Best Emergency Loans of May 2022
Emergency loans help cover unexpected expenses, like urgent car or home repairs. Compare options from online lenders and learn how to choose a safe loan.
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Emergency loans can help you cover urgent, necessary costs. They can be far less expensive and safer than other types of loans, like payday or auto title loans. They can also be just as fast; many lenders fund loans the day you apply or the following day.
Even if you’re in a hurry, comparing lenders and other options could save you money in the long run. Here are lenders that assess your ability to repay the loan, a practice that reduces risk — for you and the lender.
Emergency loan companies:
Best for borrowers with limited credit history or fair credit: Upstart.
Best for secured emergency loans: OneMain.
Best for credit-building features and low credit scores: Universal Credit.
Best for borrowers with no credit score: Oportun.
Best for emergency loans that help build savings: SeedFi.
Best for fast funding and fair or good credit: Best Egg.
Best for flexible payments: LendingPoint.
Best for low credit scores: Avant.
Why trust NerdWallet? NerdWallet's editorial team has reviewed more than 35 personal loan providers and compared them to find the best personal loans for emergencies. We selected these lenders based on features like minimum required credit scores, APR ranges, loan amounts, funding time and ability to help a borrower build credit.
Emergency loans can help you cover urgent, necessary costs. They can be far less expensive and safer than other types of loans, like payday or auto title loans. They can also be just as fast; many lenders fund loans the day you apply or the following day.
Even if you’re in a hurry, comparing lenders and other options could save you money in the long run. Here are lenders that assess your ability to repay the loan, a practice that reduces risk — for you and the lender.
Emergency loan companies:
Best for borrowers with limited credit history or fair credit: Upstart.
Best for secured emergency loans: OneMain.
Best for credit-building features and low credit scores: Universal Credit.
Best for borrowers with no credit score: Oportun.
Best for emergency loans that help build savings: SeedFi.
Best for fast funding and fair or good credit: Best Egg.
Best for flexible payments: LendingPoint.
Best for low credit scores: Avant.
Why trust NerdWallet? NerdWallet's editorial team has reviewed more than 35 personal loan providers and compared them to find the best personal loans for emergencies. We selected these lenders based on features like minimum required credit scores, APR ranges, loan amounts, funding time and ability to help a borrower build credit.
Best Emergency Loans
Lender | NerdWallet Rating | Est. APR | Loan amount | Min. credit score | Learn More |
---|---|---|---|---|---|
Best Egg See my rates on NerdWallet's secure website | Best for Fast funding and good or fair credit | 5.99- | $2,000- | 600 | See my rates on NerdWallet's secure website |
Avant See my rates on NerdWallet's secure website | Best for Low credit scores | 9.95- | $2,000- | 550 | See my rates on NerdWallet's secure website |
![]() LendingPoint See my rates on NerdWallet's secure website | Best for Flexible payments | 5.99- | $2,000- | 600 | See my rates on NerdWallet's secure website |
Universal Credit See my rates on NerdWallet's secure website | Best for Credit-building features and low credit scores | 8.93- | $1,000- | 560 | See my rates on NerdWallet's secure website |
Upstart See my rates on NerdWallet's secure website | Best for Borrowers with limited credit history or fair credit | 5.40- | $1,000- | None | See my rates on NerdWallet's secure website |
OneMain Financial See my rates on NerdWallet's secure website | Best for Secured emergency loans | 18.00- | $1,500- | None | See my rates on NerdWallet's secure website |
![]() SeedFi Borrow & Grow Personal Loan See my rates on NerdWallet's secure website | Best for Building savings through the loan | 7.42- | $1,200- | 520 | See my rates on NerdWallet's secure website |
Oportun See my rates on NerdWallet's secure website | Best for Borrowers with no credit score | 27.74- | $300- | None | See my rates on NerdWallet's secure website |
Our pick for
Fast funding and good or fair credit
on NerdWallet's secure website
Best Egg
Est. APR
5.99-Loan amount
$2,000-Min. credit score
600on NerdWallet's secure website
Our pick for
Low credit scores
on NerdWallet's secure website
Avant
Est. APR
9.95-Loan amount
$2,000-Min. credit score
550on NerdWallet's secure website
Our pick for
Flexible payments

on NerdWallet's secure website
LendingPoint

Est. APR
5.99-Loan amount
$2,000-Min. credit score
600on NerdWallet's secure website
Our pick for
Credit-building features and low credit scores
on NerdWallet's secure website
Universal Credit
Est. APR
8.93-Loan amount
$1,000-Min. credit score
560on NerdWallet's secure website
Our pick for
Borrowers with limited credit history or fair credit
on NerdWallet's secure website
Upstart
Est. APR
5.40-Loan amount
$1,000-Min. credit score
Noneon NerdWallet's secure website
Our pick for
Secured emergency loans
on NerdWallet's secure website
OneMain Financial
Est. APR
18.00-Loan amount
$1,500-Min. credit score
Noneon NerdWallet's secure website
Our pick for
Building savings through the loan

on NerdWallet's secure website
SeedFi Borrow & Grow Personal Loan

Est. APR
7.42-Loan amount
$1,200-Min. credit score
520on NerdWallet's secure website
Our pick for
Borrowers with no credit score
on NerdWallet's secure website
Oportun
Est. APR
27.74-Loan amount
$300-Min. credit score
Noneon NerdWallet's secure website
What is an emergency loan?
