SPONSORED CONTENT Best Emergency Loans for Bad Credit

If you’re in a dire financial situation and need money now, there are a variety of online lenders offering emergency loans for bad credit. The best emergency loan lenders can offer fast funding, quick approval, and a variety of repayment options.

However, it’s important that you choose the right emergency loan provider, as the interest rates and terms can vary dramatically.

We’ve reviewed the best emergency loans for people with a low credit score. Each online lender below was evaluated on a variety of factors including funding speed, loan amounts, interest rates, application process, and credit score requirements.

5 Best Emergency Loans for Bad Credit

● BadCreditLoans: Best personal loans for bad credit

● CashUSA: Best online lender for fast funding

● PersonalLoans: Best for flexible repayment terms and loan options

● LendYou: Best for small personal loans under $2,500

● OneMain Financial: Best for secured loans and cosigners

Review of the Top Emergency Loan Lenders

#1. BadCreditLoans: Best Emergency Loans for Bad Credit Overall

SPONSORED CONTENT Best Emergency Loans for Bad Credit

Topping our list of the best emergency loans for bad credit is the appropriately named BadCreditLoans. In our opinion, this company is the best overall choice for bad credit emergency loans.

BadCreditLoans has been in the personal loan industry since 1998, and the platform boasts a fast and easy application with no upfront fees or minimum credit score requirements. You can borrow as little as $500 to get you through a bind or as much as $10,000 if you have a more substantial financial emergency or you need money for something more substantial.

Further, BadCreditLoans offers a variety of loans ranging from business and personal loans to car and student loans. These personal loans allow bad credit borrowers to get longer-term loans, which allows you to pay back the principal over a longer period of time.

If you need cash quickly and you’re approved, you can get funds as soon as the next business day. Plus, it costs you nothing to apply for a loan or get funds deposited.

It’s important to note that BadCreditLoans does not provide the actual loans. Instead, BadCreditLoans is a marketplace that matches you with lenders. As a result, the terms of your loan may vary based on the lender with whom you’re matched.

People living paycheck to paycheck might not have a perfect credit score, and BadCreditLoans understands that this is the reality for many Americans. Therefore, the minimum credit score requirements for qualifying are very low, as the company uses other qualifying factors like income to help you with eligibility.

Important Stats to Know:

● Loan amount: from $500 up to $10,000

● APRs range from 5.99% to 35.99%

● Loan terms ranging from 90 days to 36 months

Requirements to Qualify for an Emergency Loan with BadCreditLoans

To apply for and qualify for a loan with BadCreditLoans, you must be at least 18 years old with a bank account, proof of income, and contact information.

Pros

● Sizeable loan amounts available (up to $10,000)

● A convenient online application process

● Payday loans available (if needed)

● Ability to compare loans before borrowing

● No hidden fees (the service is free)

● Additional resources are available to help borrowers pay back their personal loans on time

Cons

● You are dealing with a different lender (not BadCreditLoans)

● There is some uncertainty about the loan rates and terms before being matched with a lender

Click Here to Check Rates or to Apply Online with BadCreditLoans

#2. CashUSA: Quick Loans for Bad Credit

SPONSORED CONTENT Best Emergency Loans for Bad Credit

Given that approximately half of Americans have credit scores in the subprime category, CashUSA is a great payday alternative loan for people who struggle to get loan funds.

Further, if you need cash quickly, you can have your funds within 24 hours, which is among the fastest loan disbursements in the industry.

Another differentiator for the CashUSA platform is that you don’t have to show proof of income, which is helpful if you have recently been fired or laid off and struggling financially. If you don’t have current pay stubs or a W2, you can instead qualify for an emergency loan with your unemployment benefits, social security benefits, disability payments, and child support.

Once you’ve been approved for a loan, you have the option to accept or decline it based on the repayment terms provided by the lender. For example, you might be wary of accepting an offer if you’re not sure what your interest rate will be. CashUSA lenders provide you with all of the information you need to make an informed decision before you enter into a contract.

Like BadCreditLoans, CashUSA doesn’t charge you any fees for applying for a personal loan and receiving funds. However, the company may sell your information to third parties that offer a variety of financial services like credit repair and loan consolidation.

It’s also important to be aware that your credit score won’t be affected by CashUSA lenders making a “soft credit inquiry” when you apply for a personal loan, but you will likely experience a hit on your credit score if you make payments late or your account becomes delinquent.

