Emergency Loans for Bad Credit

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Urgent Loans for Bad Credit

Emergencies happen, regardless of your credit score. If you need an emergency loan for bad credit, there may be lenders that can help. As a bad credit borrower you may be subject to higher interest rates and fees. Check offers to see what emergency loans you qualify for.

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How To Apply For Emergency Loans for Bad Credit

1 Pre-qualify

Fill out an easy online form to check for pre-qualified offers with no impact to your credit score

2 Select offer

Compare terms and payment options to select the offer that’s best for you

3 Finish application

Complete your application on your selected lender’s website

4 Receive funding

After your loan is approved, your funds should arrive within 1-2 business days2

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FREQUENTLY ASKED QUESTIONS

Learn More About Emergency Loans for Bad Credit

Unexpected expenses sometimes come up, and people can’t always manage them. You can plan for recurring expenses like back-to-school shopping or furnace maintenance, but things can happen out of the blue and leave us stuck. For example, your car might suddenly break down, or your fridge or stove might stop working. These can be big expenses that many people don’t have the cash on hand to cover. So where can you find the best emergency loans for bad credit? Can you get an emergency student loan for bad credit? Keep reading to find out.

Read more - FAQ

What is an emergency loan?

An emergency loan is usually a short-term, high-interest rate loan. The time to repay it can be a couple of weeks to several months for smaller amounts. Some emergencies are much more expensive, like a new roof, so these would have a longer amortization.

Emergency loans can come in a variety of forms. For smaller amounts, some people use a payday loan. A payday loan is an advance on your next paycheck. These rates are incredibly high (up to 400% per year), and they usually need to be repaid with your next paycheck. It’s best to avoid these loans altogether if possible since they are expensive, the lender requires access to your bank account, and these loans can put the borrower into a cycle of debt.

Some lenders offer title loans that take the title to your car as collateral. The rates can be lower since they have collateral. However, these loans can be extremely risky because the lender can take the car if the borrower does not make their payments. Losing their car would be a disaster for many people, so finding a way to borrow without putting your vehicle at risk would be a much better option.

Credit unions can fund payday alternative loans for their members. These loans are small amounts, and the rate is capped at 28%. Credit unions and some banks offer small dollar amount loans. These are excellent places to check if you need a loan of $1000 or less.

Some credit cards have the option of accessing the limit as a cash advance. Rates for cash advances are often higher than rates for purchases. Borrowers pay interest immediately when they take a cash advance off of their credit card. There is no interest-free period as there often is with purchases. Your payments will be added to your credit card statement.

A personal loan can be an excellent way to get emergency funds. You can access higher amounts that you can amortize over a more extended period. Having more time to pay off the loan can make the payments more manageable.

Where can I get emergency cash immediately with bad credit?

Borrowing money fast usually depends on how much you need and your credit rating. It can also depend on the lender. One lender that offers potential same day funding is RocketLoans. Their minimum requirement is a 580 credit score. The loan amounts range from $2,000-$45,000 with rates between 5.97%-29.99%. In addition, they offer 30 or 60-month amortizations. If you need to borrow money ASAP, you should start by checking offers at Acorn Finance. Within 60 seconds or less you can check offers from top national lenders with no impact on your credit score.

How can I get emergency loans with bad credit?

Some lenders fund emergency loans for bad credit, and you can look at alternatives if you need a small amount. For example, if a lender doesn’t approve an unsecured loan, you might be able to secure the loan with an asset. Another option is to add a cosigner to the loan. Finally, if you are a member of a credit union, you can try applying with them. Credit unions are sometimes more flexible with their lending criteria.

Depending on the amount you need, you can try a charity, non-profit or religious organization. If you need the money to pay a service provider like a doctor or home repair service, you can ask if they will allow you to pay the amount you owe in an installment plan. Depending on how bad your credit score is, you may be able to qualify for a personal loan.

What is an emergency hardship loan?

Technically, hardship loans do not have their own category. However, if you are experiencing hardship you may be able to use a personal loan to cover emergency hardship expenses.

Credit unions and some banks offer Coronavirus Hardship Loans to help people who the pandemic has impacted and have emergency expenses they need to pay. They usually have a maximum amount of $5000, and some offer the option to defer your payment for a few months. The rates are generally as low as or lower than traditional personal loans. The application process includes verifying the borrower’s income, and the borrower needs to provide proof of hardship. The amount a borrower can qualify for depends on their credit history and credit score.

