When you need money fast, an emergency loan may be a solution. Even if you have poor credit, you still have options for emergency loans. We found the best personal loan lenders with fast funding times who offer loans to borrowers with poor credit. These lenders all have at least one of the following traits: low or no credit score minimums, they allow cosigners, or they offer secured loans.
Compare emergency loan rates for poor credit of May 2024
Advertiser DisclosureOverview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Repayment terms
1 to 5 years (2 to 5 years through Credible)
Read full reviewOverview
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 8.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Read full reviewOverview
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Read full reviewOverview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Read full reviewOverview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Read full reviewOverview
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Read full reviewBest emergency loans for poor credit
Before you start comparing quick loans for bad credit, know your credit score, how much you need to borrow, the monthly payment you can afford, and whether you have a willing cosigner to help you qualify. This will help you narrow down which lenders are best for your situation.
Best Egg: Best for high close rates if pre-approved
High Close Rates if Pre-approved
Loan Amount
$2000 to $50000
Secured loans available
Low minimum income requirement
Scored second in J.D. Power's Consumer Lending Satisfaction Study
Funds in 1-3 business days
High close rate on loans through Credible platform
Origination fees
No discounts
Not available in DC, IA, VT, or WV
Overview
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 8.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Upgrade: Best for fair credit
Loan Amount
$1000 to $50000
Fair credit borrowers eligible
Autopay and direct pay discounts
Can fund in as little as 1 business day
Mobile app
Secured loans available
High maximum origination fee
Cosigners not accepted on home improvement loans
Low J.D. Power ranking
Overview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
OneMain Financial: Best bad credit personal loans
Bad credit personal loans
Loan Amount
$1500 to $20000
Borrowers with poor credit may be eligible
Secured loans available
Allows cosigners
Can fund as soon as one business day after approval
High minimum APR
Process not 100% digital
Not available in AK, AR, CT, DC, MA, RI or VT
High maximum origination fee
Overview
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Avant: Best for all credit types
Loan Amount
$2000 to $35000
Borrowers with bad credit considered
Funds as soon as the next business day
1-year loan terms available on Avant's website
No discounts offered
Origination fee
Not available in HI, IA, MA, ME, NY, VT, or WV
Overview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Repayment terms
1 to 5 years (2 to 5 years through Credible)
Universal Credit: Best debt consolidation loans for bad credit
Debt consolidation loans for bad credit
Loan Amount
$1000 to $50000
Borrowers with bad credit considered
No minimum income requirement
Autopay and direct pay discounts available
Can fund in one business day
High APRs
Potentially high origination fees
Not available in Iowa
Overview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Upstart: Best fast personal loans for all credit types
Fast personal loans for all credit types
Loan Amount
$1000 to $50000
May fund in 1 business day
No minimum credit score requirement on lender site
Low minimum APR
Trustpilot score of 4.9/5 stars
May charge a high origination fee
No discounts offered
Overview
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Methodology
Credible evaluated the best personal loan lenders for emergency loans for poor credit based on factors such as minimum required credit score, customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, whether cosigners are accepted, and whether secured loans are an option. Credible’s team of experts gathered information from each lender’s website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date.
Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.
How to compare emergency loans for poor credit
When analyzing your options for emergency loans, here are some of the most important factors to consider:
- Time to fund: This can vary widely depending on the type of loan and the lender. Some lenders will offer same-day funding, but others will take a few business days to get the money to you.
- Interest rate: Your interest rate will be one of the biggest factors in determining how expensive it is to borrow money. If you have a low credit score, interest rates can be quite high, so compare your loan options to find one that is competitive and that you can afford. You also need to consider the annual percentage rate (APR) which includes the interest rate and fees.
- Fees: Application, processing, and origination fees are all common for personal loans, but with options like cash advances and payday loans, these fees can be very expensive. Make sure you count these expenses when considering the total cost of borrowing.
- Loan amounts: If you have a low credit score or carry a lot of existing debt, it may be difficult to borrow the amount you want, and you may be offered a smaller amount instead. Compare lenders to see if one will lend you the amount you need.
- Repayment terms: The repayment term is how long it will take to pay the loan off. Some options, like payday loans, have very short repayment terms of just a couple of weeks, while personal loans and credit card cash advances can take months or years to repay. Generally speaking, the shorter the repayment term, the higher your monthly payment will be and the less interest you’ll pay (though this isn’t always the case, especially with payday loans and other extremely high-APR options).
- Cosigner option: If you can find a cosigner with a good credit score and positive financial history to help guarantee your loan, you may qualify for better rates. However, not all lenders allow for cosigners, so seek out lenders who do.
- Secured loan availability: If you’re struggling to get approved for an unsecured personal loan, a secured personal loan could help you qualify. Only a few lenders offer them (such as Upgrade and Best Egg), and note that the collateral you use to secure the loan is at risk if you default.
Learn More: What Is the Difference Between Interest Rate and APR?
