Emergency Loans

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What are emergency loans?

An emergency loan is a personal loan for urgent or unplanned expenses in which the funds are disbursed quickly. Taking care of unexpected events, such as a car breaking down or an emergency medical expense, can often require fast access to extra cash.

Emergency loan lenders with fast funding

5 Lenders that offer fast emergency loans

LenderAPRLoan amountTime to funding
Alliant Credit UnionStarting APR from 6.24%-10.24%$1,000 to $50,000Same-day funding available
Best Egg5.99%-29.99%$2,000 to $50,000Same-day funding available
LendingPoint9.99%-35.99%$2,000 to $36,500The next business day
LightStream3.99%-19.99%$5,000 to $100,000Same-day funding available
Upstart6.46%-35.99%$1,000 to $50,000The next business day

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Alliant Credit Union

Great credit union for emergency loans
Alliant Credit Union offers unsecured personal loans at competitive interest rates, depending on the loan length:

• 6.24% APR for 12-month loans
• 7.24% APR for 24-month loans*
• 9.24% APR for 48-month loans*
• 10.24% APR for 60-month loans

To borrow a personal loan from Alliant, you’ll have to become a member. Fortunately, membership requirements for this credit union are pretty relaxed. If you don’t work or live in an eligible area, you can still join by becoming a member of the nonprofit Foster Care to Success.

*APR accurate as of 12/17/2020


 

Best Egg

Great overall emergency loan
Best Egg is a good choice for emergency loans because this lender works with borrowers of a variety of credit histories. Plus, Best Egg offers same-day funding, which can be critical if you need money in an emergency situation.

To qualify for the lowest available APR of 5.99%, borrowers must have a FICO Score of at least 700 and a minimum annual income of $100,000.

Best Egg reviews page
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LendingPoint

Great emergency loan for fair credit
While LendingPoint charges the highest minimum APR on this list, it is the only lender that considers borrowers with subprime credit. Still, if you need emergency funding fast, you might try your other options, such as a credit union loan or a secured loan, before borrowing through LendingPoint.

If you don’t have the credit necessary to get a reasonable APR, you could also consider enlisting the help of a cosigner, but you’ll have to look elsewhere: LendingPoint doesn’t allow cosigners.


 

LightStream

Great emergency loan for excellent credit
LightStream offers competitive APRs for borrowers with excellent credit. If you’ve found yourself in an emergency situation and you need money now — but you still have an excellent credit score of 700 or above — then you might consider borrowing from LightStream.

One drawback is that, unlike many of the other lenders on this page, LightStream doesn’t let you estimate your APR and other loan terms with a soft credit check. You’ll have to submit to a hard credit inquiry, and there’s no guarantee you’ll be eligible for a LightStream loan.

LightStream reviews page
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Upstart

Best emergency loans for borrowers without an established credit history
Upstart factors in your education and job history in addition to your credit history when determining eligibility and APR. This makes Upstart a good choice for people who have a less established credit history, but who have a college degree or a stable job.

Upstart charges an origination fee of 0.00% - 8.00% of the loan amount, which is a definite drawback.

Upstart reviews page
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Comparing lenders to find the best emergency loan for you

  • Consider extra costs, such as prepayment penalties and origination fees
  • Compare what your monthly payment would be with each lender
  • Compare the funding amounts you’re able to borrow
  • Calculate how much you’ll owe in interest over the life of the loan
  • Consider whether a secured loan is worth the risk of losing your property
  • Consider whether an unsecured loan might have a higher interest rate
  • Determine how much time you have to pay back the loan
  • Check if having a higher credit score makes you eligible for better terms

How to apply for an emergency loan

  1. Fill out an online form on LendingTree
  2. Compare up to five loan offers from lenders, including interest rates and repayment timelines
  3. Determine a monthly payment amount that works based on your financial obligations
  4. Choose the best loan and repayment plan for you
  5. Accept the personal loan funds