Compare Top Emergency Loan Rates

We compared and reviewed loans from more than 10 emergency loan lenders to find the best rates and loan features.

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Lenders
Score
Loan Features
Loan Amount
Best Choice
503 users chose this site today
Best Egg
9.9
Trustpilot
Loan Features

Min. Credit Score: 600

APR:4.49% - 20.49%

Term:36-60 months

Loan Amount:
$5,000-$100,000
Low Rates
Upgrade
9.9
Loan Features

Min. Credit Score: 580

APR:5.94% - 35.97%

Term:12-84 months

Loan Amount:
$1,000-$50,000
Avant
9.9
Loan Features

Min. Credit Score: 580

APR:9.95% - 35.99%

Term:24-60 months

Loan Amount:
$2,000-$35,000
Upstart
9.9
Loan Features

Min. Credit Score: 600

APR:3.50% - 35.99%

Term:

Loan Amount:
$1,000-$50,000
One Main
9.9
Loan Features

Min. Credit Score: 600

APR:18.00% - 35.89%

Term:

Loan Amount:
$1,000-$40,000

Best Emergency Loan Lenders for Fast Cash

We've reviewed the best online lenders for quick loans to help you find a company that meets your needs. We took several factors into consideration including interest rates, funding speed, company reputation, fees, and eligibility requirements.

Here are our top picks for the best emergency loans of 2022.

Best Egg

LendersScoreAPRWebsite
503 users chose this site today
Read Review >>
9.9
Trustpilot
4.49% - 20.49%

It takes just a few minutes to complete the application. You get free access to your credit score, so you can check how timely payments benefit your score. In some instances, loans are funded one business day after approval.

Pros:
Loan payments are sent directly to creditors if you consolidate debts.
Borrowers can take out loans starting from just $2,000 to even $50,000, so you have the flexibility to cover small expenditures, or even bigger costs required for moving, home improvement projects, etc.
Borrowers can get both secured and unsecured personal loans.
As mentioned, free access to credit score is provided.
Cons:
Borrowers can select from three or five year repayment terms.
There is no extra discount for setting up automatic payments (an option offered by many other lenders).
Borrowers have to pay an origination fee between 0.99% and 5.99%.
There is no mobile app to manage the loans.
2

Upgrade

LendersScoreAPRWebsite
Read Review >>
9.9
5.94% - 35.97%

Loan funding could take up to four business days, but loans are available to those with bad credit history too. You can take out loans between $1,000 and $35,000.

Pros:
You don’t need a high credit score to qualify for the loan.
Loan amounts start at only $1,000, and there is no prepayment penalty, so borrowers can take out a small loan and repay it as fast as possible.
Borrowers can use loans to cover business expenses.
There is an option of direct lender payoff for debt consolidation loans.
Cons:
APR is very high - 7.99% to 35.97%.
There are fees involved for origination - 2.9% to 8% of the loan amount.
You will be charged fees for late payment and insufficient funds.
There are just two loan repayment periods.
3

Avant

LendersScoreAPRWebsite
Read Review >>
9.9
9.95% - 35.99%

You can get approval within one business day, and even those with a low minimum credit score can qualify. Its annual percentage rate includes an administrative fee up to 4.75%. Payments are reported to Experian, Equifax and TransUnion, so you can build up credit.

Pros:
You can find out the potential loan amount and rate on an Avant loan if you pre-qualify. It won’t affect your credit, and it helps plan your monthly budget to accommodate loan payments.
Disbursement of funds can happen a day after your application gets approved.
You can change your payment date up to two times during the repayment term (you can’t select the initial payment date).
Manage loans, check payment history, and tweak payments date via a user-friendly app.
Cons:
As mentioned, an origination fee of 4.75% might be charged.
There is no option for secured, joint, or co-signed loans.
If you consolidate credit cards and other high-interest debts, the funds are deposited directly into your account instead of paying creditors.
4

Upstart

LendersScoreAPRWebsite
Read Review >>
9.9
3.50% - 35.99%

An online lending platform that considers alternative data on an application – it includes where you reside and went to school, apart from credit and income information. It apparently funds most of its loan within one business day right after approval.

Pros:
Quick funding – Borrowers get to pre-qualify to see their rate in just 5 minutes. Business approval usually takes one business day. Loans are funded after borrower signs loan agreement.
Loan proceeds are sent to credit card issuers to make the debt consolidation process simple.
Monthly payment date can be changed an unlimited number of times. Original due date remains unchanged though.
There are several ways to pay – via check, over phone, online, and automatic payments.
Cons:
Repayment terms are limited – three or five year repayment terms only.
An origination fee is charged ranging from 0% to 8%, which cuts into your total loan amount.
There is no mobile app to manage the loan, check payment history, look at credit scores, etc.
Upstart offers unsecured loans only. Adding a co-signer or co-borrower isn’t an option.
5

One Main

LendersScoreAPRWebsite
Read Review >>
9.9
18.00% - 35.89%

It offers personal loans to borrowers with poor credit scores, but the APR is quite high, with an origination fee involved. The lender says on average, loan applications take one day to approve.

