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Best Emergency Loans And Rates In 2025
In situations when you need money now, emergency loans can provide you with quick cash for various unexpected expenses. They are prompt alternatives to regular personal loans that you can get online within one day.
Many lenders now provide emergency loans for borrowers with bad credit and low income. Below are the best emergency loan offers in 2025 so you can compare rates and choose the best deal.
Top Picks for Emergency Loan Lenders
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Origination fees up to 12%
- $15 late fee
- $15 NSF fee
- Quick access to loan funds
- No prepayment penalties
- Flexible monthly payments
- Soft credit check when prequalifying
- Flexible loan amounts
- Origination fees up to 12%
- High maximum annual percentage rate
- Co-signers aren’t allowed
- Hard credit checks for final approval
- Limited repayment loan terms
One business day (same-day funding available)
Poor credit borrowers who can’t qualify for traditional personal loans
Upstart is a financial platform that enables borrowers with low credit to get personal loans with flexible payback options. Its key advantage is same-day funding.
Upstart does not do hard credit checks when you prequalify. In addition, customers can apply in the morning and receive their personal loan by the end of the day.
- Quick funding (same-day deposit available)
- Available to borrowers with poor credit
- Soft credit checks when viewing your rate
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Live in states the company operates in
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- No fees for loan processing, late payments or prepayment
- Quick access to loan funds
- No prepayment penalties
- No origination and late fees
- Flexible monthly payments
- Reports on-time payments to credit bureaus
- Borrowers with any credit can qualify
- High interest rates
- Small loans amounts
- Hard credit checks are performed
- Not available in all states
One business day (same-day funding not available).
Poor credit borrowers who can’t qualify for traditional personal loans
Rise gives a credit boost to borrowers with low ratings by reporting payments to two major credit bureaus. Fast funding and lenient requirements are overshadowed by high rates.
Rise does not conduct traditional credit checks on its clients. Instead, it looks at applicants’ overall financial situation. Customers can also apply in the morning and obtain their personal loan before the end of the day.
- Quick funding
- No origination fees
- Soft credit checks performed
- Be a U.S. permanent resident
- Live in a qualifying area
- Be at least 18 years old
- Have a valid bank account
- Provide income confirmation (the income should be received via direct deposit)
- Origination fees: None
- Late payment fees: None
- Prepayment penalties: None
- Non-sufficient funds fees: May vary by state
- Accepts borrowers with damaged credit
- Same-day funding is possible
- No origination, late, or prepayment fees
- Soft credit checks only
- Convenient loan minimums
- Very high APRs
- Low maximum loan amounts
- Suspected of loan term misrepresentation
- Not available in all states
Same-day or next-day funding, depending on the time you apply and get approved.
Bad credit borrowers looking for last-resort financing options
OppLoans offers small loans with fast funding, bad credit tolerance, and credit-building opportunities. However, it has APRs of up to 195% and was suspected of misrepresenting its loan terms.
OppLoans can help applicants with low credit scores get much-needed financial support and rebuild their credit. It offers fast and accessible loan options that can be a helping hand for people in a tight financial spot.
- Almost instant approval decisions
- Financial education
- TurnUp program
- Credit-building opportunities
- Be a U.S. citizen, a permanent resident, or living in the U.S. on a valid visa
- Be at least 18 years old (19 in Alabama and some other states)
- Give a working email address
- Provide valid bank account details
- Confirm a sufficient monthly income to cover your loan payments
- Origination fees: 1.85% to 9.99%
- Late payment fees: $10
- Non-sufficient funds fees: $10 per payment returned
- No prepayment penalties
- Multiple rate discounts
- Next-day funding
- The due date may be changed
- Direct payments for debt consolidation
- APRs may be high
- Origination fees are charged
- Late fees may be applied
As soon as one business day after clearing verification
Fair-credit borrowers who need the money quickly
Upgrade is an online financial service that offers up to $50,000 loans to borrowers with good to fair credit. It provides several interest rate reductions and allows you to add a co-applicant or collateral to your application. Choose it if you need money quickly and are not concerned about relatively high interest rates.
