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- LOANS
- PERSONAL LOANS
Get funds fast for small, urgent expenses, like home or auto repairs
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Emergency loans are a type of personal loan that offer fast funding when you need a quick infusion of cash to cover an unexpected expense. Common reasons to consider one of the best emergency loans include car breakdowns or home repairs that need to be fixed immediately.
Although borrowing money always comes with a cost of interest, emergency loans, which are a type of personal loan, could be a less expensive option compared to alternatives. The key is to do your research to find a reputable lender with loan rates and terms that fit your needs.
Learn more about how to get an emergency loan, how they work, and how to compare offers to find the best one for you.
KEY TAKEAWAYS
- An emergency loan is a type of personal loan, or installment loan, that provides funds quickly, usually within a day, perhaps within an hour.
- Emergency loan rates and terms range widely, so research and compare lenders.
- Emergency loans can be a better alternative than payday loans or cash advances because of their lower interest rates.
- Other financing methods could be a better fit, so think through your options carefully.
How to Get an Emergency Loan
To get an emergency loan, you will choose a lender and typically go through an online application process.
- Check your credit score: The higher your credit score, the more lending options you will have available to you.
- Get some lender quotes: Many lenders offer pre-qualification with no hard credit check, so start there. Once you have your quotes, compare the costs and other factors important to you.
- Choose a lender and fill out the online application: This will usually consist of your personal contact information, income information, and permission to perform a credit check.
- Gather your documents: Expect to also upload photos of your identification, proof of address, and proof of income (such as W-2 forms or pay stubs).
- Wait for approval: You can sometimes get an approval decision within a few minutes, but depending on the lender, it may take a day or two.
- Receive your funding: Within a day or two of approval, sometimes within an hour, your loan amount should be deposited in your bank account. Your first payment will be due the next month.
Our Picks for the Best Emergency Loans
We've been researching personal loans since 2020, and to find the best emergency loans, we compared 70 lenders and evaluated them on 31 factors, including cost, loan terms, borrower requirements, and additional features. Below, you'll find our top picks for lenders that offer fast funding—loans disbursed on the same day as or day after application—to borrowers with low credit scores. For more details on these lenders, see our full roundup of the best emergency loans for bad credit.