Important Stats to Know:

● Loan amount up to $10,000

● APRs range from 5.99% to 35.99%

● Loan terms ranging from 90 days to 72 months

Requirements to Qualify for an Emergency Loan with CashUSA

CashUSA does have employment requirements, but they can be waived if you meet a basic income threshold from unemployment benefits and other sources of income. You must also be at least 18 years old and a U.S. citizen or permanent resident with a checking account and professional contract information.

Pros

● Get a loan amount of up to $10,000

● Convenient online loan application portal

● Longer repayment terms (up to 72 months)

● No fee for using the CashUSA service

● Funds are available quickly (as soon as the next business day)

Cons

● Your personal information may be sold to third parties

● You may need to provide additional information to a lender before receiving cash

Click Here to Check Rates or to Apply Online with CashUSA

#3. PersonalLoans: Urgent Loans for Poor Credit Borrowers

SPONSORED CONTENT Best Emergency Loans for Bad Credit

Similar to some of the other best emergency loan providers on our list, PersonalLoans is also a marketplace of online lenders extending cash to people with low credit scores.

One of our favorite features of PersonalLoans is the diverse range of loan amounts available. Borrowers can get an emergency loan for as little as $250.

Of the lenders offering emergency loans on our list, PersonalLoans also provides borrowers with loan options all the way up to $35,000. This can be ideal if you’re looking for something beyond short-term loans and are venturing into a more traditional loan that’s available to a borrower with a lower credit score.

Though you have to specify what you plan on using the emergency loan’s funds for when you begin the application process, it can be helpful to see all of the different ways you can apply those funds. Anything from a vacation to paying for a special occasion (like a birthday or anniversary) is fair game.

Unlike traditional lenders like banks and federal credit unions, PersonalLoans takes a variety of factors into consideration when approving your loan and determining interest rates and other costs. In addition to evaluating your credit score, PersonalLoans will also consider the amount of money you want to borrow and how long you plan on taking to pay off the balance.

Again, like other emergency loan providers on our list, PersonalLoans is not a direct lender. Instead, the platform matches you with a provider of emergency loans that fits your credit history and financial requirements.

Important Stats to Know:

● Loan amount: from $250 to $35,000

● APRs range from 5.99% to 35.99%

● Loan terms ranging from 90 days to 72 months

Requirements to Qualify for an Emergency Loan with PersonalLoans

Though there is no minimum credit score requirement to get an emergency loan from PersonalLoans, you do have to be at least 18 years old with proof of stable income. The platform is also looking for borrowers with a decent credit history, and you will likely be disqualified if you have credit accounts beyond 60 days late.

Depending on the lender you’re matched with, the types of eligible income and the amounts may vary. Though PersonalLoans is known for approving people for emergency loans who were denied in the past, you might not get the exact amount of money you’re seeking if you do get approved.

Pros

● A wide range of loan amounts available

● Emergency loans can be used for non-emergencies

● No prepayment penalties

● No fee for service

● Flexible payment terms (either once or twice a month)

Cons

● You have to specify the reason for your loan in Step 1 of the application process

● The application has more steps than other providers of emergency loans on our list

Click Here to Check Rates or to Apply Online with PersonalLoans

#4. LendYou: Fast Same-Day Loans for Emergency Cash

SPONSORED CONTENT Best Emergency Loans for Bad Credit

If you’re looking for a more modest personal loan, LendYou might be a great option. LendYou is a marketplace, not a direct lender, meaning that you’ll be matched with independent emergency loan lenders that are willing to provide you with loan funds.

Loan increments are broken down in terms of hundreds of dollars, not thousands of dollars, so LendYou is ideal if you’re looking for a small amount of money to get you through an emergency until your next paycheck.

You think of LendYou similarly to a company offering payday loans, but with friendlier and more reasonable repayment terms. When you apply for an emergency loan with LendYou, you get a fast decision, and you can receive funds the next business day after being approved.

Though not necessarily required, some LendYou lenders may perform a credit background check to verify any information you provide on your emergency loan application. If you are approved for a loan and have difficulty repaying it, you may be able to renew the loan, which gives you the option to lower payments, but you could incur additional fees.