How do I get emergency loans for bad credit?

Where you can get emergency money depends on how much you need. You can apply for a loan with a lender, take a cash advance from a credit card, ask your employer for an advance on your pay, or try a peer-to-peer lending site. There are other ways too that we have mentioned, such as payday loans and title loans, but it is best to avoid these due to the risks and costs.

How can I get cash with bad credit ASAP?

If you need cash ASAP with bad credit, you may want to try to apply for a personal loan. If you do not qualify for a loan, cash advance with a credit card, or alternative emergency loan, you may want to ask a friend or family member for a loan.

Which bank easily gives loans for bad credit?

A lot of banks and lenders don’t fund loans for borrowers with bad credit, but there are some lenders that can.
Try looking at OneMain, Upstart, LendingPoint, or Avant. These are some lenders that can work with borrowers who have low credit scores, so you might find an emergency personal loan with bad credit here.

Can you get an emergency loan with a 500 credit score?

You may qualify for an emergency loan with a 500 credit score. However, it may be challenging to find a lender willing to extend a loan. Applying with a cosigner or providing collateral are two ways that you can increase your chance of approval.

How can I get an emergency loan with no job?

If you don’t have a job, there are still ways to get an emergency loan. Most lenders want to see some type of income, and things like unemployment insurance, social security, disability, and alimony can qualify. If you have a good credit rating, you may be eligible based on your credit score and not be required to show proof of income. You can try adding a cosigner to the loan. If you have collateral to secure the loan, you may qualify if you don’t have a job. Homeowners can apply for a home equity line of credit that uses the home’s equity as security. Borrowers who don’t have a job can apply for a Coronavirus Hardship Loan and may qualify if they meet the requirements.

Check offers for emergency loans for bad credit today.

Needing emergency funds can be stressful, and having bad credit or no job can make it more difficult. However, there are ways to get emergency loans for bad credit or if you are unemployed. If you have some time to spare you should try to improve your credit score before applying for a loan.

Best Emergency Loans for Bad Credit of January 2022

Emergencies and unexpected expenses can arise at any moment. Ideally, you should have a rainy day fund for these types of emergency expenses, however, sometimes that is not always possible. Maybe money is tight right now and you cannot afford to put much into savings. Maybe you just spent your rainy day fund and a new emergency popped up before you had a chance to replenish your savings account. Credit cards may be an option in these types of situations as well. Credit cards are a quick and efficient way to pay for sudden expenses, however, credit cards often come with higher interest rates and no set pay-off date. If you charge a significant emergency expense on your credit card and you only make the minimum payments, you could be paying on that expense for years and you may end up spending twice as much or more once you factor in the interest payments. Also, it could be possible that you do not have the credit limit available to cover the entire expense. This is when an emergency loan can step in to become a quick way to get a surge of cash to cover an emergency expense like a medical bill, funeral costs, car repair, home repair, school supplies for your children, or to help cover monthly bills while you are between jobs. So, what types of emergency loans are available to US consumers?
Here are a few emergency loan options you may want to consider when you need a quick cash infusion to cover an emergency expense. There are pros and cons to each type of emergency loan, so you may want to make sure you research each loan method thoroughly to ensure that you are making the best financial decision for your circumstances.

Credit card cash advance: Sometimes you may need a surge of cash to pay for an expense that can only be paid in cash and where credit cards are not accepted. Many credit cards have a cash advance feature where you can take funds from an ATM or bank. The amount you can borrow in the form of a cash advance is predetermined and should be spelled out in the terms and conditions. Also, if you read the terms and conditions, you will most likely discover that cash advances come with a higher interest rate than your variable APR. That being said, one of the main upsides of taking a cash advance from your existing credit card limit is the fact that you do not need to go through a new credit check. Therefore, no hard inquiry on your credit report. Additionally, if you have bad credit and your chances of qualifying for a personal loan are questionable, you can get a cash advance from your existing credit card easily since you are already qualified for your entire credit limit.

Pros:
Immediate funding
No additional credit check
Good for bad credit borrowers

Cons:
Higher interest rates

Payday loan: You may have seen Payday loan centers in strip malls in your area. These places let borrowers take out a small amount of money but then expect the loan to be repaid with interest from your next paycheck. Payday loans should be an absolute last resort as interest rates can sometimes be as high as 400%. However, if you have no credit history or terrible credit, and you have no friends or family that you can turn to for a quick loan, then a Payday loan could be something that you explore. Just be sure that you will 100% be able to pay the loan amount by your next pay period. Late fees, penalties, and/or rolling one payday loan into another can become extremely expensive and ultimately prevent you from paying your regular bills.

