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Best emergency loan rates in March 2023

Mar 28, 2023
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Emergency loans are personal loans designed to help cover unexpected expenses such as medical bills and last-minute home repairs. Personal loans allow you to take out a lump sum of money and pay it back in monthly installments. But because these loans are intended for immediate needs, they tend to have higher interest rates than other types of loans. 

Bankrate outlines the best personal loans for emergencies based on interest rates, terms and features each lender offers. We also explain how to find and apply for an emergency loan, the types of emergency loans that are available and the pros and cons of taking one out.

 
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4.7

Bankrate Score
APR from

8.49- 35.97%

with AutoPay
Loan Amount

$1k–$50K

Term: 2-7 yr
Min. Credit

Not disclosed

Check rate with Bankrate

4.7

Bankrate Score
APR from

8.99- 35.99%

Loan Amount

$2k–$50K

Term: 3-5 yr
Min. Credit

600

Check rate with Bankrate

4.4

Bankrate Score
APR from

6.99- 35.99%

Loan Amount

$2k–$50K

Term: 2-5 yr
Min. Credit

640

Check rate with Bankrate

4.1

Bankrate Score
APR from

18.00- 35.99%

Loan Amount

$1.5k–$20K

Term: 2-5 yr
Min. Credit

Not disclosed

Check rate with Bankrate

4.5

Bankrate Score
APR from

9.95- 35.95%

Loan Amount

$2k–$35K

Term: 1-5 yr
Min. Credit

Not disclosed

Check rate with Bankrate

4.3

Bankrate Score
APR from

34.00- 155.00%

Loan Amount

$1k–$10K

Term: 0.5-5 yr
Min. Credit

Not disclosed

Check rate with Bankrate

Bankrate's guide to choosing the best emergency loan

Why trust Bankrate?

At Bankrate, our mission is to empower you to make smarter financial decisions. We’ve been comparing and surveying financial institutions for more than 40 years to help you find the right products for your situation. Our award-winning editorial team follows strict guidelines to ensure the content is not influenced by advertisers. Additionally, our content is thoroughly reported and vigorously edited to ensure accuracy.

When shopping for an emergency loan, compare APRs across multiple lenders to make sure you’re getting a competitive rate. Also look for lenders that keep fees to a minimum and offer repayment terms that fit your needs.

Loan details presented here are current as of the publication date. Check the lenders’ websites to confirm information.

Best emergency loan interest rates in March 2023

LENDER CURRENT APR RANGE LOAN AMOUNT MINIMUM CREDIT SCORE BEST FOR
Best Egg 8.99%-35.99% $2,000-$50,000 600 Good credit
Avant 9.95%-35.95% $2,000-$35,000 580* Fair credit
LendingPoint 7.99%-35.99% $2,000-$36,500 600 Bad credit
OneMain Financial 18.00%-35.99% $1,500-$20,000 Not specified Small loan amounts
Upgrade 8.49%-35.97% $1,000-$50,000 560 Fast funding
Upstart 6.70%-35.99% $1,000-$50,000 No requirement Range of loan amounts
*Avant's minimum credit score is 580 FICO and 550 Vantage.

Details: Best personal loans for emergencies

Best emergency loans for good credit

Best Egg

Best Egg

See offers Arrow Right

Check rate with Bankrate

Min. credit score:
600
Fixed APR From:
8.99% –35.99%
Loan amount:
$2,000– $50,000
Term lengths:
3 to 5 years
Min. annual income:
Not disclosed
Overview: If you need money immediately and have good credit, you can try Best Egg; the company has a quick prequalification, application and approval process.
Why Best Egg is best for emergency loans for good credit: With Best Egg, you can check your rate and apply for a loan within minutes, making it ideal for those who need money fast. The company offers personal loans to people with credit scores of 600 and above, so it's able to keep APRs low for higher credit scores.

Best emergency loans for fair credit

Min. credit score:
Not disclosed
Fixed APR From:
9.95% –35.95%
Loan amount:
$2,000– $35,000
Term lengths:
1 to 5 years
Min. annual income:
$14,400
Overview: If you don’t have stellar credit (or much credit at all), an Avant loan can come in handy. 
Why Avant is best for emergency loans for fair credit: Avant's low credit score requirements makes it easier for those with less-than-perfect credit to qualify for its loans. You can get approved within minutes and get the funds as soon as the next business day.

