If you click on links we provide, we may receive compensation. Learn more. Emergency loans are a type of personal loan that offers fast funding when you need a quick infusion of cash to cover an unexpected expense.

Common reasons to consider an emergency loan include car breakdowns or home repairs that need to be fixed immediately. Although borrowing money always comes with a cost of interest, emergency loans, which are a type of personal loan, could be a less expensive option compared to alternatives.

The key is to do your research to find a reputable lender with loan rates and terms that fit your needs. Learn more about how to get an emergency loan, how they work, and how to compare offers to find the best one for you.

To get an emergency loan, you will choose a lender and typically go through an online application process. We've been researching personal loans since , and to find the best emergency loans, we compared 70 lenders and evaluated them on 31 factors, including cost, loan terms, borrower requirements, and additional features.

Below, you'll find our top picks for lenders that offer fast funding—loans disbursed on the same day as or day after application—to borrowers with low credit scores. For more details on these lenders, see our full roundup of the best emergency loans for bad credit.

An emergency loan can serve as a financial lifeline when you have an unexpected or necessary expense. Some examples include:. Qualifying for an emergency loan depends on your ability to repay the loan your income and your creditworthiness your credit score.

As such, lenders usually have a set of minimum criteria that all borrowers must meet. These can include:. In addition, you should expect to upload some combination of the following documents during the application process:. If you have stronger credit, you will usually qualify for more favorable rates and terms.

Start by comparing these factors. If you need money quickly, pay special attention to how long the lender says it typically takes to get approved and receive funding. Some can take as long as several business days while others can close in a day or two.

Emergency loans can have a wide interest rate range and your credit score will directly influence the rate you qualify for. Some lenders charge an upfront origination fee or monthly administrative fees that are taken from the loan amount, and others do not.

The loan disclosure should list all of the fees and how they are triggered. When comparing loans, it's better to look at the annual percentage rate APR versus the interest rate.

Online applications are convenient, but you want to know that if you have an issue or question, you will be able to get a person to assist you via chat or phone call in a timely manner. You may be able to negotiate certain aspects of an emergency loan, such as the interest rate or administrative or origination fees, if your credit is strong.

You can also leverage rate quotes that you receive from other lenders to see which ones are willing to compete for your business. Here are some others to consider:.

You can get an emergency loan in a day or two if you use a lender that has a fast, digital application process.

Some may even offer same-day funding if you start early enough. Emergency loans work like other personal loans in that they are paid back in monthly installments. Terms can range from two to seven years. An emergency loan can be used for just about any purpose, but there are a couple of exceptions.

Any time you borrow money, including an emergency loan, you are taking on a new debt obligation. Being past due will result in a lower credit score and a potential lawsuit from the lender. Consumer Financial Protection Bureau. OneMain Financial. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies.

Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. A co-borrower has equal access to the funds, while a co-signer does not.

Add collateral: Some lenders offer secured personal loans and consider the item used as collateral usually a bank account or vehicle when assessing an application. Adding collateral can improve your chances of qualifying, but the lender can take the collateral if you miss too many payments.

Add up income streams: Your monthly income is another important factor on an application. Most lenders want to see that you have enough to cover regular expenses, make the new loan payment and have a little leftover.

Many lenders consider things like Social Security, alimony or child support as part of your income. Online lenders usually let you check your rate before applying and offer a fast application process. But predatory lenders will try to exploit your emergency.

Many banks prefer borrowers with good or excellent credit scores or higher , but there are some exceptions. Some large banks, like Wells Fargo , U. Bank and Bank of America offer small loans that can cover emergencies. You must be an existing customer to get this type of loan, but the fees are much lower than what payday lenders charge.

Credit union members may have the most affordable emergency loan option. Some credit unions offer payday alternative loans , which are small-dollar loans with low rates that are repaid over six months to a year. Examples of emergencies you can pay for with a personal loan include:. Medical or dental bills.

Home repairs. Car repairs. Bills after a loss of income. Unexpected travel expenses. These emergency loans can be fast and easy to get, but they could do long-term financial damage. Some no-credit-check installment loans share similarities with payday and auto title loans. Repayment terms on these loans may be longer than you need or a lender may encourage you to refinance the loan multiple times, resulting in exorbitant interest costs over the lifetime of the loan.