Pros:
Typically does not require a credit check
Leave the loan center with cash in hand

Cons:
Interest rates can sometimes be as high as 400%
Short repayment period

Title loan: A title loan is an emergency loan that is secured by a personal vehicle used as collateral. If you are unable to pay the loan back by the end of the loan term, then the lender could repossess your car and sell it to pay off the outstanding debt. Title loan repayment periods are typically 30-days. Title loans, like payday loans, typically come with exceptionally high-interest rates that can be somewhere around 300%. Again, a title loan should be used if you have exhausted all other options. If you rely on your car to get you to and from work, you could be risking a lot by taking on a title loan.

Pros:
Instant cash payment
Credit checks are not always required

Cons:
High-interest rates that can reach up to 300%
Risk of losing your vehicle if you are unable to pay the loan off by the due date

Personal loan: If you have a decent credit score, like a score of 600 or above, then you may want to make a personal loan your first emergency loan option. Even if you have a credit score as low as 560, there may be a lender who is willing to work with you to provide you with a small amount of cash immediately so that you can take care of an emergency expense. A personal loan may be the cheapest emergency loan option available to you, depending on how much you need to borrow and what kind of interest rate you qualify for. Additionally, by using an online lender, you may be able to qualify for a personal emergency loan and receive the funding all on the same day. If not the same day, then most likely the next day. If you have a sudden emergency and you need funds immediately, make sure you look to see which lenders offer the same or next-day funding. Once the funds hit your account, you can pay for what you need and then simply pay back the loan amount plus interest in a predetermined number of monthly installments.

Pros:
Many lenders off same or next day funding
Typically does not require collateral unless your credit score is too low to qualify
More flexibility with repayment terms

Cons:
Still will have to pay a good amount of interest, but when compared to other emergency loan options, it may be the cheapest option depending on your credit score
The possibility of an origination fee
Harder to qualify for than other emergency loan types

Another option to consider applies to anyone who may own their home. If you own your home, you may be able to tap into your home’s equity with a home equity line of credit. However, if your emergency expense needs immediate attention, then you may not have time to go through the entire HELOC process.
Of all of these emergency loan options, the most intelligent option may be obtaining a personal emergency loan. However, not everyone can qualify for a personal loan on their own, so that is why there are some less desirable options listed that may not require credit checks. That being said, if you do have a chance of qualifying for an emergency personal loan, then you may want to know which lenders out there offer quick approval, fast funding, competitive interest rates, and who may work with borrowers with less than perfect credit.
Here is a list of the top online lenders and best emergency loan options for bad credit borrowers in 2022.

Upgrade – 560 min score

Top pick for: Bad credit personal loans
Qualifications Needed: Upgrade can offer same or next-day funding on 3 to 7-year personal loans for amounts as little as $1,000 and as much as $50,000 for borrowers with a minimum credit score of 560. There are no minimum income requirements, they allow joint applications for bad credit borrowers, and the approval process is extremely quick. APRs can range from 6.94% to 35.97%, but having a joint applicant with excellent credit can help to keep APRs on the lower end of that spectrum. Personal loans through Upgrade do come with an origination fee between 2.9% and 8%.
Pros:
Low credit score minimum requirements
Lower loan amounts to cover smaller emergency expenses
Allows joint applications for bad credit borrowers
Loans are available with 3 to 7-year terms

Cons:
Higher interest rates for bad credit borrowers
Charges an origination fee between 2.9% and 8%

Why choose: Upgrade may be the perfect lender for someone who has bad credit. The minimum credit score requirement is set at 560 and there is no income requirement. Additionally, Upgrade allows for borrowers to have a co-borrower listed on a personal loan. By having a co-borrower with a good to excellent credit score, a bad credit borrower can improve their chances of qualifying and possibly secure a lower interest rate. Upgrade also provides same or next-day funding for those who qualify, so if you need money fast, they may be able to help.

