Best Emergency Loans of February 2025

Personal loans make the best emergency loans. They have lower monthly payments, higher loan amounts, lower annual percentage rates (APRs), and longer repayment terms than other types of emergency loans like payday or title loans. Plus, they can improve your credit if you repay them on time. 

Upgrade is our top lender for fast emergency loans — it offers next-day funding and a host of other perks for fair credit borrowers. If you need a loan today and have good credit, try LightStream or SoFi for same-day loans. Bad credit applicants should consider Universal Credit, Reprise, or Avant.

Best emergency loans

Waiting is the worst when you need money now. These emergency loans are all personal loans that can be funded as soon as the same day you apply or the next day following your application’s approval.

Methodology

Credible evaluated the best personal loans for emergencies across 899 data points, covering minimum and maximum fixed APRs, credit score requirements, funding times, income requirements, minimum and maximum loan amounts, available repayment terms, lender reputation and customer experience, origination fees, available discounts, whether secured loans are available, whether cosigners are considered, and more.

Each data point was verified by a senior editor to make sure it was accurate and up to date. We used the following metrics and weightings to assign star ratings:

• Rates and fees: 18%
• Loan terms: 18%
• Customer experience: 17%
• Eligibility: 14%
• Customer satisfaction: 10%
• Efficiency: 10%
• Options for poor credit and no credit: 9%
• Discounts: 4%

Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.

What is an emergency loan?

An emergency loan refers to any type of loan used to access cash on short notice. These often include fast loans for bad credit like payday loans, title loans, and pawnshop loans, as well as cash advances through apps or credit cards. They also include personal loans that can deliver money the same day you apply or the next day.

You can use an emergency loan for almost any purpose, such as car repairs, a large purchase, or medical expenses.

Compare types of emergency loans

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How do emergency loans work?

Each type of emergency loan functions differently. Here is a breakdown of some of the different forms of emergency loans:

Recommended

• Personal loans: A personal loan is a monthly installment loan that's typically unsecured, meaning no collateral. Qualification hinges on your credit score, income, and other financial factors. If you qualify, you'll receive a lump sum upfront. Then you'll pay it back, plus interest, via monthly payments over the loan's term.
• Payday alternative loan (PAL): Available from certain federal credit unions, these loans were developed as an affordable alternative to pricey payday loans. They're available in amounts up to $2,000 with terms up to a year, depending on the type of PAL. Rates are capped at 28%.

Use with caution

• Cash advance apps: Cash advance apps look at your banking activity to determine how much of an advance to extend, typically no more than $750. Like payday loans, repayment is often pulled from your next paycheck. Though some cash advance apps don't require fees, it's the optional fees that can make them expensive — like tips and instant funding fees. The Center for Responsible Lending found that the average APR for a cash advance through repaid in 7 to 14 days was 367%.
• Credit card cash advance: A cash advance from your credit card allows you to withdraw cash in a pinch. But you'll have to pay a cash advance fee and interest typically accrues immediately. The APR on cash advances is usually higher than your card's purchase APR as well.
• BNPL: “Buy now, pay later” apps, or BNPL, offer a way to make purchases now and pay them off, interest-free, over 6 weeks or longer, depending on the app. Some apps also offer longer-term repayment plans, similar to personal loans, with APRs up to 36%.
• Pawnshop loans: This type of loan should not be your first choice but may be a better choice than a payday loan or title loan. Consider only if you can't qualify for a personal loan or longer-term option and have an item to pawn that you won't miss and don't need. APRs are high, but if you don't pay the loan back, the pawnshop simply keeps your collateral — the loan doesn't go to collections and your credit won't be damaged.

Not recommended

• Payday loans: A payday loan is often a no-credit-check loan due with your next paycheck. You can generally borrow up to $500. But fees amount to triple-digit APRs in most states where they're legal, and are over 600% APR in some. In most cases, there are better loan options.
• Title loans: A title loan is a short-term loan that uses your vehicle title as collateral. Typically, loan amounts are up to 50% of your car's value, and APRs can be as high as 300% — they're not legal in every state.

How to compare emergency loans

Consider these factors when comparing types of emergency loans — such as a cash advance vs. a payday loan — or multiple loans of the same type, such as personal loans.

