for all credit types
Loan Amount
$2000 to $35000
Borrowers with bad credit considered
Funds as soon as the next business day
1-year loan terms available on Avant's website
No discounts offered
Origination fee
Not available in HI, IA, MA, ME, NY, VT, or WV
Overview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Repayment terms
1 to 5 years (2 to 5 years through Credible)
Reach Financial: Best for fast funding and fair credit
Best for fast funding and fair credit
Loan Amount
$3500 to $40000
May fund within 1 day
Fair-credit borrowers may be eligible
Social Security number not required to prequalify
Origination fee
No discounts
Not available in CO, CT, ME, NV, NH, TN, VT, WV, or WY
Fees
Origination Fee, $15 Late Fee, $25 NSF Fee
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
Zable: Best for short-term loans and same day funding
Best for short-term loans and same day funding
Loan Amount
$1000 to $35000
Funding as soon as the same day
Low minimum income required
100% digital process
No discounts
Maximum loan amount is lower than most other lenders
Origination fee
Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY
Overview
Zable offers relatively small loan amounts — ranging from $1,000 to $25,000 — that can be deposited in your account as soon as the same day you are approved, if it is by the lender's deadline. It’s an option for fair-credit borrowers, with a minimum credit score of 600, as well as those with lower incomes.
Its origination fees range from 5% to 9%, however, and it does not offer discounts, secured loans, nor the option to add a cosigner to your application. Zable also currently does not offer loans in 21 states.
Fees
Origination fees (5% to 9%)
Eligibility
Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY
Loan uses
Debt consolidation, credit card refinancing, home improvement, major purchase, car financing
Methodology
Credible evaluated the best personal loan lenders for emergency loans based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, and whether cosigners are accepted. Credible’s team of experts gathered information from each lender’s website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date.
Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.
How to compare emergency loans
When you compare emergency loans, consider the following:
- APR: A loan’s annual percentage rate, or APR, tells you how much you’ll pay annually on interest and fees, expressed as a percentage. The lower the APR, the less it’ll cost to borrow.
- Loan amounts: You can find loan amounts ranging from as low as $600 up to $100,000. Lenders for payday loans typically offer $500 or less but come with high APRs.
- Terms: Depending on the type of emergency loan, terms can range from one to seven years. The shorter the term, the higher your monthly payment will likely be.
- Funding time: Look for a lender that offers fast funding. Some lenders can finance your loan as soon as the same or next business day.
- Lender’s reputation: Be sure to check out customer reviews before choosing a lender. Consider predatory lending signs such as exorbitant high interest rates and no credit check. If many previous customers have had negative experiences working with a lender, that may be a red flag.
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How do emergency loans work?
Emergency loans refer to a few different types of loans you can use to access cash quickly during an emergency. They’re typically unsecured, which means you don’t need collateral to secure the loan. You can use an emergency loan for almost any purpose, such as car repairs, a large purchase, or medical expenses.
Here are the different types of emergency loans:
- Personal loans: A personal loan is a monthly installment loan that’s typically unsecured. Qualification hinges on your credit score, income, and other financial factors. If you qualify, you’ll receive a lump sum for the loan amount. Then you’ll pay it back, plus interest, in monthly payments over the loan’s term.
- Payday loans: A payday loan is a short-term loan for a small amount of money — typically no more than a few hundred dollars. But they’re known for astronomical APRs — sometimes as high as 400%. In most cases, there are better loan options.
- Title loans: A title loan is a short-term loan that uses your vehicle title as collateral. Typically, loan amounts are for up to 50% of your car’s value. These are some of the most expensive emergency loans, with APRs of up to 300% — and they’re not legal in every state.
- Credit card cash advance: A cash advance from your credit card allows you to withdraw cash in a pinch. But you’ll have to pay extra fees, and this service may have an even higher interest rate than your regular APR. Interest typically accrues immediately.
- Cash advance apps: Cash advance apps allow you to borrow small amounts from your upcoming paycheck before you receive it. While convenient, it can be an expensive way to borrow. These apps sometimes charge subscription and other types of fees rather than expressing costs as APR, and these fees can add up.
| | | | |
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| | | Fees vary by lender, may have: Application fees Origination fees Late payment fees Prepayment fees Annual fees | Up to a week, sometimes within a day |
| | | Often flat-rate loan fee Late payment fee | Within a day, sometimes immediately |
| Up to 50% of your vehicle's value | | Processing fees Document fees Origination fees | |
| Depends on your available credit line | | Annual fees Cash advance fee Potential ATM fee | |
| Typically less than $1,000 | | Subscription fees Fast funding fees Optional tips | |
Qualifications for emergency loans
Generally, you may have to meet certain eligibility requirements before applying for a loan. Eligibility requirements vary by loan type and lender, but lenders typically consider the following:
- Credit score: Most lenders consider your FICO score when assessing your loan application. At the very least, you usually need a credit score in the “fair” range or above — that’s a score of at least 580. But certain emergency loans, like payday loans or title loans, may not require a credit check.
