Emergency Loans
Emergency Loans For Fast Funding
No one can predict the future, but you can have a plan in place if your car needs unexpected repairs or a costly medical bill hits you out of nowhere. Emergency loans — personal loans that typically take less time to process — can provide breathing room in the event you lose your job or experience a serious reduction in work hours and need some cash to tide you over.
4 emergency loans to kick-start your search
4 lenders for emergency loans | ||||
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LightStream | Best Egg | Rocket Loans | OneMain Financial | |
APRs | 3.99% – 19.99% | 5.99% – 29.99% | 7.16% – 29.99% | 18.00% – 35.99% |
Terms | 24 to 144 months | 36 or 60 months | 36 or 60 months | 24 to 60 months |
Loan amount | $5,000 – $100,000 | $2,000 – $35,000 | $2,000 – $45,000 | $1,500 – $20,000 |
Origination fee | No origination fee | 0.99% – 6.99% | 1.00% – 6.00% of loan amount | Depends on state, $30-$150 or 1.00% – 10.00% |
Time to funding | Same day funding | 1-3 business days | Same day funding | Same day funding |
Credit score requirement | Not specified | 640 | 640 | Not specified |
Are there emergency loans for bad credit?
While emergency loans and bad credit aren’t normally an ideal combination, there are options available for those who don’t have the best credit history but are in need of financial help.
Tough times can lead to tough questions like, “Can I qualify for emergency loans with bad credit?” The answer is usually yes, but the costs will be steep. Here are some emergency loans for bad credit to consider.
Emergency loans for bad credit | ||||
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Avant | Upstart | LendingPoint | Upgrade | |
APRs | 9.95% – 35.99% | 8.27% – 35.99% | 15.49%-35.99% | 6.94% – 35.97% |
Terms | 24 to 60 months | 36 or 60 months | 24 to 48 months | 36 or 60 months |
Loan amount | $2,000 – $35,000 | $1,000 – $50,000 | $2,000 – $25,000 | $1,000 – $35,000 |
Origination fee | Up to 4.75% | Up to 8.00% | 0.00% – 6.00% | 2.90% – 8.00% |
Time to funding | 1 business day | 1 business day | 1 business day | 1 business day |
Credit score requirement | 580 | 620 | 585 | 620 |
Other ways to access emergency funds
- Dip into savings: If you have an emergency fund, now may be the time to tap it. Pulling from savings allows you to avoid taking out debt for surprise expenses.
- Ask friends or family for help: It may be an uncomfortable conversation, but if friends or family can help tide you over — and you can be trusted to repay what they lend you — you can get no-interest funds until you get back on your feet.
- Charge your credit card: If bad credit or no income means you’ll be stuck with high interest rates, your credit card may be your best bet for accessing credit. However, make sure you have a clear plan for repayment; credit card debt can easily spiral out of control.
- Find a payday alternative loan: Offered by select credit unions to members, PALs are small loans with a maximum $20 application fee and terms up to six months — and they may even be funded as soon as the next business day, too. PALs are an affordable alternative to payday loans, which can trap you in a debt cycle with extremely short repayment terms and high fees.
When an emergency loan can save the day
An emergency loan can help you stay afloat when financial hardship occurs. But carefully weigh your options before taking out debt. You don’t want to take on debt you can’t reasonably be expected to repay on time and in full, especially when your debtors may be willing to work with you.

Your car broke down. Even the most reliable car is likely to experience some type of mechanical issue or breakdown. With the average tab for a visit to the mechanic hovering between $500 and $600, you might find yourself struggling to foot the bill. An emergency loan allows you to get your car back on the road and you back to work.

You need an emergency home repair. Rainwater dripping on your carpet from a hole in the roof or a busted oven can be a serious drag on your life and wallet. An emergency loan can help you invest in your home and save money in the long run.

You have an unexpected medical bill. Whether you don’t have insurance or your insurance won’t cover the treatment you received, using an emergency loan can help. However, you should first seek out alternative options. For example, call your provider’s billing department and ask if they can offer a payment plan or reduce your bill.

You’re struggling with credit card debt. Taking out a loan when you’re already swimming in debt may seem like a bad move, but an emergency loan can help in certain situations. Consolidating your high interest debts into a new loan with a lower rate may help you save money, due to the lower interest costs or smaller monthly payment.
How to apply for an emergency loan
1. Gather personal information
3. Decide how much you can afford to borrow
4. Research lenders and compare quotes
1. Gather personal information
On top of the basics like your name and address, you’ll also need information about your employer (if you have one) and your current income. Take your time and enter the information correctly to keep the process running smoothly.
2. Check your credit score
Find out what your credit score looks like before applying for the loan. You can get your credit report via AnnualCreditReport.com, and can also receive a free report every year from all of the major credit bureaus, including Equifax, Experian and Transunion.
3. Decide how much you can afford to borrow
There’s much more to a loan than just the monthly payment. Make sure to account for such costs as:
- APR
- Origination fees
- Late fees
- Check processing fees
- Prepayment penalties
Review the total amount of the loan and monthly payments and ensure they’re compatible with your lifestyle and budget.
4. Research lenders and compare quotes
Settling on the first loan you come across could result in added expenses. Take the time to research lenders and compare quotes to get your best deal. In most cases, you can get a quote with a soft credit check. These quotes can reveal the types of terms you may qualify for, and help you find a lender with terms that work best for your financial situation.
For example, you might opt for a lender that has long repayment terms to minimize monthly payments. Although a longer term means you’ll pay more in interest over time, your payments would be more affordable while you manage your emergency and work to get back on your feet.
5. Apply for fast funding
Some lenders offer same-day turnaround, but you can most likely expect the money to enter your bank account within a few business days of loan approval. Having your information ready and doing your homework about different lenders can help to expedite the process.
FAQs: Emergency loans
How quickly can I get an emergency loan?
Often lenders can take one to three business days, though there are others that can get you the money on the same day you apply.
How much can I borrow?
Usually emergency loans range from $1,000 to $35,000. However, some lenders may offer to lend you more, while others could offer smaller loans worth as little as $500.
Will getting an emergency loan affect my credit score?
The short answer is yes. When you formally apply for an emergency loan, you’ll be subject to a hard credit inquiry; this may temporarily lower your credit score. On-time payments on your loan can also improve your credit by building a healthy payment history.
How soon will I have to repay my loan?
Every loan and lender is different, but you can expect to pay off the loan in one to seven years. In addition, keep an eye out for prepayment penalties if you decide to pay off the loan early.
How much interest will I owe?
It all depends — most lenders determine your interest rate based on a variety of factors, including your credit history, annual income and current debt, among others. You can use this personal loan calculator to determine your long-term costs of repayment.

I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go. I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.