Upgrade offers convenient maximum and minimum loan amounts along with flexible repayment terms. It also accepts fair credit borrowers and provides several interest rate discounts.
- Rate discounts for auto pay, direct payment, and reward checking
- Allows to add a co-applicant
- Mobile app for managing your loan
- At least 18 years also
- Permanent US resident
- Income confirmation
- Valid bank account or debit card.
- Origination fees: 1% to 10%, or $25 to $500, depending on the state
- Late payment fees: $5 to $30, or 1.5% to 15% of your loan amount
- Non-sufficient funds fees: $10 to $50 per payment returned
- Joint and secured loans are available
- Wide range of loan options for low credit
- Pre-qualifying doesn’t affect your credit score
- Convenient options for debt consolidation
- Relatively high interest rates
- Charges origination fees
- APRs are not disclosed when pre-qualify
- Not available in all states
Within one business day of approval via a direct deposit. Funding within several hours may be offered if you receive the funds on your debit card.
Borrowers with credit issues who want to avoid predatory lenders.
OneMain Financial is a reliable financial service that offers personal loans between $1,500 and $20,000 without minimum credit score requirements. With its joint applications, flexible repayment terms, and soft credit checks for pre-qualifying, it can suit borrowers with bad credit. Interest rates are usually high, though.
The company offers a wide range of secured, unsecured, and joint loan options with flexible repayment terms. Its personal loans are available to underbanked borrowers.
- Direct payment to creditors for debt consolidation
- Loan cancellation within 7 days
- Fast funding
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Have fair credit (at least 640)
- Provide an active email address and phone number
- Origination fees of up to 9%
- $15 late fee
- $15 NSF fee
- Low annual percentage rate
- No prepayment penalties
- Wide range of available loan amounts
- Same-day funding under some circumstances
- Accessible for fair credit borrowers
- High origination fee (up to 9%)
- Hard credit checks when you select your loan to move forward
- No cosigners are allowed for joint loans
- It is not available in all states
- Limited repayment options set at either 36 or 60 months
One business day (same-day funding available)
Fair credit borrowers who need to cover various personal needs
Rocket Loans is a financial platform that allows bad credit borrowers to get personal loans with flexible repayment terms. The potential same-day funding is its main advantage and there is only a soft credit check performed during the prequalification process.
Rocket Loans has low APRs and no hidden fees. Also, consumers may apply earlier in the morning to receive the personal loan by the end of the same day.
- Easy loan application process
- Fast funding
- Low interest rates
What Is an Emergency Loan?
An emergency loan is a loan designed specifically for urgent needs. It typically works like a regular personal loan. With its help, you can get between $500 and $5,000 or even more in one lump sum and repay the funds within the agreed-upon period, ranging from a few months to a couple of years. Loans for emergencies are commonly unsecured and require collateral. They can be obtained within 1 business day and are easier to get than regular loans. However, they might still have certain minimum credit score requirements.
Rates and Fees
Emergency loans typically cost between 5.99% and 35.99% per annum. The price consists of an interest rate and extra fees that a lender may charge for originating your loan amount. The fee may sometimes be up to 10% and is often deducted from your requested loan amount.
The exact APR you get depends on your credit standing, state, and the lender’s policy. Borrowers with good credit are commonly offered rates at the lower limit. Here are a few examples of how much you can expect to pay for an emergency $5,000 loan for 12 months depending on your APR.
| APR | Monthly Payment | Total Cost | Total Interest Paid |
|---|---|---|---|
| 6.99% | $432.61 | $5,191.33 | $191.33 |
| 12.5% | $445.41 | $5,344.97 | $344.97 |
| 24.8% | $474.74 | $5,696.83 | $696.83 |
These examples are for informational purposes only. You can determine your particular loan cost by using our loan calculator and the terms offered to you by your lender.
Loan calculator
ESTIMATED MONTHLY PAYMENT
TOTAL LOAN AMOUNT PAID
TOTAL INTEREST PAID
TOTAL COST OF LOAN
Pros and Cons of Emergency Personal Loans
Emergency personal loans have both advantages and drawbacks.
