Perhaps you've lost your job unexpectedly or are suddenly facing a big medical expense not paid for by insurance. Personal loans, specifically emergency loans, can help you get back on your feet and cover a cost you hadn't planned for in your budget.
Best Emergency Loans
Best Overall Emergency Loan: Upgrade Personal Loan
Upgrade offers emergency loan amounts of as little as $1,000, which is lower than many competitors. This is a good choice for borrowers in need of just a little bit of cash to tide them over. You can also qualify for a loan with a credit score as low as 580.
Similar to many of the other lenders in this guide, you can get your money within one day of the company reviewing and approving your loan.
Watch out for: Sizable origination fees. Low credit requirements and fast funding times come with a drawback as well. Your origination fee with Upgrade will be between 1.85% and 9.99%. Some other lenders don't charge these fees.
Best Emergency Loan for Fast Funding: Avant Personal Loan
Avant has a fast funding speed, which is ideal for an emergency where you need your money quickly. If your loan is approved by 4:30 p.m. CT Monday through Friday, funds are generally deposited by the next business day.
You don't need an excellent credit score to qualify for an emergency personal loan from Avant. The company's minimum credit score is 600. Keep in mind that you'll likely pay a higher rate with a lower score.
Watch out for: Many types of fees. Avant will charge an administration fee of up to 4.75%, which it will take from your loan proceeds. If you miss a scheduled payment, you may incur a late fee, which will vary by state. If a scheduled payment is returned unpaid, dishonored payment fees may apply.
Best Emergency Loan for Poor Credit with a Strong Work History: Upstart Personal Loan
Upstart's low minimum loan amount of $1,000 is perfect for a small emergency expense. Other lenders may have a higher minimum that forces you to borrow more than you actually need. The company also has fast funding times. You may be able to get your loan on the day after you apply with Upstart.
Additionally, the company has a low minimum credit score requirement of 300. Borrowers with poor credit may find it easier to qualify for a loan with Upstart than with other lenders on our list.
Watch out for: High origination fee. Upstart will charge you an origination fee of up to 8%, which will be deducted from your overall emergency loan proceeds. This will increase the total cost of your loan.
Best Emergency Loan for No Prepayment Penalty: LendingPoint Personal Loan
LendingPoint won't hit you with a prepayment penalty if you pay off your loan early. You can save on the overall cost of your loan by getting ahead on your payments.
The company will get you your money within one to two business days after you apply.
Watch out for: Significant origination fees. LendingPoint may charge you an up to 8%, depending on the state you live in.
Best Emergency Loan for High Credit Scores: Best Egg Personal Loan
Like most of the lenders in our guide, Best Egg funds its emergency loans quickly. Around half of Best Egg customers will receive their money the day after applying for the loan.
There is no prepayment penalty on Best Egg loans, meaning you can pay your loan off early without any fees.
Watch out for: Higher minimum credit score. Best Egg's minimum credit score of 640 is still fairly low, but it is higher than many other lenders on our list. If your credit isn't in great shape, you might find it easier to qualify with a different lender.
Best Emergency Loan for Lower Credit Scores: OneMain Financial Personal Loan
OneMain Financial is a great option for emergency loans for bad credit, since the lender has no minimum credit score required for approval. Borrowers with bad credit may be more likely to qualify for a loan with this company than another.
You'll also get your loan funds quickly. It's possible you could even get your emergency loan on the same day you apply.
Watch out for: Hefty origination fees. You'll pay an origination fee on OneMain's loans, which can either be a flat fee or percentage-based, depending on what state you live in. Flat fees range from $25 to $500, while percentage-based fees range from 1% to 10% of the loan's value.
Best Emergency Loan If You Need a Cosigner: Prosper Personal Loan
Prosper approves most loans within one day and, depending on your bank, it may take one to three business days to receive funds in your account. You'll need a credit score of at least 560 to qualify for a Prosper personal loan.
You're able to enlist a cosigner to qualify for a loan you otherwise would not have or to get a lower rate.
Watch out for: Qualification requirements. You may have trouble meeting all of Prosper's qualifications for a personal loan, particularly if your finances aren't in great shape. These include a debt-to-income ratio below 50%, and fewer than nine credit bureau inquiries (excluding duplicate inquiries) within the last six months.
Best Emergency Loan for Small Loan Amounts: Oportun Personal Loan
Oportun's loan minimum of $300 is the lowest of any of the lenders in our guide and may be a good choice if you need to cover a minor expense. However, its loan maximum is only $10,000, so borrowers in need of a sizable chunk of change will need to choose a different lender.
Oportun may also be a good choice for emergency loans for bad credit, as a prior credit history is not needed to qualify. That could also make an Oportun loan a good option for borrowers looking to establish a credit profile.