LendingPoint – 600 min score

Top pick for: fair credit personal loans with fast funding
Qualifications Needed: LendingPoint offers emergency personal loans that range from $2,000 to $25,000 with terms that span 2 to 4-years for borrowers with a minimum credit score of 600 and a minimum income of $30,000/year. APRs typically range from 15.49% to 35.49% and loans may come with an origination fee of up to 6%. If you are in need of money right away, LendingPoint does offer same or next-day funding for those who qualify.
Pros:
Lower credit score requirements
Fast approval decisions and loan disbursements
A lower minimum income requirement of $30,000 means some part-time workers may qualify

Cons:
Does not allow co-signers or offer secured loans
Higher APRs
Charges an origination fee

Why choose: LendingPoint is a respected lender that may be a good option for fair credit borrowers that are in need of immediate funds for an emergency expense. They offer fast approval times and can fund accounts in as little as one business day.

OneMain Financial – 600 min score

Top pick for: borrowers with higher incomes but credit challenges
Qualifications Needed: OneMain Financial is another online lender that many Americans with subprime credit scores turn to when they are in need of money quickly. The minimum credit score requirement is set at 600 and there is a minimum income requirement of $7,200. OneMain offers same or next-day funding on personal emergency loans between $1,500 to $20,000. This lender offers repayment terms that span 3 to 5-years and typical loans come with APRs that can range from 8.98% to 36%. Keep in mind that OneMain Financial does reserve the right to charge an origination of up to 10% or a flat fee of $500, depending on the state that you live in.
Pros:
Accepts low credit and low-income borrowers
Offers a secured loan option for easier qualification and lower interest rates
Offers access to a mobile app to manage your account, make payments, and check your VantageScore

Cons:
Maximum loan is $20,000
Higher APRs

Why choose: OneMain Financial is a good lender for people with lower credit scores and lower incomes. Even though OneMain says it has a minimum credit score requirement of 600, they have been known to work with borrowers not just based on their credit score, but based on their entire credit and employment history. Also, if you are a bad credit borrower but you have an asset like a car or home that could be used to secure the loan, then your chances to qualify may increase and your potential APR may decrease.

Best Egg – 600 min score

Top pick for: fair credit personal loans
Qualifications Needed: To qualify for a personal emergency loan through Best Egg, you should have a minimum credit score of 600 and be prepared to pay an origination fee on the loan that could range from 0.99% to 6.99%. Loan amounts can range from $2,000 to $50,000 and they typically come with an APR that can range from 5.99% to 29.99%. Loan terms are only available for either 3 or 5-years.
Pros:
Lower loan amounts for quick emergency expenses like car repairs
Almost no restrictions on fund use

Cons:
Higher APRs
Charges an origination fee

Why choose: BestEgg may be a good emergency loan provider for a borrower with fair credit who is looking for a smaller amount to cover a medical or dental bill, emergency car repair, or an emergency home repair like a burst water main.

LightStream – 660 min score

Top pick for: home improvement loans for borrowers with good credit
Qualifications Needed: LightStream is a great lender to get a personal loan through, however, they have higher minimum requirements to qualify and higher minimum loan amounts. For these reasons, you should only be seeking an emergency personal loan through LightStream if you have a minimum credit score of 660, a minimum income of $50,000 per year, and if you are in need of a larger loan amount that falls somewhere between $5,000 and $100,000. If this sounds like you, then LightStream is a great lender with zero fees, lower interest rates that range from 4.99% to 17.49%, and longer loan terms of up to 12-years.
Pros:
Larger loan amounts and longer loan terms than other lenders.
Lower APRs
No origination fees or late or early pay-off penalties

Cons:
Larger loan amounts may be a benefit for some, but it could be a detriment to borrowers who only need a few thousand dollars or less
Higher minimum credit score and income requirements

Why choose: LightStream is a lender that works with people with credit scores that fall at the very top tier of the fair credit score category or that have good or excellent credit. If you have bad credit, then LightStream may not be the lender for you. If they are the lender for you, then you can enjoy zero fees and lower APRs than what other lenders offer.

How do emergency loans work?

Emergency loans typically are smaller short-term loans that are there for people who are experiencing short-term financial emergencies or hardships. Ideally, it may be sound financial advice to avoid the need for emergency loans by maintaining a strong savings account that you can draw from when these unexpected costs should arise. The main reason being is that some lenders may see an opportunity to take advantage of a person’s vulnerability and charge higher interest rates and fees to provide the quick cash that they need to cover their emergency. This is especially true for payday and title loan centers that can charge up to 300% or 400% APR on short-term loans that can come with additional fees or the possibility of losing your vehicle if you cannot pay on time. That is why it may be in your best interest to avoid these types of lenders, however, it is understandable that someone may have them as their only option. For emergency loans, it is better if you rely on credit cards and personal loans. Credit cards can cover an emergency expense immediately or provide you with a cash advance right away to pay for what you need to. A personal loan may have a better interest rate than a credit card, and thanks to online lending, lenders are now able to approve a loan and wire the funds either the same day or the next day.