Important Stats to Know:

● Loan amount: from $100 to $2,500

● APRs range from 4.99% to 450%

● Loan terms are typically 30 days or less

Requirements to Qualify for an Emergency Loan with LendYou

Getting an emergency loan through the LendYou marketplace requires you to be at least 18 years old with a $1,000 per month verifiable income and a checking or savings account that has direct deposit enabled. Your credit score is also going to play a factor in the approval process. Though good credit isn’t required, LendYou does suggest having fair credit before applying.

Pros

● Potential to get a low APR

● Easy application process

● No fee to use the service

● iOS and Android apps available

Cons

● Not available for active duty service members

● Low maximum loan amounts

Click Here to Learn More About LendYou

#5. OneMain Financial: Reliable Emergency Loans for Unexpected Expenses

SPONSORED CONTENT Best Emergency Loans for Bad Credit

Rounding out our list of the best emergency loans for bad credit is OneMain Financial. Emergency loans through OneMain Financial are designed for borrowers who have bad credit or fair credit, and the company’s 100-year history makes them well equipped to service a wide range of borrowers.

The company’s long history also makes OneMain Financial a little different than other lenders on our list. Most notably, OneMain Financial has a network of local branches across the nation, so you can meet with loan specialists to discuss your options. This route can be helpful if you’re not sure whether you need to borrow money to pay for unexpected expenses or you can seek other emergency loan alternatives that could be a better fit for your financial goals.

Transparency is the name of the game with OneMain Financial. As a pillar of the lending community, this financial institution prides itself on doing right by its customers. When you apply for a loan, you’ll have a fixed rate, a fixed monthly payment, and no penalties for paying off your loan amount early.

Whether you need to get an emergency loan for unexpected expenses or you’re seeking a personal loan for something more “fun,” you can turn to OneMain Financial for help. Keep in mind that loans secured through OneMain Financial do incur origination fees, so be sure to discuss how much extra you’ll be paying with your loan specialist before you accept a loan.

Important Stats to Know:

● Loan amounts range from $1,500 to $20,000

● APRs range from 18.00% to 35.99%

● Loan terms range from 24 to 60 months

Requirements to Qualify for an Emergency Loan with OneMain Financial

In addition to being over 18 years old, you must also prove your identity, residence, income, and bank account details. If you struggle to meet the income or credit score requirements, you can also apply with a co-signer or co-borrower.

Pros

● Get prequalified without affecting your credit score

● Easy online application process

● Connect with a loan specialist

● Local branches available for in-person service

● No fee for applying for a loan

● Same day money

● Millions of happy customers

Cons

● Some minimum loan sizes apply based on where you live

● You will incur loan origination fees

Click Here to Check Rates with OneMain Financial

What is an Emergency Loan?

An emergency loan is a personal loan that is typically sought by individuals with a subpar credit score to help cover the cost of unanticipated emergency expenses like a car accident, health crisis, home repair, or sudden job loss.

When an unexpected emergency expense arises and you don’t have enough cash on hand to cover it, a sizable bank account, or room on your credit card, you might seek an unsecured personal loan to get the necessary funds immediately.

There are different types of emergency loans that you can apply for, including a credit card cash advance or a paycheck advance. Both of these options tend to have a higher interest rate than emergency loans, making emergency loans a better option a lot of the time.

The advantage of emergency loans, other than providing much-needed funds, is that they are available to people with a lower credit score. As long as you can meet some basic requirements, such as showing income, verifying your identity, and demonstrating a reasonably decent credit history, you can usually get a reasonable loan package.

If you are struggling to qualify for emergency personal loans even after looking at various loan options, you can consider getting a cosigner as you rebuild your credit.

How to Choose the Best Personal Loans for Bad Credit Score

The secret to finding the best emergency loans is to compare your options side-by-side and find the lender that provides fair terms that get you out of a jam and help you bridge the gap between your current finances and whatever your emergency is.

However, it can be difficult to know what to look for as you compare the best emergency loan lenders. After all, not all emergency loans are created equal, and the last thing we want is for you to get burned by predatory online lenders that charge a high interest rate or excessive loan origination fees.

We’ve compiled this list of what to investigate before locking yourself into a loan, even if you don’t have a good credit score.

Loan Amounts

The first thing to consider as you’re looking for emergency loans is the amount of money you need or want to borrow. The list of online lenders we shared in this article has a wide loan amount range, starting at a mere $250 and going all the way to $35,000.

