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Perhaps you’ve lost your job unexpectedly or are suddenly facing a big medical expense not paid for by insurance. An emergency loan can help you get you back on your feet and cover a cost you hadn’t planned for in your budget.
Our picks for the best emergency loans give more weight to lenders with lower credit score requirements and faster funding times, as those are commonly among the most important factors for borrowers who need money fast.
Upstart
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 600. 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.
Read Insider’s full review of Upstart.
Avant
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.
Read Insider’s full review of Avant.
Best Egg
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.
Read Insider’s full review of Best Egg.
Prosper
Most loans from Prosper are approved within one day, and depending on your bank, it may take one to three business days to receive funds in your bank account.
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: Many qualification requirements. You need to meet several requirements to be eligible for an emergency personal loan from Prosper. This includes a minimum credit score of 640, a debt-to-income ratio below 50%, and fewer than five credit bureau inquiries (excluding duplicate inquiries) within the last six months.
Read Insider’s full review of Prosper.
OneMain Financial
One of the biggest pros of OneMain Financial is that 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.
Read Insider’s full review of OneMain Financial.
Upgrade
With Upgrade, you can get an emergency loan as small 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 560.
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 8.00%. Some other lenders don’t charge these fees.
Read Insider’s full review of Upgrade.
Oportun
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 an emergency loan 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.
Read Insider’s full review of Oportun.
LendingPoint
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 origination fee of up to 6%, depending on the state you live in.
Read Insider’s full review of LendingPoint.
Other Personal Loan Lenders We Considered
SoFi. SoFi is an excellent option for borrowers with a great credit score, as it offers lower minimum rates than most of the lenders on our list. However, its minimum credit score of 680 may put it out of the reach of a decent chunk of borrowers. LightStream. Similar to SoFi, LightStream also has excellent rates at the bottom end of its APR range – but those will be hard to qualify for without excellent credit. Additionally, LightStream’s loan minimum is $5,000, so if you need a small amount of cash it isn’t a good choice. Wells Fargo. The brick-and-mortar bank boasts excellent minimum rates and a wide network of in-person support. However, Wells Fargo has a shaky ethical history and charges a hefty late fee of $39 if you fall behind on payments. Navy Federal Credit Union. The military-focused credit union has loans of as little as $250, but you’ll need to be a member to get a loan. Membership requirements are relatively strict too — you’re only eligible if you are active military member, veteran, employee or retiree of the Department of Defense, or family member of someone in one of those groups.
Which Lender Is the Most Trustworthy?
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:
LenderBBB Grade
Upstart
A+
Avant
ABest Egg
Best Egg
A+
Prosper
A+
OneMain Financial
A+
Upgrade
A+
Oportun
A+
LendingPoint
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.
How To Get an Emergency Loan
There are several factors that go into qualifying 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.
Frequently Asked Questions
What are emergency loans?
Generally, emergency loans are personal loans you can use for unexpected expenses. Say you lost your job or are facing a costly medical bill. If you don’t have an emergency fund saved up, you can use an emergency loan to cover the cost of your expense and provide yourself breathing room.
How do emergency loans work?
Emergency loans work just like any other personal loan — you’ll fill out a short application with your personal details, including your income and Social Security number. Then, the lender you apply with will offer you loan terms. You’ll want to pick a lender who will get you your money within one to two business days (same-day funding is a plus).
How do I choose an emergency loan?
Start by getting rate quotes and terms from various lenders, and then weigh your options to see what is best for you. For instance, you may get a lower 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.
How can I get an emergency loan with bad credit?
Most of the lenders on our guide will work with borrowers who have bad credit. Just beware 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 to your loan may also improve your chances of qualifying for a loan if you have bad credit. Not all lenders allow cosigners, but some do.
Methodology
Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product, we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.
To find the emergency loans, we combed through the fine print and terms of about a dozen personal loans to find the best ones for unexpected expenses. We prioritized five main features:
Interest rates: We look at the range of rates a lender offers, from the minimum APR to maximum APR, to determine its rating. We want to serve readers who have both higher credit scores (thus qualifying for a lower rate) and lower credit scores (thus getting a higher rate). Credit score requirements: We prioritized borrowers with lower credit score minimums so they were accessible to borrowers with shakier credit histories. Term lengths and loan amounts: We looked for emergency loans with a wide range of term lengths and loan amounts to cater to a variety of borrowers. Funding speed: We assess how quickly a lender will get you your money after you apply and are approved for a loan and tried to pick lenders with fast funding times to help you get money quickly in an emergency.Fees: Lenders might charge a variety of fees, from origination fees to late payment penalties. We prioritized lenders that charge minimal or no fees.
See our broader ratings methodology for personal loans »