- Income verification: To qualify for many loans, you may be required to prove you have a stable income. This helps show lenders you’ll have the cash on hand to pay back a loan.
- Debt-to-income ratio (DTI): Your DTI measures your monthly debt payments against your gross monthly income, and is used when determining your loan eligibility. Most lenders require a DTI of around 36% or less.
- Collateral: If you apply for a secured emergency loan, you’ll need collateral. In the case of a title loan, this would be your car title.
How to apply for an emergency loan
The process for getting an emergency loan varies by loan type. Title loans, payday loans, credit card cash advances, and cash advance apps often have a simpler, quicker process for getting cash.
When it comes to applying for a personal loan, however, you’ll have to do a little more legwork to apply and qualify:
- Check your credit: Your credit score plays a big role in the type of loan you can qualify for, so it’s important to know before comparing loans. Plus, checking your credit report gives you a chance to make sure there are no mistakes negatively impacting your score.
- Compare lenders: Rather than applying for the first loan you see, take time to compare lenders. Even a small difference in the interest rate can equate to huge savings over the life of a loan. Pay attention to things like funding time, fees, terms, and a lender’s reputation, too.
- Apply for a loan: Most lenders allow you to apply for a loan online. You’ll need to provide your personal and financial information, plus income verification.
- Finalize the loan and begin payments: Once you receive a loan offer, read the loan agreement carefully before signing. After receiving your funds, you’ll begin making your monthly payments.
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Alternatives to emergency loans
Sometimes an emergency loan isn’t the best way to pay for unexpected expenses. If you’re looking for an alternative to an emergency loan, consider the following:
- Payday alternative loans: Accessible to members of federal credit unions, payday alternative loans are affordable short-term loans of up to $1,000. Application fees are capped at $20, rates are capped at 28%, and terms can last up to six months.
- Credit card purchase: Depending on the size of the emergency, you may be able to cover it with a simple credit card purchase. Credit card interest rates can be high, though, so try to not put a charge on a credit card you won’t be able to pay off quickly.
- Help from family or friends: If you have family and friends willing to help you out in a financial emergency, you may be able to avoid the costs of borrowing. When taking a loan from friends or family, it can help to put repayment terms in writing.
- Paycheck advance: Paycheck, or payroll, advances are a type of short-term loan that allow you to borrow against your next paycheck, then pay it back out of a future paycheck or in a series of installments. But not all employers offer this service.
- Personal line of credit: A personal line of credit is similar to a credit card — you can borrow against it as needed and have to make minimum payments each month. You often need to have a checking account at a bank or credit union in order to open a personal line of credit there.
- Financial assistance: Depending on your personal and financial situation, there may be assistance programs to help you during an emergency. Start by calling 211 to get connected with resources in your area.
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Build an emergency fund
Certain situations may call for an emergency loan, but ideally you can set aside a cash buffer for emergencies. Here’s how to start saving for that emergency fund:
- Figure out how much you need to save: Many financial experts suggest setting aside three to six months’ worth of essential living expenses for emergencies. Calculate your monthly essentials, and decide on a target that’ll give you some peace of mind.
- Set a reasonable monthly savings goal: Setting a reasonable savings goal each month can keep you motivated when your goal seems out of reach. Even if you can only afford to save a little each month, set a goal and slowly increase it when you can.
- Set up an automatic transfer into a dedicated savings account: Make sure your savings actually make it into an emergency fund by setting up automatic transfers from your checking into your savings. To get the most bang for your buck, keep emergency savings in a high-yield savings account.
FAQ
Where can I get an emergency loan?
It depends on the type of loan you’re looking for. You can get personal loans at banks, credit unions, or from online lenders. You can get payday loans and title loans from companies specializing in these types of loans. You can also get a cash advance from your credit card company or use a cash advance app like Dave or MoneyLion.
How can I improve my chances of approval for an emergency loan?
You can improve your chances of loan approval by building your credit and lowering your DTI. However, these aren’t metrics you can improve overnight. If you’re looking for a quicker way to improve your chances of loan approval, you can apply for an emergency loan that allows cosigners, or you can apply for a secured loan.
What can I use an emergency loan for?
You can use an emergency loan to pay for a wide range of unexpected costs. For example, an emergency loan could cover emergency travel, urgent vehicle or home repairs, emergency vet bills, or other unplanned costs.
Can you qualify for an emergency loan with bad credit?
You might — it depends on the type of loan you apply for, your financial situation, and whether or not you apply with a cosigner. If you have bad credit, start by looking specifically for loans for bad credit. Keep in mind, these loans may have higher interest rates and fees. If you’re having trouble qualifying for an affordable loan, try applying with a cosigner or getting a secured loan.
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Meet the expert:
Emily Batdorf
Emily Batdorf is a personal finance expert, specializing in banking, lending, credit cards, and budgeting. Drawing on her scientific background, she's developed a knack for analyzing financial products in the context of different needs. She finds joy in helping readers understand their best options and shuns a one-size-fits-all approach.