An emergency loan is a personal loan you use to pay a medical bill, get a car repaired or cover another urgent expense. These loans can be secured or unsecured — unsecured loans are more widely available — and can come from an online lender, credit union or bank.
Lenders typically have minimum credit score and maximum debt-to-income ratio requirements. Some offer co-signed or joint loans, which may be easier to qualify for.
» COMPARE: See your bad-credit loan options
Steps to get an emergency loan
Check your credit. Most lenders prioritize applicants’ credit scores in a lending decision, so check your credit report for any past-due accounts or errors, and correct them before submitting an application. You can view your report from all three credit bureaus at AnnualCreditReport.com.
Determine what you can afford. Review your monthly budget to determine how much you can afford to pay toward the loan each month. That way, when you’re reviewing loan offers, you can choose a payment that best fits your budget.
Pre-qualify and compare offers. Even if you’re in a hurry, it’s worth the extra time to find a good rate on a loan you’ll be repaying for a year or more. Most lenders let you pre-qualify online to preview the loan’s rate, amount and repayment term. Pre-qualifying takes a few minutes, and no matter how many times you do it, your credit score is never affected.
Gather documents and apply. Once you have a loan offer with affordable monthly payments, find the documents you need to apply for a personal loan. This usually includes W-2s, pay stubs, a government-issued ID and proof of address. You could get an instant approval decision, but it’s more common for it to take a day or two.
How to choose an emergency loan
Affordability: The loan with the lowest annual percentage rate is the least expensive. You can also use APRs to compare loans with other financing options such as credit cards.
Weigh how the loan’s monthly payments will impact your budget to determine if you can comfortably pay it on time. Use a personal loan calculator to see how the rate and repayment term affect the monthly payment.
Fees: The most common fee to look for on a personal loan is an origination fee. This can be 1% to 10% of the loan amount, and it’s usually subtracted from the loan before you get the funds.
Funding speed: If you urgently need funds, consider a lender that offers fast funding. Some lenders can fund a loan the next day, while others could take up to a week after approval.
Online lenders often disclose the timeline in an FAQ or blog section of their websites, so you’ll know what to expect before applying.
Other loan types: All the lenders on this page offer unsecured emergency loans, but some also let you add a co-applicant or secure the loan to lower your rate or improve your chances of qualifying.
Compare emergency lenders
Lender | Time to approve | Time to fund | Origination fee | Other loan types |
---|---|---|---|---|
1 day. | 1 day. | 0%-8%. | None. | |
1 day. | 1-2 days. | 1%-10%. | Joint, secured. | |
1-3 days. | 1 day. | 2.9%-8%. | None. | |
Immediate. | 1-3 days. | $0-$300. | Co-signed, secured. | |
1-2 days. | 1 day. | None. | None. | |
1-3 days. | 1-2 days. | 0.99%-5.99%. | Secured. | |
Immediate. | 1 day. | 0%-6%. | None. | |
1 day. | 1-2 days. | 0%-4.75%. | None. |
Tips to get an emergency loan with bad credit
A bad credit score (below 630 FICO) doesn’t automatically disqualify you from getting a loan, but your score is weighed the most heavily on a loan application.
Here are a few tips to get an emergency loan with bad credit.
Add a co-signer or co-borrower
Adding a co-signer or co-borrower can help your chances of qualifying or getting a good rate. A co-borrower has equal access to the funds, while a co-signer does not. If you can’t make loan payments, the co-signer or co-borrower is responsible for the loan.