Best emergency loans for bad credit

Min. credit score:
600
Fixed APR From:
7.99% –35.99%
Loan amount:
$2,000– $36,500
Term lengths:
2 to 6 years
Min. annual income:
$30,000
Overview: Not everyone has excellent credit. Sometimes people with little credit history — or those with a few negative marks on their records — need to borrow money. LendingPoint is available to those borrowers in need.
Why LendingPoint is best for emergency loans for bad credit: LendingPoint's minimum credit threshold of 600 means that those with less-than-stellar credit can qualify for one of its emergency loans. The company’s loans also feature flexible repayment terms and loan amounts to fit many circumstances.

Best emergency loans for small loan amounts

Min. credit score:
Not disclosed
Fixed APR From:
18.00% –35.99%
Loan amount:
$1,500– $20,000
Term lengths:
2 to 5 years
Min. annual income:
$7,200
Overview: OneMain's loans are best for people who need to borrow only a small amount. It offers loans of as little as $1,500 and caps loan amounts at $20,000.
Why OneMain Financial is best for emergency loans for small loan amounts: While some lenders have a minimum loan amount requirement of $5,000, OneMain Financial allows you to borrow as little as $1,500. This alone makes its loans good for smaller emergency expenses, such as minor car repairs. 

Best emergency loans for fast funding

Min. credit score:
Not disclosed
Fixed APR From:
8.49% –35.97%
Loan amount:
$1,000– $50,000
Term lengths:
2 to 7 years
Min. annual income:
$30,000
Overview: Upgrade's emergency loans feature low credit score requirements and flexible repayment terms of up to seven years. 
Why Upgrade is best for emergency loans for fast funding: If you don’t need to borrow much money but still need money fast, an Upgrade loan might be best for you. Personal loans start at $1,000, and the money can be sent to your bank within one business day.

Best emergency loans for a range of loan amounts

Min. credit score:
Not disclosed
Fixed APR From:
6.70% –35.99%
Loan amount:
$1,000– $50,000
Term lengths:
3 to 5 years
Min. annual income:
$12,000
Overview: Borrowers with good credit will find low APRs with Upstart, starting at just 6.70 percent.
Why Upstart is best for emergency loans for a range of loan amounts: Upstart offers loans ranging from $1,000 to $50,000, which can serve multiple purposes. Besides that, the lender takes into account more than just your credit score when you apply for a loan, serving consumers from all financial backgrounds. 

What is an emergency loan?

Emergency loans are personal loans that are used for unexpected expenses, such as medical treatment or a car breakdown. Compared to other types of loans, emergency loans may have high interest rates.

There are different types of emergency loans with their own unique features. Oftentimes, they are made for a few thousand dollars and can be disbursed within a few days. Some emergency loan lenders even disburse funds on the same day as approval, making it easier to address urgent needs.

Who are emergency loans good for?

If you need fast cash to cover an emergency expense, an emergency loan may be a good option. If your air conditioner breaks down in the middle of summer you can receive the money you need with an emergency loan to repair it as soon as possible.

Once the repair is made, you'll be able to have the flexibility to pay the loan back in installments. Likewise, emergency loans may be a lifesaver if you've suddenly lost your job and could use some extra cash to pay your bills. 

Types of emergency loans

There are many ways to get funds in an emergency. Types of emergency loans include:

Personal loans

Personal loans are a good option for emergencies because they can be disbursed quickly, sometimes within the same day of approval. They can also be less expensive to use than credit cards — while many credit cards have interest rates upwards of 20 percent or more, the average personal loan interest rate hovers below 11 percent, and good-credit borrowers can score rates as low as 6.5 percent.

  • Best for: This option works best for borrowers who can meet the lender’s approval requirements. In addition, it might be best for those who are in a financial position to score the lowest interest rate.

Home equity loans

Home equity loans and home equity lines of credit (HELOCs) are less common for emergency uses since they're typically slower to disburse funds. However, they will usually offer the lowest rates since they're secured by your home.

  • Best for: Home equity loans and HELOCs are best for borrowers who have enough equity in their homes to meet the lender’s qualifications — typically at least 15 percent to 20 percent. If you can afford to repay the loan and avoid having your home foreclosed on, this might be a good emergency option.

Credit card cash advances

Your credit card company may extend you a short-term loan in the form of a cash advance. This type of loan is one of the fastest ways to access money, but the interest rates and fees can be sky-high.

  • Best for: A cash advance can be a good option for borrowers who can’t wait until the next day to receive funds from a personal loan. It could also be useful if you can repay the debt within a few months, but be mindful of potentially high interest rates.

Payday loans

Payday loans are short-term loans that don't require a credit check and will typically need to be repaid by your next payday. Payday loans are extremely risky and not recommended; they charge triple-digit interest rates and high fees, and failing to make payments could send you deeper into debt.

