OneMain prioritizes a borrower’s ability to repay on a loan application. Rates are high, but this lender provides fast funding to borrowers with low credit scores. Read our review of OneMain Financial
Best for emergency loans with credit-building tools
A Universal Credit personal loan may be a smart choice for borrowers with lower credit scores who want to consolidate debt. Read our review of Universal Credit
Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid financing choice for large purchases. Read our review of Upstart
Avant personal loans are a solid option for fair- and bad-credit borrowers who need fast funding, but their rates and origination fees can be high. Read our review of Avant
A LendingClub personal loan is a standout option for qualified borrowers who want to pay off debt with flexible terms. Read our review of LendingClub
How we chose the best personal loans
Our team of consumer lending experts follows an objective and robust methodology to rate lenders and pick the best.
30+
Lenders reviewed
We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.
25+
Categories assessed
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
60+
Data points analyzed
Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
Star rating categories
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
NerdWallet’s review process evaluates and rates personal loan products from more than 30 financial technology companies and financial institutions. We collect over 60 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. 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. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. 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.
We considered factors such as minimum credit score requirements, annual percentage rates, loan amount ranges and funding time when choosing the best emergency loans among dozens of personal loan lenders. All the lenders on this list can fund a loan the day after approval or sooner, which is important when you’re dealing with an emergency.
SoFi: Best for same-day emergency loans
Why it made our list: If you’re approved for a SoFi personal loan, you can typically receive the funds the same day you apply as long as required documents are signed before 6 pm ET. Fast funding is a crucial factor for an emergency loan.
OneMain Financial: Best for secured emergency loans
Why it made our list: OneMain Financial lets you secure a personal loan with collateral, which can help you qualify or get a lower interest rate.
Universal Credit: Best for emergency loans with credit building tools
Why it made our list: Universal Credit offers free credit score access, credit monitoring and a credit score simulation through its parent company, Upgrade.
Upstart: Best for emergency loans for thin credit
Why it made our list: Upstart considers loan applicants from across the credit spectrum, including those with a thin credit file. The lender uses an underwriting model that factors in data points like the applicant’s education background or employment history rather than solely relying on credit scores.
LendingPoint: Best for emergency loans with flexible payments
Why it made our list: Once you get a personal loan with LendingPoint, you can change your payment date once per year. The ability to change your payment date can be helpful, for example, to accommodate a new payday schedule if you switch jobs.
Avant: Best emergency loans for bad credit
Why it made our list: Avant has a minimum credit score requirement of 550, which makes it a fitting lender for those with bad credit (scores from 300 to the high 500s).
LendingClub: Best for joint emergency loans
Why it made our list: LendingClub offers joint personal loans, so you and a co-borrower can get an emergency loan together. This can be useful if you need money for a shared expense (for example, car repairs for a vehicle you co-own with your significant other) or if you’re adding a co-borrower with better credit or a higher income to your loan application to boost your chances of approval or a lower interest rate.
Best uses for emergency loans
Though lenders may ask why you’re borrowing, there are few restrictions on how you can spend the funds from an unsecured loan. Examples of emergencies you can pay for with a personal loan include:
Medical or dental bills.
Home repairs.
Car repairs.
Bills after a loss of income.
Unexpected travel expenses.
How to get an emergency loan
Check your credit. Most lenders prioritize an applicant’s credit score 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 for free on NerdWallet or at AnnualCreditReport.com.
Determine what you can afford. Review your monthly budget to determine how much you can afford to pay toward a loan. Use our personal loan calculator to estimate the loan amount, interest rate and repayment term needed to match your desired monthly payment. This will help you compare loan offers and choose one that fits within your budget.
Pre-qualify and compare offers. Most lenders let you pre-qualify online to preview the loan’s rate, amount and repayment term. It typically just takes a few minutes, and your credit score isn’t affected. Even if you’re in a hurry, it’s worth the extra time to pre-qualify with multiple lenders to compare rates and terms. The loan with the lowest APR is the least expensive overall.
Gather documents and apply. Once you’re ready to move forward with a loan offer, find the documents you need to formally apply for the personal loan. This can include W-2s, pay stubs, a government-issued ID and proof of address. You could get an instant approval decision, but it might take a day or two.