Watch out for: Limited availability nationwide. You'll only be able to get a loan if you live in AL, AK, AR, AZ, CA, DE, FL, ID, IL, IN, KS, KY, LA, MI, MO, MN, MS, MT, NC, ND, NE, NH, NJ, NM, OK, OR, PA, RI, SC, SD, TN, TX, UT, , VA, VT, WA, or WI.
Qualifications for Emergency Loans
Several factors determine whether you qualify for an emergency loan, including your credit score, income, and credit history.
Generally, you'll need credit score in the low to mid-600s to get a loan, although some lenders (including many in this guide) will accept borrowers with lower scores. However, when you have a lower credit score you'll usually pay a higher interest rate.
In addition to a solid credit score, you'll need proof of your employment and ability to repay to determine eligibility. Lenders will check your debt-to-income ratio to ensure you haven't borrowed more than you can feasibly pay back.
How to Apply for an Emergency Loan
Most lenders will allow you to prequalify for loans, which allows you to compare interest rates and terms without affecting your credit score. This is usually a fast process, so you should do so with several lenders if you're shopping for an emergency loan. Prequalification doesn't affect your credit score.
After you've gotten prequalified with several lenders, compare their offers and choose the one that best suits your needs. To complete the full loan application process you'll need a significant amount of documentation, including things like:
- Pay stubs/proof of income
- The last couple years of tax returns
- Documentation of 401(k)s and other financial accounts
- Photo ID
- Rent/mortgage history
- Proof of collateral, if you're pursuing a secured loan
Get these basics in order before applying for the loan, in order to speed up the process. You can apply for most loans by filling out a form online. At this stage of the process, the lender will do a more extensive look into your credit history than it did during prequalification, which is likely to slightly lower your credit score temporarily.
If you are approved, the lender will send you an offer. This will include all the details of the loan, such as the interest rate, the amount of time you have to pay it off, the amount you're borrowing, the monthly payments, and any fees. Make sure you fully understand all of it before signing for the loan.
Emergency Loan Lender Trustworthiness
Whether you're looking for a $2,000 loan or a $5,000 loan for your emergency needs, finding a trustworthy lender can help improve your loan experience. We've compared each institution's Better Business Bureau score to give you another piece of information to choose your lender. The BBB measures businesses based on factors like their responsiveness to customer complaints, honesty in advertising, and transparency about business practices. Here is each company's score:
| Lender | BBB Grade |
| Upstart Personal Loan | A+ |
| Avant Personal Loan | A+ |
| Best Egg Personal Loan | A+ |
| Prosper Personal Loan | A |
| OneMain Financial Personal Loan | A- |
| Upgrade Personal Loan | A+ |
| Oportun Personal Loan | A+ |
| LendingPoint Personal Loan | A+ |
Our top picks are rated A- or higher by the BBB. Know that a high BBB score does not ensure a positive relationship with a lender, and you should keep researching and talk to others who have used the company to get the most complete information possible.
FAQs About Emergency Loans
Emergency loans work like any other personal loan. You fill out an application with your personal details, including your income and Social Security number. Then, the lender will offer you loan terms if you qualify. You can find emergency loans online without having to visit a lender in person.
Start by getting rate quotes and terms from various lenders, and then weigh your options to see which is best for you. For instance, you may get a lower loan rate with one company than another, but that company will charge you higher fees. Take into account rates, fees, term lengths, and loan amount range when deciding on a company.
It may be difficult to get an emergency loan without a job, as income is one of the most important factors in verifying your ability to repay a loan.
Most of the lenders in our guide will work with borrowers who have bad credit. Understand that while you may qualify for an emergency loan with bad credit, you'll likely pay a higher rate. Adding a cosigner with good credit may also improve your chances of qualifying for and emergency loan with bad credit.
You can generally get anywhere between $1,000 and $100,000 with an emergency loan, though some lenders offer loans for as little as $300 and as much as $500,000.
Why You Should Trust Us: How We Chose the Best Emergency Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average factoring in seven different categories, including interest rates and fees (weighted the most heavily) and customer support and ethics (weighted less heavily). The final numerical score represents how we view the product, both on its on and in comparison to similar alternatives.
See our broader ratings methodology for personal loans »
OneMain Financial Personal Loan disclosure: Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral) and your state of residence. If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB's Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: $3,100. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers in these states are subject to these maximum loan sizes: North Carolina: $9,000 for unsecured loans to all customers, $9,000 for secured loans to present customers. Maine: $7,000. Mississippi: $15,000. West Virginia: $14,000. Loans to purchase a motor vehicle or powersports equipment from select Maine, Mississippi, and North Carolina dealerships are not subject to these maximum loan sizes. Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07. Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