  • Best for: This type of loan is best used as a last resort for borrowers who can’t qualify for a loan with a lender who has a lower maximum interest rate.

How do emergency loans work?

Many lenders don't advertise specific "emergency loans" because an emergency loan is just a personal loan. If you need to take out a personal loan for emergencies, your best bet is to find a lender that advertises fast approval and fast funding for a loan amount that suits your needs.
 
Once you've gotten quotes from a few lenders, you'll send in your application to the one with the best interest rate and terms. You'll likely need to provide identity and income verification during this stage of the application process. Once you're approved, funds can be sent directly to your bank account.
 
If you need an emergency loan, be cautious of lenders that might be out to scam you or at least take advantage of your difficult time. Pay attention to:
 
  • No credit checks: A loan that does not require a credit check may be attractive for someone with poor credit, but these lenders often mitigate their risk by charging exorbitant APRs.
  • Repayment terms: If possible, avoid payday loans. These types of loans require you to make payments in full by your next paycheck, often with triple-digit APRs. Longer repayment terms not only give you more time to pay back your emergency loan, but will also decrease your monthly payment.
  • State registration: Not all lenders are registered in every state since states set their own loan requirements. Before you apply, make sure your potential lenders are registered in your state.
  • Up-front fees: A company that promises loan approval regardless of your credit and requires up-front fees might be running an advance-fee loan scam. This is when scammers collect money that’s supposedly for processing applications but never issue any loans.

What can emergency loans be used for?

Generally, personal loans do not have restrictions on what you use it for. Lenders typically have a few rules about things you can't use the money for, such as gambling or for illegal activities. Otherwise, you can generally use your loan money for whatever you want.

Because emergency loans don't have rules about what you need to use them for, you could get a loan for situations like the following:

  • Broken home appliances
  • Hospital bills
  • Household expenses
  • Medical bills
  • Vehicle repairs

While you can use an emergency loan for nearly anything, make sure that you only borrow as much as you need and what you can repay.

Pros and cons of emergency loans

Pros:

  • You can use the funds on just about any emergency expense.
  • You may get the money very quickly, sometimes the same day you apply. 
  • You can split a big-ticket expense in manageable, monthly payments. 

Cons:

  • You’ll have to pay a high interest rate, which can increase the overall cost of your loan and steer you into a cycle of debt.
  • You may have to settle for a smaller loan amount than you want.
  • Your credit score will suffer if you don't make your payments.

How to choose an emergency loan

When you need money in a pinch, it's easy to jump to the lender with the lowest advertised APR. However, it's usually best to compare personal loan offers from a few lenders before committing to one. When comparing lenders, look for features like:

  • Minimum credit score: One way to decide if a lender is right for you is to check its eligibility requirements. If you can't meet the credit score minimum on your own, see if the lender allows co-signers; adding someone with good credit to your loan may increase your chances of being approved.
  • Time to receive funds: If you need your money right away, see how fast your potential lender will fund your loan. If it’s not within a day or two, or if funding requires a visit to a local branch, you may want to explore other options.
  • Fees: Aside from your principal balance and interest rate, what fees does the lender charge? In addition to late fees and prepayment penalties, look out for origination fees, which are often deducted from your total loan amount.
  • Prequalification: If you don’t have great credit, look for a lender with a prequalification option. This lets you see if you’re eligible for the loan through a soft credit check, which won't ding your credit score as a hard credit check would.

What is the easiest loan to get?

The easiest loan to get is not always the best loan. For instance, payday lenders will approve loans quickly and without checking credit, but their risk is often not worth the benefit.

Instead of searching out these types of lenders, look for emergency loans from reputable banks, credit unions and online lenders. Many of these lenders list their credit requirements on their websites, and most offer prequalification — meaning you can easily apply and see if you'll be approved within minutes and without damaging your credit score.

How to get an emergency loan with bad credit

If you’re having trouble qualifying for an emergency loan due to a lack of credit history or less than stellar credit, you may have better luck with these options.
 
  • Credit union payday-alternative loan. Some federal credit unions offer small loans that give members an alternative to a traditional payday loan. The loan is capped at $2,000, the loan term ranges from one to 12 months and the maximum interest rate is 28 percent. To qualify, you must be a member of the credit union or eligible to apply for membership.
  • Secured personal loan. A secured personal loan is a loan that has collateral attached to it, such as a car title or cash account — the asset secures the loan. Since this type of loan is less risky for the lender, you may find that it’s easier to qualify for. Just keep in mind that if you fail to repay the loan, the lender has a right to take your collateral.
  • Apply with a co-signer or co-borrower. A co-signer is someone who agrees to repay your debt in case you default on the loan or miss a payment. Having a co-signer or co-borrower can help you qualify if they have better credit or more income. When you apply with a co-borrower, you and the other person agree to repay the loan together.