• APR: A loan's annual percentage rate, or APR, indicates the overall cost of the loan on an annual basis. It takes both the interest rate and any origination fees into account. If you're looking at loans that charge fees instead of interest, use a payday loan calculator to calculate the APR. You can compare APRs across loan types this way.
• Monthly payment: The monthly payment is key because it needs to be affordable to avoid costly late fees and renewal fees. For instance, if you need to borrow $500 now but can't afford to pay it back in 2 to 4 weeks, a payday loan or cash advance would be a bad idea. Instead, look for a longer-term loan, such as a personal loan, payday alternative loan from a credit union, or BNPL if possible.
• Loan amounts: The amount you need to borrow can indicate the type of loan you should get. For instance, if you need to borrow more than $1,000, personal loans, credit card cash advances, and payday alternative loans may be your only options.
• Repayment terms: Depending on the type of emergency loan, terms can range from 2 weeks to 7 years. Make sure you can afford to make payments for the duration of the loan's term.
• Funding time: What makes an emergency loan an emergency loan is that it delivers money fast. Some emergency loans can get you money instantly (or almost). But these often have the highest fees and APRs. If you feel you have to get a payday loan, title loan, or other high-fee loan, try applying for a personal loan as well. If approved, you could use it to pay off the emergency loan and any other high-interest debt.
• Credit check: Even if you're credit-check-averse, know that no-credit-check loans often have the highest fees and most predatory terms. In fact, most loans that don't require a credit check are the kind that have triple-digit APRs. Prequalify with personal loan lenders (with a soft credit check) or check your spending power with BNPL apps like Affirm to see if you might qualify for a lower-cost loan with much better terms.
• Lender reputation: Check out customer reviews via sites like Trustpilot, the Better Business Bureau, and Google reviews.

Learn More: How To Compare Personal Loans

How to get an emergency loan

The easiest loans to get are often the ones you want to avoid. Still, even easy loans have minimum requirements you'll need to meet.

• Income: Most lenders want to know your income to decide whether to lend to you and how much. Some may have minimum income requirements or require proof of income.
• Credit score: If you're getting a loan that requires a hard credit check, find out the lender's minimum credit score requirement before applying, and know your own credit score. You can get your Equifax FICO Score 8 for free monthly through myfico.com, or check your score for free with Credible's credit monitoring tool. You might find a lender's minimum credit score requirement in their FAQ or on a personal loan marketplace. Not all disclose it, however.
• Debt-to-income ratio (DTI): Your DTI is a measure of your monthly debt relative to your gross monthly income. Some lenders, like personal loan lenders, use it to determine how much room you have in your budget for a new debt payment.
• Collateral: If you apply for a secured loan, you'll need collateral. In the case of a title loan, this would be your car title. Some personal loan lenders, like OneMain Financial, also offer loans secured by your car, but with much lower rates than title loans. Also, note that borrowers in certain states may be subject to minimum or maximum loan amounts.

Check Out: How to Get a Personal Loan

How to apply for an emergency loan

1. Compare lenders and loan types: If you're ready to apply, you should have already done this. If not, compare APRs, terms, and funding times (along with any fees for fast funding) across the loan types and lenders you're considering. Remember that zero-interest loans don't mean “free” and could be much more expensive than a loan with a high interest rate.
2. Apply, if necessary: Most lenders make this step easy with an in-app or online application. But for some loan types, you may need to travel to a brick-and-mortar location (like a pawnshop). For other emergency loans, like a credit card cash advance, an application is not necessary. The application and approval process could take minutes, especially if the lender doesn't require extensive (or any) documentation.
3. Review the terms: Before agreeing to anything, make sure you're on board with the terms of the loan. Are there any unexpected fees? Does the payment amount look right and can you afford it? Know what happens if you can't afford to repay the loan or miss a payment.
4. Finalize the loan and begin payments: If you agree to the loan's terms, sign the documents to initiate payment. Many lenders can deliver funds instantly, within hours, or by the next business day.

Learn More: How To Apply for a Personal Loan

Alternatives to emergency loans

Sometimes an emergency loan isn't the best way to pay for unexpected expenses. If you're looking for an alternative to an emergency loan, consider the following:

• Credit card purchase: If you don't have room on your existing credit card(s), ask for a credit limit increase. Your credit card company may not be inclined to grant the request if you've maxed out your card, but it's worth trying and can usually be done in your credit card's app. The benefit is that there's no hard credit pull. Otherwise, you could try applying for a new card on which to put your emergency purchase, but your credit score may take a hit from the application.
• Gift or loan from family or friends: If you need $10,000 or more, watch out for IRS rules when it comes to family loans and gifts. But regardless of the amount, know whether the money you need is in the form of a gift or loan. If it's the latter, clearly document the repayment terms, interest rate, payment amount and schedule, and recourse for the lender if you miss payments.
• Paycheck advance: Check with your HR department to see if a paycheck advance is available. This can be a relatively affordable way to borrow money short-term as employers aren't allowed to profit from loans to employees.
• Personal line of credit: A personal line of credit is similar to a credit card — you can borrow against it as needed and must make minimum payments each month. You often need to have a checking account at a bank or credit union in order to open a personal line of credit there.
• Financial assistance: Visit 211.org to find resources in your area if your needs are ongoing and you struggle to cover necessities like food, utilities, and rent.

Learn More: How to Start an Emergency Fund

Read More:

• How to Get a Personal Loan if You’re Unemployed
• How to Get a Low-Interest Personal Loan
• Best Unsecured Loans
• Best Personal Loans With a Cosigner
• Best Personal Loans for Fair Credit
• Best Personal Loans for Good Credit