Best Emergency Loans of October 2021
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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Emergencies are one way to use an unsecured personal loan. This option 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 same day you apply.
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 pay the loan, a practice that reduces risk — for you and the lender.
Emergency loan companies:
Upstart: Emergency loans for limited credit history.
Best Egg: Emergency loans with fast funding.
OneMain: Secured and co-signed emergency loans.
Universal credit: Emergency loans with credit-building features.
Avant: Emergency loans for low credit scores.
LendingPoint: Emergency loans with flexible payments.
Oportun: Emergency loans with no credit score required.
Emergencies are one way to use an unsecured personal loan. This option 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 same day you apply.
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 pay the loan, a practice that reduces risk — for you and the lender.
Emergency loan companies:
Upstart: Emergency loans for limited credit history.
Best Egg: Emergency loans with fast funding.
OneMain: Secured and co-signed emergency loans.
Universal credit: Emergency loans with credit-building features.
Avant: Emergency loans for low credit scores.
LendingPoint: Emergency loans with flexible payments.
Oportun: Emergency loans with no credit score required.
Summary of Best Emergency Loans of October 2021
| Lender | NerdWallet Rating | Est. APR | Loan Amount | Min. Credit Score | Learn More |
|---|---|---|---|---|---|
 Upstart See my rates on NerdWallet's secure website | Best for Emergency loans for limited credit history. | 5.38 - 35.99% | $1,000 - $50,000 | None | See my rates on NerdWallet's secure website |
 Best Egg See my rates on NerdWallet's secure website | Best for Emergency loans with fast funding. | 5.99 - 29.99% | $2,000 - $50,000 | 640 | See my rates on NerdWallet's secure website |
 OneMain Financial See my rates on NerdWallet's secure website | Best for Secured and co-signed emergency loans. | 18.00 - 35.99% | $1,500 - $20,000 | None | See my rates on NerdWallet's secure website |
 Universal Credit Check rate on Universal Credit's website | Best for Emergency loans with credit-building features. | 8.93 - 35.43% | $1,000 - $50,000 | 560 | Check rate on Universal Credit's website |
 LendingPoint See my rates on NerdWallet's secure website | Best for Emergency loans with flexible payments. | 9.99 - 35.99% | $2,000 - $36,500 | 580 | See my rates on NerdWallet's secure website |
 Oportun Check rate on Oportun's website | Best for Emergency loans with no credit score required. | 27.74 - 35.95% | $300 - $10,000 | None | Check rate on Oportun's website |
 Avant See my rates on NerdWallet's secure website | Best for Emergency loans for low credit scores. | 9.95 - 35.95% | $2,000 - $35,000 | 550 | See my rates on NerdWallet's secure website |
Our pick for
Emergency loans for limited credit history.
on NerdWallet's secure website
Upstart
Est. APR
Loan Amount
Min. Credit Score
on NerdWallet's secure website
Our pick for
Emergency loans with fast funding.
on NerdWallet's secure website
Best Egg
Est. APR
Loan Amount
Min. Credit Score
on NerdWallet's secure website
Our pick for
Secured and co-signed emergency loans.
on NerdWallet's secure website
OneMain Financial
Est. APR
Loan Amount
Min. Credit Score
on NerdWallet's secure website
Our pick for
Emergency loans with credit-building features.
on Universal Credit's website
Universal Credit
Est. APR
Loan Amount
Min. Credit Score
on Universal Credit's website
Our pick for
Emergency loans with flexible payments.
on NerdWallet's secure website
LendingPoint
Est. APR
Loan Amount
Min. Credit Score
on NerdWallet's secure website
Our pick for
Emergency loans with no credit score required.
on Oportun's website
Oportun
Est. APR
Loan Amount
Min. Credit Score
on Oportun's website
Our pick for
Emergency loans for low credit scores.
on NerdWallet's secure website
Avant
Est. APR
Loan Amount
Min. Credit Score
on 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 some banks.
Check the lender’s requirements to see if you meet them. Lenders typically have minimum credit score and maximum debt-to-income requirements. Some offer co-signed or joint loan options that may be easier to qualify for.
Look for a lender that can fund your loan quickly (the fastest funding is usually the same day your application is approved or the day after) and one that offers the loan amount you’re looking for.
Why we chose these lenders
These lenders offer small personal loans and fund them quickly. Their credit score requirements vary, but borrowers with fair or bad credit scores (below 690 FICO) may qualify.
Upstart
Upstart is an online lending platform that considers alternative data on an application, including where you live and went to school, in addition to credit and income information. The company says it funds 99% of loans within one business day after approval.
Best Egg
Best Egg says its application takes minutes to complete, and loans are funded one business day after approval, in some cases. Though the lender approves applicants with fair credit, the average credit score is 700, which falls in the good range on the FICO scale.
OneMain
OneMain offers personal loans to borrowers with low credit scores, but they come with high APRs and an origination fee. The lender can fund loans quickly by check, but you have to visit a branch to complete the process.