While it can be tempting to borrow as much money as you can get approved for, we recommend only borrowing what you need. Higher loan amounts could require that you have higher credit scores. You could also be hit with a higher interest rate if you’re seeking more money.

The reality is that the more money you borrow, the higher the risk of default, and a lender will require additional compensation or security for that risk.

Term Lengths

While you could have a lower monthly payment with a longer loan term length, you’ll ultimately pay more once you calculate how much interest you pay on the total loan amount.

Remember, you are paying interest on the principal for every month that the loan is outstanding. And, considering that emergency loans aren’t known for having low interest rates, you could easily pay two or three times the loan balance if you extend the term lengths beyond what is absolutely necessary.

Before you accept the terms of any emergency loans, make sure you’ve already thought about what you can afford to pay each month, and then aim to pay off the loan as soon as you can.

In some instances, you may want to pay off the loan early. Just make sure that there are no prepayment penalties.

Costs and Fees

Before accepting any emergency loans, make sure to read the fine print. There are several unscrupulous personal loan lenders out there, and even though we eliminated anyone with questionable practices from our list of emergency loan providers, it’s still a good idea to confirm that you are comfortable with the terms of a loan before agreeing to a contract.

Look for application and processing fees, which can add significantly to the total loan amount. The loan origination fee can also add costs to your loan. This origination fee can feel misleading because the providers of emergency loans advertise that they don’t charge any fees for using their service.

However, these websites function more like a marketplace, and they match you with a lender. That lender, however, is likely to charge an origination fee. When you have good credit that fee can be anywhere from 0.5% to 1.0%, but if you have fair credit or bad credit, a lender can charge upwards of 4% or more. On a $10,000 loan, this would be a whopping $400.

Ultimately, you’ll want to work with an online lender that is transparent so that you know what you’re getting into. You shouldn’t have to pay a lot of money to borrow money!

Funding Speed

When you’re looking to borrow money to get an emergency loan, the speed with which you can get the loan proceeds is going to be critical.

From the moment you decide you need an emergency loan, you likely need the money quickly. The lenders on our list can get funds deposited into your account within 24 hours of a loan approval. Some lenders, like OneMain Financial, can even get your funds to you on the same day of your loan approval.

Eligibility Requirements

It can be a waste of time to apply for a personal emergency loan if you already know that you don’t meet the requirements set forth by the personal loan lenders.

Fortunately, the emergency lenders on our list make it easier to get approved for a loan than if you go through traditional channels like a bank or credit union. There is typically no minimum credit score required to get a substantial loan amount. And, if you choose one of the marketplace lenders on our list, you can get a reasonable interest rate, which leads to a relatively low monthly payment.

Types of Urgent Loans for Bad Credit

If you don’t have a minimum credit score that makes you eligible for more traditional loans, you might find yourself thinking outside the box and looking for loans through other channels. When you need money fast, one or more of the loans below could fill that financial gap.

Payday Loans

Often, when people find themselves in a financial emergency, their first thought is to apply for an emergency loan through payday lenders. This route is rarely recommended because interest rates are going to be borderline criminal.

The only time a traditional payday loan makes sense is if your credit score is so low that you can’t get approved for any other type of loan or you are dead set against disclosing your credit score.

Payday loans are also the shortest term loan on our list. Typically, you will be on the hook for the entire balance of your loan with payday lenders when you get your next paycheck.

These loans also tend to be issued in lower loan amounts to match your paycheck for a small number of pay periods. Essentially, you can think of a payday loan as cash to tide you over until you get your next paycheck.

Installment Loans

Most of the emergency loans on our list are classified as installment loans. Installment loans are how most loans work, where you receive a bulk sum of money upfront, which is the loan amount, and then you pay back the funds in monthly (or sometimes weekly) periods until the loan is paid off.

Unsecured Loans

Depending on the type of emergency loan you get, it can be either a secured loan or an unsecured loan. Unsecured personal loans don’t require you to provide any collateral to “secure” the loan.

Basically, this means that since the lender can’t take anything of value if you don’t meet your monthly payment obligations, you’ll end up paying a higher interest rate to account for this extra risk. In other words, you can expect higher interest rates since no collateral is required, hence the term “unsecured.”

Secured Loans

Secured personal loans can be gotten when they are backed by collateral, meaning that you have something valuable like a house, car, or another asset that can be used to pay back the loan if you are unable to make payments.

