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If you’re facing an unanticipated expense but don’t have enough cash set aside to cover it, an emergency loan might come in handy. Emergency loans enable you to get cash quickly, and you can use them for just about any financial emergency, like car repairs or medical bills.
There are different types of emergency loans, and it’s important to choose the right one for your specific situation. Here’s an overview of your options.
- Personal Loans
- Title Loans
- HELOC
- Credit card cash advance
- Loan from a friend or family member
- Finding the right emergency loan
- Emergency loans for bad credit
Personal loans
A personal loan is a set amount of money you borrow from a bank, credit union, or online lender and agree to repay with interest over a designated period. Many personal loans are unsecured, meaning you don’t have to back them with collateral, like your house or car. Since personal loans are flexible, you may use them to cover virtually any emergency expense.
You can apply for a personal loan online, and you may even get approved within minutes. Many personal loan lenders deposit funds within one business day of approval, and some offer same-day funding. Keep in mind that lenders have different maximum loan amounts — some can provide as much as $100,000, while others only allow you to borrow up to $20,000. Be sure to check that the lender can provide enough funds for your situation before applying.
While personal loans can be a great option, they’re not right for everyone. Consider these pros and cons first:
| Pros | Cons |
|---|---|
| Fast funding | Possible fees (like origination fees, late fees, and prepayment penalties) |
| Lower interest rates than credit cards for borrowers with good credit | Higher interest rates for borrowers with poor credit |
| Typically unsecured (no collateral) | Missing payments can negatively affect your credit |
| Flexible repayment terms | Adds to your debt load |
| Lender | Fixed rates | Loan amounts | Check rates |
|---|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 29.99% APR | $7,500 to $50,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.95% - 35.99% APR | $2,000 to $35,000** | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.79% - 20.84% APR | $10,000 to $50,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.99% - 35.99% APR | $2,000 to $50,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 24.99% APR | $2,500 - $40,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.52% - 24.81% APR | $5,000 to $40,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.57% - 35.99% APR | $1,000 to $40,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 35.99% APR | $2,000 to $36,500 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 25.49% APR with autopay | $5,000 to $100,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 18.0% - 35.99% APR | $1,500 to $20,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.49% - 17.99% APR | $600 to $50,000 (depending on loan term) | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.99% - 35.99% APR | $3,500 to $40,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.99% - 25.81% APR10 | $5,000 to $100,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.69% - 35.99% APR7 | $1,000 to $20,000 | |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.49% - 35.99% APR | $1,000 to $50,000 | |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 5.2% - 35.99% APR4 | $1,000 to $50,0005 | |
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Title loans
A car title loan is a short-term, secured loan. To take one out, you give the lender the title for your vehicle in exchange for a lump sum of cash. The amount of money you can borrow depends on how much your car, truck, or motorcycle is worth. Typically, title loan amounts are between 25% and 50% of your vehicle’s value.
You’ll repay what you borrow, plus interest, in a short time period — often within 30 days. Most title loans don’t require a credit check, and some won’t verify your income. But you may have to pay a fee to get a car title loan, and if you can’t repay the loan, the lender may take possession of your vehicle.
| Pros | Cons |
|---|---|
| Fast access to funds | Could lose your car if you default |
| May not require a credit check | High interest rates |
HELOC
A home equity line of credit (HELOC) is funding that’s secured by your home. It lets you borrow against your home’s equity, which is the difference between what you owe on your mortgage and what your home is currently worth. Most lenders will offer you up to 85% of your home’s equity.
Unlike other types of emergency loans, a HELOC is a revolving line of credit, similar to a credit card. During the designated “draw period,” you can borrow as much or as little as you want, up to a set credit limit. Once the draw period ends, you’ll enter the repayment period and repay your balance with interest (usually a variable interest rate). A HELOC typically has a draw period up to 10 years and a repayment period up to 20 years.
| Pros | Cons |
|---|---|
| Borrow against it as often as you need to during the draw period | Could lose your home if you default |
| Flexible repayment timeline | Need home equity to qualify |
| Only pay interest on the amount you borrow | Variable interest rates that could change over time |
Credit card cash advance
A credit card cash advance is when you use the available balance on your credit card to take out a short-term loan at a bank or ATM. Instead of borrowing money for purchases, you’ll use your card to borrow cash against your credit limit (or your card’s cash advance limit, if it has one). You may get same-day funding with this type of loan, depending on your lender.
As soon as you take out a credit card cash advance, interest begins to accrue — and your interest rate will likely be higher for a cash advance than for a regular credit card purchase. You might also have to pay a cash advance fee, which may be a flat fee or a percentage of your loan amount. If you use an ATM to get your cash advance, you might face ATM or bank fees as well.
| Pros | Cons |
|---|---|
| Easily accessible | High interest rates |
| Same-day access to funds | No flexible repayment plans |
| Doesn’t require collateral | Interest starts accruing immediately |
Loan from a friend or family member
If you need fast cash to cover a financial emergency, you might be able to borrow it from a friend or family member. Depending on their relationship with you and their financial situation, they may lend you money with no interest or low interest.
Just make sure that you put the terms of the loan in writing so there’s no confusion. Keep in mind that if you don’t repay your loan as agreed, you risk damaging your relationship. Only borrow money from a friend or family member if you feel confident you’ll be able to pay it back on time.
Finding the right emergency loan
Not all emergency loans are created equal. That’s why you should explore all your options. As you do so, compare the following factors:
- Loan amounts
- Annual percentage rates (APRs), which encompass both the interest rate and any fees
- Repayment terms
- Funding times
- Potential impact on your credit score
- Whether it’s secured or unsecured
Many lenders allow you to prequalify online and check your loan options without affecting your credit. This can help you determine if the loan will fit into your budget so that you choose the right emergency loan for your particular situation. You can use Credible’s personal loan calculator to estimate your monthly payments and the amount of interest you’ll pay for a personal loan.
Once you find an emergency loan that meets your needs, you’ll likely be able to apply online. Be prepared to share basic personal and financial information. You might also have to submit some documents, like your pay stubs and bank statements, to show proof of income and other financial details.
Watch out for predatory lending
Some emergency loans, like payday loans, come with sky-high interest rates and short repayment terms. You could face an APR of almost 400% for a two-week loan.
If possible, you should avoid payday loans and look for alternatives. A payday loan with an astronomically high interest rate and potentially predatory lending practices can actually make your financial emergency even worse. These loans can trap you in a cycle of debt if you’re unable to repay them on time. Your goal should be to find an emergency loan with a monthly payment you can reasonably afford from a reputable lender.
Emergency loans for bad credit
You can still qualify for an emergency loan if you have bad credit. Some online lenders have lenient requirements and may look beyond your credit score to consider other factors, like your education and employment history. Depending on the lender, you might be able to apply with a cosigner to boost your chances of approval and lock in lower rates.
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