Universal Credit
Universal Credit’s low minimum credit score makes it a good choice for fair or bad-credit borrowers. The lender’s average funding time of five days is longer than others, but if you can wait, you’ll get access to credit-building tools like credit monitoring and a credit score simulator.
Avant
Avant has a low minimum credit score requirement and says it can fund a loan one business day after approval. Its annual percentage rate includes an administrative fee up to 4.75%. The company reports payments to the three major credit bureaus — Experian, Equifax and TransUnion — which can help you build credit.
LendingPoint
LendingPoint lends to borrowers with low credit scores and little existing debt. The company says it can fund a loan the business day after approval, but in some cases it could take longer.
Oportun
Oportun offers small installment loans to borrowers with little or no credit history at rates that are high compared to other bad-credit lenders. It operates in only a few states and sometimes funds loans within hours, whether you apply online or in person.
» COMPARE: See your bad-credit loan options
How to choose an emergency loan
Compare total cost: Speed may be your priority, but the loan’s total cost will have a lasting effect on your finances, so look for the least expensive loan — the one with the lowest annual percentage rate, which includes both the interest rate and fees.
Most online lenders offer pre-qualification, which involves a soft credit check and lets you preview your rate and term without impacting your credit score.
Check monthly payments: 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 much you can borrow and what rate and term you’ll need to make it affordable.
Funding speed: If you urgently need funds, consider a lender that offers fast funding. While some lenders offer same-day funding, typical funding times are two to seven days.
Online lenders often disclose the timeline in an FAQ or blog section of their websites, so you’ll know what to expect before applying.
Gather the required documents — including W-2s, pay stubs and bank account statements — before you apply for a loan, and promptly answer the lender's questions to speed up the application process.
How 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 a factor lenders weigh 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 loan 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.
Turn to a credit union
Credit union members may have access to a small loan option. 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 rates 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. U.S. Bank’s Simple Loan can be $100 to $1,000, and the loan has a fee of $12 to $15. Both are repaid in three monthly installments.
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 options 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 equate to APRs of 400%, don’t check your credit score and may not confirm your ability to repay the loan.
But they do request access to your bank account or a blank check to withdraw the money you owe on your next payday. Borrowers who aren’t prepared to repay the loan by then 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 offers to lend you a percentage of that amount. If you accept, the lender holds onto 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 200% to 300%. These loans are risky because the lender holds your car’s title. If you can’t pay, it’ll take your car.
Pawn loans
Pawn loans can have lower APRs than payday and car title loans, but the risk is similar to car title loans: rates above 100% and the ability to lose something you value.
With a pawn loan, you hand over a valuable item to a pawnshop, they assess its value and give you a loan based on that assessment. You have to repay it, with interest, or they’ll keep your item.
If you do manage to repay the loan but it takes too big a bite out of your bank account, you could end up returning to the pawnshop.
No-credit-check installment loans
Be wary of online lenders that position themselves as low-cost alternatives to payday loans, but don’t check your credit. 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 initially thought.
Lenders like Rise and OppLoans offer emergency loans with longer terms, but their rates are still high. Consider these lenders only after you've ruled out lower-cost alternatives.
Capital Good Fund is another no-credit-check lender that offers lower rates but is available in only a handful of states.
Tips to build an emergency fund
Once your emergency passes, build an emergency fund to avoid taking high-cost loans in the future.
Here are a few tips to get started with an emergency fund:
Set a savings goal. Most financial experts recommend saving between three and six months’ worth of living expenses. Starting with a goal to save at least $500 can usually cover small emergency expenses like minor car repairs.
Automate savings. Automatically transfer a small amount — maybe $10 or $20 dollars to start — into a separate savings account. That way, it’s out of sight, out of mind, but there when you need it.
There’s an app for that. Some apps will round up your spending account transactions to the nearest dollar and deposit the change in a savings account. It’s like a spare change jar on your phone.
Put away windfalls. The last thing you want to do with birthday money is save it, but one way to start your emergency savings is to put away money that isn’t already spoken for, like small work bonuses, gifts and tax refunds.
Last updated on October 1, 2021
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 30 lenders. 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 our editorial guidelines.
To recap our selections...
NerdWallet's Best Emergency Loans of October 2021
- Upstart: Best for Emergency loans for limited credit history.
- Best Egg: Best for Emergency loans with fast funding.
- OneMain Financial : Best for Secured and co-signed emergency loans.
- Universal Credit: Best for Emergency loans with credit-building features.
- LendingPoint: Best for Emergency loans with flexible payments.
- Oportun: Best for Emergency loans with no credit score required.
- Avant: Best for Emergency loans for low credit scores.
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.
You can get an emergency loan through a bank, online lender or credit union. It's best to compare emergency loans with alternatives first to find the cheapest way to borrow money. Online lenders can fund loans quickly — some can fund a loan the same day or day after you're approved — and many let you check your rate before you apply. Many lenders say it takes a few minutes to apply if you have all the required documents ready.