Pawn loans require you to hand over a valuable item to a pawnshop as collateral for a small loan. You have to repay the loan, with interest, or the pawnshop will keep your item. If repayment takes too big a bite out of your bank account, you could end up borrowing from the pawnshop again.

With car title loans , a lender assesses the value of your vehicle and lends you a percentage of that amount. If you accept, the lender holds the car title and you receive your loan. Payday loans are high-cost, short-term loans that are risky — even in an emergency.

Cheaper alternatives to borrowing aren't always fast or convenient, and sometimes they require asking for help. But NerdWallet strongly recommends exhausting alternatives first, even in an emergency. Here are some possible alternatives to an emergency loan.

Best for: Help meeting basic needs. Community organizations such as charities, food banks and free loan associations can help you with home weatherization, free food, transportation to job interviews and other basic necessities.

NerdWallet has a database of financial assistance programs in each state. Best for: A no-credit-check loan with low- or no-interest for any purpose. Though it may be uncomfortable to ask, borrowing from someone you trust may be the most affordable and safest option. A loan from a friend or family member will probably not require a credit check.

You can draw up a loan agreement that includes when and how the money will be repaid as well as any interest the lender chooses to charge. Best for: Paying off medical debt at a low cost. When you get a high medical bill, start with your free options: Set up a payment plan with your provider and negotiate the costs on your own.

If you still need help, you can research low-cost medical credit cards or find a reputable medical bill advocate to negotiate on your behalf. If you need money for a one-time emergency like a car repair or vet bill, try asking your employer for an advance on part or all of your paycheck.

You can also use a cash advance app like EarnIn or Dave, which often have low mandatory fees. These options effectively let you access your own money early, rather than providing additional cash that you repay over time, so be sure you can meet all your other monthly financial obligations with a rearranged pay schedule.

Best for: A large purchase that you want to repay over time. This option is offered at most major retailers. We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details.

NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary. Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education.

We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

You can use an emergency loan to pay for unexpected expenses if you don't have savings or don't want to max out a credit card. In a true emergency, they're a fast and convenient source of funding for borrowers who qualify.

It may be possible for borrowers with low income to qualify for a loan since some lenders care more that you have steady income versus a specific amount.

Learn what it takes to get a loan with low income. You can get an emergency loan through a bank, online lender or credit union. Online lenders can fund loans quickly — sometimes the same or next day after you're approved — and many let you check your rate before you apply.

It usually takes a few minutes to apply for a loan if you have all the required documents ready. It's best to compare emergency loans with alternatives to find the cheapest way to borrow money. Need a personal loan?

Upstart makes it easier Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. CHECK RATES on Upstart's website. They have the innovated models that help me get the best offer that I could not see from other places. Wenya Wen.

The loan application was easy to complete. Every customer service rep I spoke to probably 4 or 5 different people were kind, knowledgeable, and respectful. The process proceeded quickly and without incident. The process was fast, straightforward, and simple.

The information provided was ample and allowed me to make an informed decision with confidence. Fast service and approval and great service.

No hassles and quick deposit of funds. I would highly recommend Upstart if you can afford the interest rate and the monthly payments. Discover more lenders. Discover more lenders Explore a wider selection of lenders and find the perfect match for your financial situation.

Show Me All. Lenders catering to diverse financial needs. For unique credit situation and loan needs. Popular lender pick. Top 3 most visited 🏆. on LightStream's website. Check Rate. on NerdWallet. View details. Rate discount. Fast funding. Flexible payments.

Secured loans. Wide range of loan amounts. on Avant's website. emergency best overall debt consolidation bad credit joint loans home improvement bank loans good to excellent credit fair credit secured personal loans credit card consolidation.

Our pick for Secured emergency loans. NerdWallet rating. APR credit score None. Our pick for Emergency loans with credit-building tools. credit score Our pick for Emergency loans for thin and fair credit.

APR 6. Our pick for Emergency loans with flexible payments. APR 7. Our pick for Emergency loans for good credit. APR 8.

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