Best Emergency Loans in January 2024

Best for fair credit emergency loans

Best for secured emergency loans

Best for emergency loans with repayment assistance

Best for home improvement emergency loans

Best for fast emergency loans

Best for joint emergency loans

Best for bad credit emergency loans

You can’t compare loans if you don’t understand the lender’s language. The terms below can help you decode your offers and, most importantly, find the best deal.

APR: Annual percentage rate, or APR, measures the total cost of your loan considering interest and fees. The higher a loan’s APR, the more expensive it is.

Origination fee: An origination fee is an up-front fee that the lender deducts from your loan proceeds. It’s best to avoid origination fees but depending on your credit, you might not have a choice.

Lenders tend to levy origination fees on bad-credit borrowers because they are at higher risk to default. Origination fees are also more common among online lenders, regardless of credit. On the flip side, an origination fee may be worth it if the lender offers the fastest loan.

Approval timeline: A lender’s approval timeline is the length of time it takes to underwrite your loan application. Many lenders offer instant (or near-instant) approval decisions.

Funding timeline: Even more important that a lender’s approval timeline may be its funding timeline. This is how long it will take for the lender to disburse (or send you) your loan. Target lenders that specialize in quick loans to increase your chances of same- or next-day funding.

Loan term: Your loan term is the length of time you have to repay your loan. For instance, 12 to 60 (or 84) months is standard, although some lenders (like LightStream) have terms longer than that.

Choosing the perfect term is a balancing act. The longer your term, the lower your monthly payment. But because your repayment is spread out over more time, you’ll pay more interest.

Emergencies don’t care about your credit score, but lenders do. Personal loan requirements vary, but you’ll generally need a score of at least 640 to get a loan with an affordable APR.

But personal loans aren’t the only type of emergency loans out there. Emergency loans for bad credit come with higher interest rates or fees, but they still may be worth exploring in a pinch.

Paycheck advance apps

Paycheck advance apps are a popular way to get a same-day cash advance.

First, you download the app and link it to your bank account. Then, you can request an advance. When it’s time to repay, the app will automatically withdraw your repayment from your account. Paycheck advance apps are typically interest free, but subscription fees and same-day advance fees are common.

Advances usually start small (usually around $50), so these might not be best for an expensive and urgent emergency. But if you demonstrate responsible borrowing over time, you might earn the ability to borrow up to $500.

No-credit-check loans

Instead of ordering a full credit report, no-credit-check loans rely on the information gathered with a soft credit pull. They might also consider your debt-to-income ratio, employment status and other basics regarding your financials.

No-credit-check loans can be predatory. They come with much higher APRs, often reaching the triple-digits. If a no-credit-check loan is your only option, choose your lender carefully. Also, avoid prepayment penalties — you’ll want to pay it off as soon as possible to cut down on interest.

Buy now, pay later apps

Buy now, pay later apps (BNPL) allow you to pay for purchases over time (usually in four monthly installments). This option only makes sense if you need to purchase an emergency item rather than a service — a car part, for instance. Generally, BNPL apps only work for purchases with participating retailers.

Many BNPL apps rely on a soft-credit hit, while others don’t consider your credit at all. However, pay close attention to interest and fees.

Depending on the emergency — and your credit profile — an emergency loan might not be your best option. Take a look at these emergency loan alternatives to decide what path makes sense for you.

Care Credit®

Care Credit® could be a great way to tackle unexpected medical, dental and veterinary expenses. Qualifying charges of $200 or more are interest-fee, but only if you pay your balance in full during the promotional financing period. This financing period is typically six or 12 months.

However, Care Credit® has deferred interest. If you don’t pay your balance in full during the promotional period, you’ll be on the hook for interest. Not only that, but this interest will backdate to the day you made the charge.

You can only use Care Credit® with participating providers. You may also need a credit score of at least 640 to qualify.

Charity care

The Affordable Care Act requires nonprofit hospitals to offer discounted or free medical care to those who qualify. This is sometimes called charity care. In some states, all hospitals must offer charity care, regardless of their nonprofit status.

If you are low-income, uninsured or underinsured, ask the hospital about their Financial Assistance Policy (FAP). This will help you determine if you’re eligible for charity care. If you are, a patient advocate could walk you through the steps of applying.

Store credit card

Replacing a refrigerator can be hard to do on a whim. After all, a middle-of-the-road model is likely to set you back more than $1,000. Luckily, many home improvement stores offer a store credit card, usually with an introductory 0% APR promotional period. Home Depot, for instance, offers six months of deferred interest on purchases $299 or higher.

Credit card cash advance

If you already have one, you can probably get cash from your credit card. Because you are already approved for the credit card, you don’t need to apply again for the cash advance.

Cash advances can be expensive. They typically come with a higher APR than a normal charge. Unlike a regular charge, interest begins to accrue as soon as you take the advance. Your credit card issuer may also charge a separate cash advance fee.

We reviewed more than 17 lenders to determine the overall best seven emergency loans. To make our list, lenders must offer emergency loans with fast funding times and competitive annual percentage rates (APRs). From there, we prioritize lenders based on the following factors:

• Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
• Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
• Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.