Will an Emergency Loan Impact My Credit Score?

An emergency loan will impact your credit score by increasing your overall debt, placing a new hard query credit check on your credit report, and increasing your debt utilization ratio. However, if you make all your payments on time and in full, then after some time, you may begin to see your credit score go up as you are building a good payment history. It is important to remember that the opposite is also true. If you miss even one payment, or you are consistently late on your payments, your lender will most likely notify each of the credit reporting agencies of your late or missed payments and then you may see your credit score begin to decrease. Payment history accounts for 35% of a borrower’s credit score.

How Fast Can I Get an Emergency Loan?

If you use an online lender to get an emergency loan, you may be able to get your loan that same day. Or, worst case, the next business day. In order to guarantee the fastest approval and loan disbursement possible, you should have all the required documents present, start the process first thing in the morning, and if the lender reaches out with any additional information requests, you should address those requests accurately and promptly.

What are rates on excellent credit personal loans?

Personal loan interest rates are determined by market influences and the lender. Many lenders offer interest rates in the single digits or low teens for borrowers with excellent credit.

How Should You Choose an Emergency Loan?

When you are shopping for an emergency loan, you may feel like you are under pressure and that you do not have the time to review loan offers from various lenders, however, it may be in your best interest to at least review these critical loan details that can help you decide which loan and which lender is right for you.

Credit score requirements: Do you meet all of the lender’s minimum credit score and income requirements for qualification. If not, do they allow you to have a co-borrower or a co-signer on the loan?
Repayment term: What kinds of repayment terms does the lender offer? Do they allow 6 or 12-month repayment periods for smaller loan amounts or will you be required to take a 3 or 5-year loan?
Interest rates: Always compare the APRs between different loan offers and different lenders to see who is going to provide the funds you need at the lowest cost. Cheapest is not always better, however, it should be a major factor in your decision.
Funding time: Does the lender offer same or next-day funding? Do you have time to wait for 3 to 5 business days? The urgency of your emergency may dictate this one.
Loan features and additional fees: Does the loan offer discounts for autopay? Does it have an early pay-off penalty or a high origination fee? The devil is in the details when it comes to personal loan features and extra fees.

What emergency loans have fast funding? – Best Egg & Upgrade

If you need funding immediately, both BestEgg and Upgrade can offer fast approval time and same or next day funding depending on how quickly you submit all the proper documentation and how promptly you answer any additional questions or requests.

What is the best emergency loan with flexible payments? – LendingPoint

If you are looking for an emergency loan from a lender that offers flexible payment options, then you may want to consider LendingPoint. LendingPoint allows customers to choose their own payment date and even change that payment date once a year.

What is the best co-signed emergency loan? – OneMain Financial

If you have bad credit, then you may want to look at OneMain Financial’s emergency loans that allow both co-signers and co-borrowers to be on the loan. By adding a co-signer or co-borrower to a loan request, you may improve your chances of qualifying and you may get a loan offer with a lower interest rate.

What is the best emergency loan for good credit? – LightStream

By far, one of the best lenders to get a loan from if you have good or excellent credit is LightStream. LightStream offers some of the most competitive interest rates on the lending market and they charge no fees. No origination fee, no late fee, and no early pay-off penalty.

What is the best emergency loan for bad credit? – Upgrade

If you have bad credit, then you may want to check out Upgrade’s emergency loan program. Upgrade extends personal loans to borrowers with credit scores as low as 560. Additionally, they offer loan amounts as low as $1,000 if you are simply looking for a quick and easy cash infusion to cover an emergency expense or to tide you over for a few weeks while you are waiting on a payment.

What is the best emergency loan for small loan amounts? – OneMain Financial

If you are looking for a smaller loan, like around $1,500, OneMain Financial may be your best option due to the fact they have some of the most competitive rates amongst lenders who provide small loan amounts. Also, they only require a minimum income of $7,500, so part-time workers are eligible as well.

What types of emergency loans should be avoided?

If at all possible, you should avoid emergency loans through payday loan centers, title loan centers, and pawn shops. They tend to charge an incredible amount of interest and fees, and in regards to title loans and pawnshops, you may be put at risk of losing your vehicle or a valuable personal item if you are unable to pay the loan.

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