Best Emergency Loans of August 2021

Key facts

Pros

• Accepts borrowers new to credit.

• Able to fund loans within one business day.

• Offers direct payment to creditors with some debt consolidation loans.

Cons

• Borrowers can choose from only two repayment term options.

• Charges origination fee.

Qualifications

• Minimum credit score: 580.

• Minimum credit history: None, this lending platform accepts borrowers with credit history too limited to produce a FICO score.

• Minimum gross income: $12,000.

• Employment: Full-time job, full-time job offer starting in 6 months, a regular part-time job, or another source of regular income.

• Must have U.S. residential street address where borrower resides (unless military personnel on active duty).

• Must be at least 18 years old.

• Valid email account required.

• Personal bank account with U.S. routing number required.

Available Term Lengths

3 to 5 years

Fees

• Origination fee: 0% - 8%.

• Late fee: 5% of past due amount or $15, whichever is greater.

Disclaimer

The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 24.4% and 36 monthly payments of $36 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

Key facts

Pros

• Competitive rates among fair-credit lenders.

• Able to fund loans within one business day.

• Secured loan option for homeowners.

Cons

• Charges origination fee.

• Does not offer direct payment to creditors with debt consolidation loans.

• Borrowers can choose from only two repayment term options.

Qualifications

• Minimum credit score: 600; borrower average is 700.

• Minimum credit history: 3 years and 3 accounts.

• Minimum income: No minimum income requirement; borrower average is $80,000. Borrower must have enough cash flow to cover current financial obligations.

• Minimum debt-to-income ratio: 40% or 65% including a mortgage; borrower average is 40%.

• Employment: Must provide proof of income; part-time employees are eligible.

• Must provide valid U.S. address and Social Security number.

Available Term Lengths

3 to 5 years

Fees

• Origination fee: 0.99% - 5.99%.

• Return fee: $15 if payments are not processed.

Disclaimer

*Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. “Best Egg” is a trademark of Marlette Funding, LLC. "Best Egg Secured Loan" is a pending trademark of Marlette Funding, LLC. All uses of “Best Egg” refer to “the Best Egg personal loan”, “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan” and/or "the Best Egg Secured Loan"as applicable. The term, amount and APR of any loan we offer to you will depend on your credit sc¬ore, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–5.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

Key facts

Pros

• Option to choose your payment date.

• Offers joint and secured loans.

• Able to fund a loan the same or next business day.

• Offers online educational resources.

Cons

• Rates are high compared to other online lenders.

• Charges origination fee.

• Does not offer direct payment to creditors on debt consolidation loans.

Qualifications

• Minimum credit score: None.

• Minimum income: Not disclosed; average is $45,000.

Available Term Lengths

2 to 5 years

Fees

• Origination fee: $25 to $400 or 1 - 10%.

Disclaimer

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $300. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. New York: $20,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Key facts

Pros

• Offers rate discount with direct payment to creditors on debt consolidation loans.

• Option to change your payment date.

• Offers free credit score access.

• High debt-to-income ratio accepted.

• Offers a .5% rate discount for setting up autopay.

Cons

• Charges origination fee.

• No co-sign, joint or secured loan option.

Qualifications

• Minimum credit score: 580.

• Minimum credit history: 2 years.

• Minimum number of accounts on credit history: 2 accounts.

• Maximum debt-to-income ratio: 75%, including mortgage and the loan you’re applying for.

Available Term Lengths

3 to 5 years

Fees

• Origination fee: 4.25% to 8%.

• Late fee: Up to $10.

• Non-sufficient funds fee: $10.

Disclaimer

Personal loans made through Universal Credit feature APRs of 8.93%-35.93%. All personal loans have a 4.25% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 27.65% APR (which includes a 22.99% yearly interest rate and a 6% one-time origination fee), you would receive $9,400 in your account and would have a required monthly payment of $387.05. Over the life of the loan, your payments would total $13,933.62. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early.

Key facts

Pros

• Soft credit check with pre-qualification.

• Option to change your payment date.

• Can fund a loan the business day after approval.

Cons

• No co-signed or joint loan option.

• Rates are high compared to other bad-credit lenders.

• Reports payments to two of the three major credit bureaus.

Qualifications

• Minimum credit score of 600; borrowers’ average is 670. LendingPoint uses the FICO 9 credit scoring model.

• At least $20,000 in annual income; average customer earns $85,000.

• Debt-to-income ratio of less than 40%; average customer is 15%.

Available Term Lengths

2 to 4 years

Fees

• Origination fee: 0% - 6%.

• Late fee: $30 after 15-day grace period.

Disclaimer

Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint's final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 15.49% APR to a high of 34.99% APR, with terms from 24 to 48 months.

Key facts

Pros

• Soft credit check with pre-qualification.

• Offers co-sign, joint and secured loan options.

• Accepts borrowers new to credit.

• Offers small loans starting at $300.

Cons

• Available in a limited number of states.

• Borrowers cannot choose or change their payment date.

• Does not offer direct payment to creditors with debt consolidation loans.

• Reports payments to two of the three major credit bureaus.

Qualifications

• Valid identification.

• Proof of income.

• Proof of address.

• Up to four references.

• Be 18 years or older.

Available Term Lengths

6 to 46 months

Fees

• Origination fee: $0 - $300.

• Late fee: Fixed amount or percent, $15 max.

Disclaimer

Loans subject to credit approval and may include an origination fee. Monthly payment options may not be available; Biweekly and semi-monthly payment options are standard. For example, a $5,000 loan in California would have 66 biweekly payments of $119 over 30 months at a 37.6% APR. Terms may vary by applicant and state and are subject to change. To apply, you must be at least 18 years old, must reside within our service area (AZ, CA, FL, ID, IL, MO, NJ, NM, NV, TX, UT and WI) and must not have applied for a loan with us during the past 90 days. While a prior credit history is not required to qualify, Oportun will request and consider credit checks for all applicants. California loans made pursuant to a California Financing Law License. For loans made in other states and for other information, visit oportun.com, which includes our state licenses. This is an advertisement for a consumer loan. ©2020 Oportun, Inc. All rights reserved.

Key facts

Pros

• Able to fund loans the next business day.

• Option to change your payment date.

• Soft credit check with pre-qualification.

• Offers secured loan option.

Cons

• Charges an origination fee.

• Does not offer direct payment to creditors with debt consolidation loans.

• No co-sign or joint loan option.

Qualifications

• Minimum credit score of 550.

Available Term Lengths

2 to 5 years

Fees

• Administrative fee: Up to 4.75%.

• Late fee: $25 (most states).

• Unsuccessful payment fee: $15 (most states).

Disclaimer

A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. Minimum loan amounts may vary by state. If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. An administration fee of up to 4.75% will be deducted from the loan proceeds. Avant branded credit products are issued by Webbank, member FDIC