Pros
- Same-day or next-day funding is available;
- The money can be used for any purpose;
- Flexible repayment terms;
- Easy application process.
Cons
- Interest rates may be high for bad credit borrowers;
- You need to meet minimum income and credit score requirements;
- If you have bad credit, a lender may ask you to add collateral or a co-signer;
- Some options come with origination fees of up to 10%.
What Can I Use Emergency Loan Funds for?
Lenders usually set no loan purpose restrictions. They understand that emergencies are of various kinds and forms and allow you to use money at your discretion. Here are a few common examples of how people spend emergency loans:
- Medical bills;
- Urgent home improvement projects;
- Funeral expenses;
- Emergency vet care;
- Moving costs;
- High-interest credit card payments;
- Car repairs.
Where Can I Get an Emergency Loan?
An emergency loan is an option that can be obtained via various means. The most popular ways include:
Online lenders. Online lenders are known for their fast application processes and funding times. They also allow you to pre-qualify and check your rate before submitting a final application form. However, be cautious, as predatory lenders mostly operate online and are always ready to make money on your emergency.
Banks. Although most banks offer big loans for some major expenses to borrowers with good to excellent credit, you may find some exceptions. There are bank loans that provide relatively small amounts for emergencies to their existing customers. This way, having fair credit may be enough to qualify.
Credit unions. To get a loan from a credit union, you need to be a member of one. As credit unions are not-for-profit financial institutions, they commonly offer loan products at lower rates compared to banks and online lenders. Therefore, their members can benefit significantly.
How to Apply for an Emergency Personal Loan?
An emergency personal loan application process is usually made up of the following steps:
- Check your credit reports. Knowing your credit score will help you better understand your available options. It’s also recommended to review your credit reports for any errors and fix them before applying.
- Decide on the loan amount. Use an emergency loan calculator to ensure you can afford the requested amount and that your monthly payment will suit your budget.
- Compare loan offers. You can pre-qualify for several loans from different lenders and review your potential loan terms. Then, choose the lender with the most favorable conditions.
- Submit your application. To do this, you need to fill out a loan application form and attach all the needed documents. A lender will let you know whether you’re approved in a few hours or, more likely, days.
Can I Get an Emergency Loan with Bad Credit?
Some lenders will allow you to get an emergency loan with bad credit under certain conditions. If you’re going to take out an unsecured loan and are not a credit union member, bad credit lenders may be your only option. However, they typically offer loans at exorbitant interest rates. If you’re opting for more favorable loan terms, here are a few smart ways to improve your chances:
- Bring a co-signer. A co-signer is an individual who will be responsible for repaying your loan if you become unable to do this. Adding one with a good credit score and steady income to your loan application can improve your chances of getting approved.
- Add collateral. If you own some valuable asset, consider borrowing money against it. Just keep in mind that you can lose your property if you default, so approach this option cautiously.
- Add more income sources. Sometimes, you can offset the risks associated with your bad credit by demonstrating steady income. If you have alternative money streams, such as alimony, Social Security benefits, child support, or income from self-employment, lenders can also accept them.
Other Types of Emergency Loans
There are various types of emergency loans people can turn to, but some of them may be riskier than others. It’s important to be careful when considering the following options.
Bad Credit Installment Loans
Bad credit installment loans allow you to get a lump-sum deposit and repay the funds in fixed monthly payments. You can get up to $5,000 with a bad credit score and repay the funds within 3 to 24 months. These loans are unsecured but available to bad credit borrowers. However, interest rates can be high.
Car Title Loans
A car title loan can help car owners who need a few hundred dollars quickly. It makes it possible to get up to 50% of a car’s price by using its title as collateral. Besides putting your property at risk, you’ll also face short repayment terms and relatively high interest rates.
Payday Loans
A payday loan is a small loan with very short repayment terms and lenient eligibility requirements. With its help, you can get up to $1,000 and repay the funds after your next paycheck arrives. However, their APRs can be over 400%.
Pawn Shop Loans
A pawn shop loan allows you to get a portion of your belongings’ value in cash by providing it as collateral. They can be electronics, musical instruments, and jewelry. The repayment term is typically up to 30 days. After you pay the loan off, you can get your asset back.