Tips to get an emergency loan with bad credit
A bad credit score (below 630) doesn’t automatically disqualify you from getting a loan, but many lenders weigh your credit score heavily on an application.
Here are a few tips to get an emergency loan with bad credit:
Add a co-signer or co-borrower: A co-signer or co-borrower can help your chances of qualifying or getting a good rate. A co-borrower on a joint loan has equal access to the funds, while a co-signer does not. If you can’t make loan payments, the co-applicant is responsible for them.
Add collateral: Some lenders offer secured personal loans and consider the item used as collateral (usually a bank account or vehicle) when assessing an application. Adding collateral can improve your chances of qualifying, but the lender can take the collateral if you miss too many payments.
Add up income streams: Your monthly income is another important factor on an application. Most lenders want to see that you have enough to cover regular expenses, make the new loan payment and have a little leftover. Many lenders consider things like Social Security, alimony or child support as part of your income.
High-interest loans, such as pawn, car title and payday loans, should be considered as a last resort after you’ve exhausted all other options. These emergency loans can be fast and easy to get because lenders aren’t typically checking your credit, but they are expensive and could lead to long-term financial damage.
No-credit-check installment loans
No-credit-check installment loans are available online and at storefronts. These lenders don’t review your credit score or history to determine whether you’re able to repay the loan and what a fair rate would be, which is why many no-credit-check lenders charge rates above 100%.
Repayment terms on these loans may be longer than you need or a lender may encourage you to refinance the loan multiple times, resulting in exorbitant interest costs over the lifetime of the loan.
Pawn loans
Pawn loans require you to hand over a valuable item to a pawnshop as collateral for a small loan. You have to repay the loan, with interest, or the pawnshop will keep your item. APRs can reach above 100%.
If repayment takes too big a bite out of your bank account, you could end up borrowing from the pawnshop again.
Car title loans
With car title loans, a lender assesses the value of your vehicle and lends you a percentage of that amount. If you accept, the lender holds the car title and you receive your loan. The lender doesn’t usually review your credit history and can charge APRs of 300%.
If you can’t repay the loan, the lender will take your car.
Payday loans
Payday loans are high-cost, short-term loans that are risky — even in an emergency. Payday lenders’ fees can equate to APRs of 400%, they don’t check your credit score and 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.
Emergency loan alternatives
Cheaper alternatives to borrowing aren't 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.
Local financial assistance programs
Best for: Help meeting basic needs.
Community organizations such as charities, food banks and free loan associations can help you with home weatherization, free food, transportation to job interviews and other basic necessities. Contact 211 to get connected to nonprofits and financial assistance programs in your area.
Friend or family loan
Best for: A no-credit-check loan with low- or no-interest for any purpose.
Though it may be uncomfortable to ask, borrowing from someone you trust may be the most affordable and safest option. A loan from a friend or family member will probably not require a credit check. You can draw up a loan agreement that includes when and how the money will be repaid as well as any interest the lender chooses to charge.
When you get a high medical bill, start with your free options: Set up a payment plan with your provider and negotiate the costs on your own. If you still need help, you can research low-cost medical credit cards or find a reputable medical bill advocate to negotiate on your behalf.
Best for: Fast cash quickly if you’re able to meet other financial obligations.
If you need money for a one-time emergency like a car repair or vet bill, try asking your employer for an advance on part or all of your paycheck. You can also use a cash advance app with potentially low mandatory fees. These options effectively let you access your own money early, rather than providing additional cash that you repay over time, so be sure you can meet all your other monthly financial obligations with a rearranged pay schedule.
Buy now, pay later
Best for: A large purchase that you want to repay over time.
“Buy now, pay later” apps can help you make a big purchase such as a mattress or laptop and pay for it over time (typically four biweekly payments). This option is offered at most major retailers. Because making multiple BNPL purchases in a short period can lead to overextended finances, it’s best to make one purchase with BNPL at a time and pay it off in full before making another.
Frequently asked questions
What can I use an emergency loan for?
You can use an emergency loan to pay for unexpected expenses 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.
Can I get an emergency loan with low income?
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.
How can I borrow emergency money?
You can get an emergency loan through a bank, online lender or credit union. 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. It's best to compare emergency loans with alternatives to find the cheapest way to borrow money.