Pros:
There is a joint loan options, and borrowers can secure the loan as well.
Borrowers are free to choose and change the payment date, within 45 days of acceptance of the offer. Payment date can be changed twice during the life of the loan.
The loan can be funded on the same day the borrower submits an application.
There are branches of OneMain in each of the states where it offers personal loans.
Borrowers have seven days to cancel the loan without making payments.
Cons:
There is no discount for setting up automatic payments.
An origination fee is charged between 1% and 10% of the loan amount. In some states, they might charge a flat fee too.
They might offer optional credit insurance with secured or unsecured loans, which adds to loan costs.

Check your Approval for An Emergency loan

Get Started >>

FAQs about Emergency loan Lenders

This FAQs section will guide first-time readers regarding emergency loans.

What is an emergency loan?

Any personal loans that are used in situations where unexpected expenses are required are known as emergency loans. It could be someone requiring urgent medical attention or a vehicle breakdown. This type of loan has a very high interest rate. The period of disbursement for emergency loans varies depending upon the kind of loan. Sometimes these are available within few days, while some emergency loan lenders could release funds on the same day as approval, which is great for those who need it without delay.

Who are emergency loans good for?

Those who need access to fast cash to cover an emergency expense can be helped by emergency loans. It can also be of assistance for those who are suddenly out of work and need extra cash to cover bills.

Emergency loans can be used for a variety of expenses, but some personal loan lenders put restrictions on how you can utilize these loans. For example, you might not be able to use them for postsecondary education costs. Review the terms and limitations of your potential lender before completing an application. Here are a few instances where emergency loans can be of help:

  • Mortgage payments and rent – If you need to shell out cash as a home payment is due soon, an emergency loan can tide you over till you get paid.
  • Medical expenses – If you or a loved one requires medical attention, an emergency loan is the best way to cover these costs.
  • Utility bills – Ensure that utility bills are paid on time; this way your phone won’t get shut off or the electricity won’t get disconnected.
  • RepairsA home equity loan or home equity line of credit might offer better interest rates and terms, in case of home repairs. However, some repairs might need immediate attention and on-spot payment. Similarly, car repairs also pop up unexpectedly. If you need fixes for your home or vehicle, which are urgent, then emergency loans are what you need.

How do emergency loans work?

There are several lenders who don’t advertise about specific emergency loans, as these are just personal loans. Those who require this kind of loans should find a lender that provides fast approval and quick funding for a loan amount as per your requirements. After you get quotes from a few lenders, send in your application to the one with the best interest rate and suitable terms. You have to provide identity proof and income verification documents during this stage of the application process. After you receive approval, funds can be sent directly to the bank account.

What are the pros and cons of personal loans?

Pros:
The funds can be used on just about any emergency expense.
Application is pretty fast, and can be completed online.
Approval is quick too, and you might get it on the same day you apply.
Cons:
Unfortunately, the interest rate is very high, which can increase overall cost of the loan.
You might not get the exact loan amount you need. At times, you have to settle for a smaller amount.
If you fail to make payments on time, your credit score will plummets.

How to build an emergency fund?

You never know when emergencies might crop up, so you have to be prepared well in advance. That is why an emergency fund is a must; here are some steps to build one:

  • Go through your budget to check where you can make cuts. Try to minimize stuff like dining out or monthly subscriptions, so you can divert the extra cash towards an emergency fund.
  • Utilize any account that gives access to funds when you need them. A high-yield savings account doesn’t have as much return as investing in the stock market, but you also don't risk losing money.
  • Bank CDs generally pay a bit more interest as compared to high yield savings accounts. You can also set them up in such a way that every few months, one will reach maturity. . If you need to, you can also pay the early withdrawal penalty to access the money.
  • Why not automate your savings? It will help to keep some cash extra for emergencies at all times.
  • Set financial goals of having at least six months’ worth of expenses or six months’ worth of your salary saved up. If that isn’t possible immediately, set a specific number, like $1000, or a month’s worth of expenses, and then slowly build up.
  • If you require cash for emergencies, then access the fund for sure, but don’t forget to replenish when you can.

Remember it is an emergency fund, so never use it for other expenses such going on a vacation, or as down payment on a vehicle.

What are emergency loan alternatives?

You generally require a solid credit history to take out an emergency loan. If that isn’t the case with you, you might not qualify for this type of loan. There are several alternatives, so take a look:

Local credit unions and banks

Reach out to a local credit union or bank, and see if you qualify for a personal loan. They are friendlier toward current account holders.

Local nonprofits and charities

Few states and local municipalities have grants or interest-free loans you can take advantage of.

Payment plans

Set up a payment plan instead of paying a sum of money in full. Whether it is for an old medical bill or credit card, creditors are willing to work out an alternate repayment method. The setup should be done as soon as possible – the more you wait, the less likely it is that they will help you.

Paycheck advances

Have you been on your job for a while? If yes, you can borrow money by asking your employer for a paycheck advance.

Loan or hardship distribution from your 401(k) plan

Those who have a 401(k) via your job can ask regarding a 401(k) loan or taking money out of the 401(k) fund for hardship assistance.

Of course this is a last resort, but if you don’t qualify for emergency loans, you could talk to family and friends to help out with a bit of cash. Some may let you pay them back whenever you can, and they may not charge you interest. It is advisable to get the agreement in writing, so the terms are clear from the get-go.

Always choose the type of emergency loan carefully, and ensure that you understand all terms and conditions. Borrowing from a trustworthy lender is a must, so conduct your research before you go ahead and submit the application. Work out a repayment plan too, so you can make regular loan payments without debts building up.

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