Factors to Consider When Choosing an Emergency Loan
Each emergency loan may come with its unique features and terms. Even if you face an emergency, we recommend you take time to compare lenders before settling on one. Pay attention to the following parameters:
- Loan cost. Your loan cost is represented by an annual percentage rate (APR), which consists of an interest rate and any additional fees a lender applies. The most common extra charges include origination fees, prepayment penalties, and late fees. Pay attention to all the factors that can potentially affect your total loan cost. Pre-qualify from several lenders and compare their loan APRs.
- Repayment terms. Your repayment terms will affect your monthly payment and overall loan affordability. If a lender offers you a loan at a favorable rate but sets short repayment terms, your monthly payment amount can be too heavy for your budget.
- Funding times. People who are opting for emergency loans are usually in need of fast cash. Therefore, you need to ensure a lender can meet your deadlines. Try to choose a loan provider that can transfer money to you on the same day or by tomorrow.
- Eligibility criteria. Although emergency loans are designed to provide prompt assistance to people in need, there are still some minimum credit score and maximum debt-to-income ratio requirements. Additionally, each lender may set some specific income or age criteria. Make sure to meet them so as not to waste your precious time.
Emergency Loan Alternatives
If you face unexpected expenses, taking out an emergency loan is not your only option. Here are a few more ways you can overcome an emergency situation.
Credit Card Cash Advances
Most credit card issuers allow you to withdraw money from its balance within a certain limit. The best part is that you don’t need to fill out any application forms or wait for loan approval. But be careful. Credit card cash advances usually have higher interest rates than those on regular purchases. Also, interest will be applied immediately.
Borrowing from Family
Borrowing money from your family can help you get favorable loan conditions and avoid paying interest. Don’t hesitate to ask your loved ones for help if you face an emergency and need money quickly. Just keep in mind that late payments can damage your relationship instead of your credit history.
Paycheck Advances
A paycheck advance can be a smart way to get money for an emergency. To receive one, you need to ask your employer about a portion of your future salary upfront. Paycheck advances come with no additional interest or charges, and the sum you get will be deducted from your next paycheck.
Emergency Fund
The best way to overcome financial hardships is by having an emergency fund you can turn to. To build one, start with setting aside a certain amount on a monthly basis. You can open a separate savings account and transfer money to it after receiving your paycheck. Even small amounts add up quickly and can support you in an emergency.
Hardship Programs
There are multiple hardship programs that needy people on a low income can access. They can be either government-backed or created by local charity organizations and community services. Look for the options available in your area and get some help with food, paying rent, utilities, and medical expenses.
Why BadCredify
BadCredify provides free and independent services that help people find, compare, and deeply review various loan options offered by lenders. With us, you can pre-qualify for a loan from multiple loan providers, assess your potential approval chances and terms, and choose the most suitable option that aligns with your current needs.
When doing our research, BadCredify’s team of experts pay special attention to the key factors that affect your borrowing process, such as the application process, eligibility requirements, interest rates, fees, repayment options, deposit times, and the lender’s reputation. Our reviews are not influenced, provided, or approved by any third parties and show an unbiased and independent opinion based on the analyzed data and our experts’ experience. Our innovative system can help you get personalized loan offers in a few clicks by providing your basic information.
FAQ
How do emergency loans work?
Personal emergency loans are fixed-rate loans you get on hand in one lump sum and need to repay in a series of affordable monthly installments within several months to several years. Most of them are unsecured. The higher your credit score, the lower the interest rate you can get.
How fast can I receive an emergency loan?
The exact term depends on a particular lender and loan type. While online lenders usually transfer emergency loans within a day or two, traditional financial institutions may need about a week to deposit money to you.
Do emergency loans affect my credit history?
Most emergency loans will affect your credit history due to hard credit checks performed. However, on-time payments will boost your credit score. Although there are lenders that don’t conduct hard checks, they typically charge very high interest rates.
Can I get an emergency loan on a low income?
Some lenders may approve you with a low income as long as it’s steady. However, traditional institutions are more likely to ask you to add a co-signer or collateral.
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