Where to get an emergency loan

You can get an emergency loan from any lender that provides personal loans. This includes banks, credit unions, online lenders and even payday lenders. However, some of these are better options than others.

Banks and credit unions can offer several advantages in rates and loan terms, but their loan processes tend to take longer than other options. If you need money right away, you may not have the time to wait. 

If you need money quickly, an online lender may be your best option. Some lenders offer immediate, same-day or next-day approval. Even if the funding isn't available on the same day, several offer funding within a day or two.

The variety of the options also means you can shop around to find the best rates and loan terms for you, and you can likely find an option no matter what your credit score is.

Emergency loan alternatives

Not everyone has a solid credit history to take out an emergency loan. If your credit score is holding you back or you otherwise don’t qualify for the lenders listed above, there are emergency loan alternatives.
 
  • Local credit unions and banks: Our best emergency loans above consist mostly of online lenders. If you belong to a local credit union or a bank, reach out to see if you qualify for a personal loan. Both options are friendlier toward current account holders, and you may have an easier time accessing a loan.
  • Local nonprofits and charities: Some states and local municipalities have grants or interest-free loans you can take advantage of when you’re in a pinch. Try calling 211 and explaining your financial hardship to get matched up with resources in your area. You might also qualify for state or federal relief.
  • Payment plans: Instead of paying a sum of money in full, ask if you can set up a payment plan. Whether it’s for an old medical bill or a credit card, lenders will usually work with you on alternative repayment. Try to do this as soon as you can; the longer you wait, the less likely it is that they’ll be willing to help you.
  • Paycheck advances: If you’ve been at your job for a while, consider borrowing money from your future self and asking your employer for a paycheck advance.
  • Loan or hardship distribution from your 401(k) plan: If you have a 401(k) through your job, you may want to ask about a 401(k) loan or about taking money out of your 401(k) for hardship assistance.
  • Help from family and friends: If you don’t qualify for an emergency loan or you don’t feel comfortable taking out a loan, ask friends and family for a little extra cash. If you don’t need to borrow a lot of money, they might be more willing to help you out. Some may let you pay them back whenever you can, and they may not charge you interest. No matter your situation, get your agreement in writing so you know what’s expected from both parties.
  • Early withdrawal from a bank CD: Taking money from a CD before it matures will cost you a penalty equal to the interest earned over a certain number of months, but with current interest rates so low, the amount could be negligible.

Building an emergency fund

While it might be too late to stash money away in case of an emergency right now, you can take some steps to build up your emergency fund in the future.
 
    1. See where your extra cash is: Review your budget and see where to make cuts. Look at how much you spend on groceries or other line items that have flexibility, like dining out or monthly subscriptions. Anywhere you can find extra cash, put it into an emergency fund.
    2. Open a high-yield savings account: Use any account that has access to funds when you need them. A high-yield savings account doesn’t have as much return as investing in the stock market, but you also don't risk losing money.
    3. Open CDs with staggered maturity dates: Bank CDs usually pay slightly more interest than high-yield savings accounts, and you can set them up so that every few months, you have one that reaches maturity. If you need to, you can also pay the early withdrawal penalty to access the money.
    4. Set up autopay: If you put money into your fund whenever you can, you’re already doing great. But take it a step further and automate your savings. Paying yourself first means you don’t think of yourself last.
    5. Make mini goals: A good financial goal is to have at least six months’ worth of expenses or six months’ worth of your salary saved up. But that can seem daunting if you’re just starting out. Instead of looking at the bigger number, take the time to establish goal checkpoints. For instance, save up $1,000 as quickly as you can. Then save up one month’s worth of expenses. Then two, and so on.
    6. Replenish as necessary: If you need to dip into your emergency fund to cover unexpected costs, go for it! That’s what it’s there for. But remember to build your funds up again when you’re financially able to.

FAQs about emergency loans

Methodology

To select the top emergency personal loan lenders, Bankrate reviewed and scored 32 personal loan lenders across three main categories: availability, affordability and overall customer experience.

Our selection of lenders feature relatively low fees, flexible loan amounts, fast funding and flexible repayment terms. Additionally, they offer perks, like prequalification tools, autopay discounts, mobile account management and a range of customer service hours, that enhance the overall borrowing experience.