Add collateral
Some lenders offer secured personal loans, which lets borrowers add collateral to the loan and can help bad-credit borrowers qualify. If you fail to make payments, the lender can take the collateral.
Add up income streams
Your monthly income is another important factor on your application. Most lenders want to see that you have enough to pay your regular expenses, make the new loan payment and have a little leftover. Some lenders consider things like alimony, Social Security and even a partner’s earnings as part of your income.
Turn to a credit union
Many credit union personal loans have low rates and minimum amounts around $500 or $1,000. Some also offer payday alternative loans, which are small-dollar loans with APRs capped at 28%.
Try your bank
If you’re a customer at Bank of America or U.S. Bank, you may be able to get one of their small-dollar loans. Bank of America’s Balance Assist offers up to $500 for a flat fee of $5. A Simple Loan from U.S. Bank can be up to $1,000, and the loan has a fee of $6 for every $100 borrowed. Both are repaid in three monthly installments.
How do you repay an emergency loan?
Personal loans used for emergencies are a type of installment loan, meaning you receive the money in a lump sum and repay it in monthly installments. These loans have fixed interest rates, so you’ll have the same monthly payment for the life of the loan.
» MORE: Installment loans for bad credit
Choosing an emergency loan repayment term
Emergency loan repayment terms are typically between two and seven years, though it’s common for a lender to only offer three- or five-year terms.
A long repayment term may seem appealing because it gets you the lowest monthly payment, but it also costs more in total interest. Instead, look for a loan that balances affordable monthly payments without being too expensive overall.
Emergency loan alternatives
Cheaper alternatives to borrowing are not always fast or convenient, and sometimes they require asking for help. But NerdWallet strongly recommends exhausting alternatives first, even in an emergency. Here are some possible alternatives to an emergency loan.
Get help from local nonprofits, charities and religious organizations.
Explore ways to pay off medical bills, like a payment plan or income-driven hardship plan.
Ask your employer for an emergency loan or paycheck advance — or consider using a loan app, like Earnin or Dave.
If you're comfortable with it, ask family and friends for a loan through lending circles or a family loan.
Emergency loans to avoid
Payday loans
Payday loans are high-cost, short-term loans. Even in an emergency, they’re a risky option. Payday lenders charge fees that can equate to APRs of 400%, they don’t check your credit score and they may not confirm your ability to repay the loan.
Borrowers who aren’t prepared to repay the loan on their next payday often borrow again, causing them to slip into a cycle of debt.
Car title loans
With a car title loan, a lender assesses the value of your vehicle and lends you a percentage of that amount. If you accept, the lender holds the car’s title and you receive your loan. The lender doesn’t usually review your ability to repay the loan and can charge APRs of 300%.
If you can’t pay, the lender will take your car.
Pawn loans
With a pawn loan, you hand over a valuable item to a pawnshop, it assesses the value and gives you a loan based on that assessment. You have to repay it, with interest, or the pawnshop will keep your item. APRs can reach above 100% on this type of loan.
If you repay the loan but it takes too big a bite out of your bank account, you could end up borrowing from the pawnshop again.
No-credit-check installment loans
Some no-credit-check installment loans share similarities with payday and auto title loans, including sky-high interest rates and additional fees that make the loan less affordable than it seems.
Last updated on May 2, 2022
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
To recap our selections...
NerdWallet's Best Emergency Loans of May 2022
- Best Egg: Best for Fast funding and good or fair credit
- Avant: Best for Low credit scores
- LendingPoint: Best for Flexible payments
- Universal Credit: Best for Credit-building features and low credit scores
- Upstart: Best for Borrowers with limited credit history or fair credit
- OneMain Financial : Best for Secured emergency loans
- SeedFi Borrow & Grow Personal Loan: Best for Building savings through the loan
- Oportun: Best for Borrowers with no credit score
Frequently asked questions
Emergency loans can be used for unexpected expenses or large purchases if you don't have savings or don't want to max out a credit card. In a true emergency, they're a fast and convenient source of funding for borrowers who qualify.
It may be possible for borrowers with low income to qualify for a loan since some lenders care more that you have steady income versus a specific amount. Learn what it takes to get a loan with low income.
You can get an emergency loan through a bank, online lender or credit union. It's best to compare emergency loans with alternatives to find the cheapest way to borrow money. Online lenders can fund loans quickly — sometimes the same or next day after you're approved — and many let you check your rate before you apply. It usually takes a few minutes to apply for a loan if you have all the required documents ready.