Because a secured loan is backed by collateral, you can get the loan for lower interest and better terms. Further, good credit isn’t necessarily required because a lender can repossess the underlying asset being used as collateral if you don’t pay.

Secured loans are often used for an auto loan, mortgage, or home equity line of credit where there is an underlying asset attached to the loan.

Frequently Asked Questions about Fast Loans for Bad Credit

If you’ve never applied for a fast emergency loan, you’ve likely got a lot of questions! We answer the most common questions about this topic below.

Do emergency loans offer guaranteed approval?

Even though these lenders specialize in helping people that struggle getting traditional funding, no lender can guarantee approval. Fortunately, many lenders are very flexible and will waive a requirement for a minimum credit score if you have a savings account or verifiable income.

Can emergency loan providers offer same-day funding?

Yes, absolutely! Not every lender provides this option, but some absolutely do. Of the lenders on our list, most provide funding within 24 hours on the next business day. Some also offer same-day funding so that you can get your money immediately and begin addressing your financial emergency.

Can you get a fast emergency loan with no credit check?

If you’re already struggling with subpar credit, undergoing a credit check to get an emergency loan can be problematic.

First, you might not have a credit score that makes you eligible for the loan. Second, if your credit is already low, credit inquiries can cause your score to dip even further with the credit bureaus. These inquiries can make your score drop by three to five points, and it can take months to recover from this ding. When you have subpar credit, every point counts!

Many lenders offer a soft credit check when applying, which means that their inquiry won’t be reported to the credit bureaus.

Be wary of a lender that advertises that no credit check is required. This is usually a sign that you’re going to be paying exorbitant interest rates. When no credit check is required, the lender is counting on the borrower not being able to pay back the balance of the loan. To compensate for this high degree of risk, you could end up paying interest rates in the triple digits!

We recommend exploring the lenders on our list first and comparing the interest rates that they offer you. It’s not always easy to get an emergency loan when you have bad credit, but it is indeed possible!

How will an emergency loan impact my credit score?

An emergency loan can affect your credit score in two ways:

A hard inquiry can cause your credit score to drop. This happens because people looking for additional credit are considered “high risk” in the eyes of a potential lender. These credit checks show lenders that you need funds, and it can become a vicious cycle, where lenders think that because you are looking for a loan, you are now at a higher risk.

Credit checks could potentially make your score drop by a few points, which could result in loans with higher interest rates or an origination fee. Ideally, look for lenders that do a “soft” credit check instead of a hard inquiry. A soft credit check is not reported to the credit bureaus.

Not paying back the loan can affect your Fico credit score. The biggest impact to your credit score happens if you make late monthly payments or fail to pay back the loan at all. The lenders could report this activity, which would cause your score to drop.

While a late payment could cause a black mark on your credit report, the more significant issue is when you default on the loan. Having a delinquent account can cause a drop in your credit score to drop by anywhere from 50 to 120 points, depending on the severity of the delinquency.

Can you get a personal loan with extremely bad credit?

Yes, it’s definitely possible, but it might not be easy. Regardless of the amount of risk a lender is willing to accept, the lender still wants and expects to be paid back in full.

The good news is that even if your credit score is in the toilet, you can still get a loan. Lenders look at a variety of factors, not just your credit score. If your current debt-to-income ratio is favorable and you have a reliable income source, you are likely to be approved for an emergency loan.

If you’re still struggling with the approval process, you can potentially get the green light if you have a cosigner. A cosigner will take over payments and be on the hook for the loan if you default.

Final Thoughts on Emergency Loans

Emergency loans work to provide you with the funds you need quickly to address life’s various curveballs, especially when they’re unexpected (and expensive). The emergency loan lenders on this list are known for providing fair and reasonable loans for bad and fair credit borrowers to help get you back on your feet.

If you are still struggling to get a loan with reasonable terms, you can also consider enlisting the help of a cosigner or co-borrower to ensure that you get approved. However, we are confident that these emergency loan providers will be able to help.

Summary of the Top Recommended Emergency Loans for Poor Credit

● BadCreditLoans: Best personal loans for bad credit

● CashUSA: Best online lender for fast funding

● PersonalLoans: Best for flexible repayment terms and loan options

● LendYou: Best for small, short-term loans under $2,500

● OneMain Financial: Best for secured loans and cosigners