What is an emergency loan for poor credit?
An emergency loan for poor credit is a personal loan that you can get quickly even with a low credit score. Since a low credit score limits your options for borrowing, the types of loans that are available to you are likely to come with high interest rates and fees, and some might even be bad financial options. Carefully weigh your choices and try to avoid the more expensive and disreputable lenders for poor credit.
How do emergency loans for poor credit work?
There are a few options for loans for borrowers with low credit scores.
- Personal loans: A personal loan is a type of installment loan. You receive a lump sum of money upfront and repay it, plus interest, in agreed-upon amounts on a monthly schedule. These loans often have better rates than other options, but may be difficult to qualify for if you have a poor credit history.
- Credit card advances: Credit cards sometimes allow you to withdraw cash at a bank or ATM — this is called a cash advance. These withdrawals are often limited to a certain percentage of your total line of credit, generally have a higher interest rate than a normal credit card purchase and come with expensive fees.
- Cash advance apps: If your employer allows it, you can borrow small amounts from an upcoming paycheck. Typically, cash apps don’t have an APR, but instead charge you subscription fees and fast funding fees, depending on the app.
- Payday loans: These are short-term loans for small amounts, usually due to be repaid in full on your next payday. They often come with extremely high interest rates and fees — 400% APR is a common rate. These loans have a bad reputation, and have been regulated or outright prohibited in many states.
- Title loans: These loans are also high-cost, short-term loans, but instead of being tied to your paycheck, they’re tied to your car’s title. If you don’t repay the loan in full when due, the lender may be able to repossess your car. This makes these loans a risky proposition.
Check Out: Best Credit Cards
| | | | |
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| Up to $200,000, depending on the lender | | - Origination fees
- Application fees
- Prepayment fees
- Late payment fees
- Annual fees
| Anywhere from the same or next business day to a week, varies by lender |
| Limited by your credit card company | Likely above the average credit card interest rate of 20.68% | 2% to 5% of cash advance amount | |
| | | - Subscription fees
- Fast funding fees
- Optional tips
| |
| Typically up to $500, though some states allow higher amounts | | $10 to $30 for every $100 borrowed | |
| 25% to 50% of your car’s value | | - Finance fees of up to 25% of loan amount per month
- Processing fees
- Document fees
- Loan origination fees
- May require a roadside service plan
| |
Compare Rates Now
Pros and cons of emergency loans for poor credit
Pros:
- Get the money you need fast: The biggest upside of getting a loan is that you can take care of your emergency needs.
- May help you build your credit: If you get a personal loan or a credit card cash advance and are able to make your payments in full and on time, that may help you boost your credit score. Your payment history on account types including credit cards and installment loans makes up 35% of your FICO score, a popular credit scoring model.
Cons:
- Expensive: Loans that you can get quickly and loans for poor credit often come with extremely high interest rates and fees. You’ll pay a lot to borrow money, even if it’s a relatively small amount and for a short time.
- Can trap you in a cycle of high-cost debt: Some emergency loans that cater to borrowers with bad credit have a history of pushing borrowers into high-cost rollovers. Payday loans have a bad reputation for this, with many borrowers paying high fees and interest rates to roll over their loan month to month rather than paying it off.
Eligibility criteria for emergency loans for poor credit
While each lender and type of loan will have different standards for borrowers, here are some of the basic criteria to expect:
- Age requirement: State laws determine at what age you’re eligible to borrow, but most states and lenders say you have to be 18 years old to enter into a legal contract.
- Employment status: Most lenders will require that you have a job and present proof of employment.
- Monthly income: This may seem like the same thing as employment status, but it can include annuities, pensions, other retirement income, and public assistance such as Social Security Disability Insurance.
- Existing debt obligations: You may hear the phrase “debt-to-income ratio,” also known as DTI, when you’re talking to a lender — this is how much of your pretax monthly income goes to debt payments each month. DTI is used to determine if you can reasonably borrow and repay more money.
- Credit score: Your credit score is a number assigned to you based on your financial history. FICO uses your payment history, the length of your credit history, the mix of credit that you carry, how much debt you carry, and new credit inquiries to determine your score.
Learn More: How To Get a Personal Loan
FAQ
What can I use an emergency loan for?
You can use an emergency loan for almost any purpose. Personal loans come with very few restrictions on what you can use them for.
How can I improve my credit score?
Some quick ways to improve your credit score include checking your credit report for errors, paying your bills on time, lowering the amount of debt you carry, and diversifying your credit mix.
Where can I get an emergency loan?
Some of the most common places to get emergency loans are from payday and title loan lenders, though these options come with high risks. You could instead apply for a personal loan from a bank, credit union, or online lender, or use a cash advance app or credit card cash advance.
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Meet the expert:
Hilary Collins
Hilary Collins is a finance writer and editor. She loves taking topics that could be dry and complicated and turning them into engaging stories with actionable takeaways.