The Best Emergency Loans for Bad Credit in 2024

Upgrade is a tried-and-true fintech company established in 2017 and based in San Francisco, California. The company’s personal loan product is available to those with a bad credit score and has an A+ rating with the Better Business Bureau. 

Upgrade has served more than a million customers and processed over $10 billion in loans.

Aside from lending money, the company offers credit cards, checking accounts with rewards, and credit health tools to help users monitor and understand their scores better.

Types of Financing

With Upgrade, you can apply for a loan to finance your business, pay off credit cards, make large purchases, consolidate your debt, repair your home, or use it for other purposes.

The company will lend you a minimum of $1,000 and a maximum of $50,000, depending on the state you live in and your credit score. You’ll pay it back in fixed monthly installments. 

Loan Features

If you choose to go for a personal loan, the estimated APR will be 9.99% to 35.99%, which is on par with the competition.

As for the other fees, get ready to pay anywhere between 1.85% and 9.99% for the origination fee and $10 for being late on a monthly payment. Finally, you will be expected to pay back the loan in the period of two to seven years.

Requirements

For starters, your credit score shouldn’t be lower than 560. You should also have a regular source of income, even if it’s from benefits, and you must be a US citizen or a permanent resident. 

Your maximum debt-to-income ratio shouldn’t be higher than 75%, including mortgage and your new personal loan. Upgrade doesn’t require any minimum annual income, which is a big plus.

Application Process and Speed of Approval

The application process is pretty straightforward and takes only a few minutes. You just need to fill out some personal information, like your full name, address, date of birth, etc.

After that, you will be asked to provide some info about your employment and income to demonstrate your ability to repay the loan.

Those who need emergency cash can have it in their account within one business day.

Additional Features

With Upgrade, you won’t only get a fast loan; there is a range of features to assist you with your finances. The company also utilizes soft credit checks, so you won’t have to worry about damaging your credit score. 

We loved the free credit health tools that give users insight into their scores. You’ll be able to receive regular tips and insights and track your credit progress easily.

Reputation

With an A+ rating with Better Business Bureau and a stellar reputation among users (4.7 on Trustpilot), Upgrade is a solid option for those applying for emergency loans.

Bottom Line 

As long as you have a credit score of at least 560, Upgrade is worth considering as one of your options. With a simple application process and fast approval times, you can get the funds you need within 24 hours.

Reasons to Apply:

• Low credit score requirements 
• No minimum annual income
• Credit Health tools

The Florida-based company covers almost all 50 states with its large network of reputable lenders. Applying is a breeze, and 5kFunds will find suitable options as soon as possible.

Types of Financing

5kFunds connects prospective borrowers with over 100 online lenders, most of which offer personal loans, with a maximum borrowing amount of $35,000. The platform doesn’t restrict loan purposes - you can settle medical bills, fund home improvements, or even pay for a holiday.

Aside from personal loan companies, 5kFunds features financial services offering emergency payday loans. Payday loans are usually small - up to $400 or less - but their too-high interest rate makes them a last resort.

5kFunds loans are usually unsecured, but some lenders may offer secured options.

Loan Features

When applying for a loan, you need to mark the borrowing amount bracket you want to apply for. This way, 5kFunds will know which lenders may accept your request. Potential borrowers can apply for loans ranging between $1,000 and $35,000.

Your interest rate depends on your borrowing amount, financial stability, and repayment terms but usually stays within the 5.99% to 35.99% limits. Some lenders may charge origination fees or prepayment penalties, but 5kFunds won’t charge you any fee to apply through its platform.

Repayment term lengths can be anywhere from 60 days to 72 months, depending on the lender you choose. Payments are either monthly or bi-monthly. And as they do anywhere else, payday loans have short repayment periods and high interest rates.

Requirements

You need to be at least 18 years old and a US resident. There’s no set credit score minimum - it’s the perfect place to get an emergency loan. Of course, each lender reserves the right to apply its own eligibility criteria.

However, 5kFunds does not offer its services in all 50 states, and the company is not very transparent about this information. You’ll need to contact 5kFunds directly to find whether it operates in your state.

Application Process and Speed of Approval

The application process is completely safe, lightning fast, and your request will be sent to several lenders that may fit your needs simultaneously.

Additional Features

There are no extras here: 5kFunds sends money into your account within one business day of offer acceptance and guarantees secure transactions.

Reputation

This loan service is not BBB accredited and has no BBB rating.

Bottom Line

A simple application process and a vast lender network are the main reasons to choose this online service.

Reasons to Apply:

• Competitive rates
• No credit score requirements
• Over 100 lenders

CashUSA.com is an online loan marketplace best-known for its lax borrowing requirements and fast processing.

Types of Financing

CashUSA.com’s broad lending network comprises both state and tribal lenders. They all offer versatile emergency loans, including personal loans, lines of credit, and other financing products. Once you request a loan, CashUSA.com will send you back a list of recommended lenders with their respective offers.

Loan Features

At CashUSA.com, loan amounts range from $500 to $10,000.

High interest rates are a staple feature with emergency cash loans, particularly for borrowers with low credit scores. Most emergency loan lenders approve unsecured loans, which is excellent if you don’t have collateral but also adds to your interest rate.

The APR ranges from 5.99% to 35.99%. Monthly payments are calculated based on your credit score, income, and borrowing amount.

Requirements

CashUSA.com has relatively reasonable borrowing requirements. Applicants need to be US citizens that are at least 18 years old. The minimum monthly income is $1,000 after taxes, and an open account in your name.

Application Process and Speed of Approval

CashUSA.com is not a direct lender but a platform that connects you with multiple lenders. After you submit your application, the company forwards it to potential lenders, allowing you to pre-qualify with more lenders at the same time.

Filling in a loan request through CashUSA.com comes free of charge and without any obligation to accept one of the offers.

Use this advantage to consider each offer carefully and try to find one that’s practically tailor-made for you.

Additional features

CashUSA.com uses advanced technology to protect borrowers’ private information and transactions from scammers. CashUSA.com also helps you make your payments on time via its autopay option.

Reputation

Customer reviews are always something of a mixed bag, and this time is no different - customer complaints are focused on the company’s aggressive marketing, which is benign enough. On the other hand, they also mention the unauthorized use of Social Security numbers.

To boot, CashUSA.com is not BBB accredited and has an F rating on this site. Trustpilot gives this platform 1.9 stars out of five.

Bottom Line

CashUSA.com is a good option if you want to apply for a loan with multiple lenders at the same time, but be prepared for some pushy email promotion and maybe even SSN-security issues.

Reasons to Apply:

• Quick application process
• Soft credit check
• End-to-end encryption

The next platform on our list is LendingPoint. This company uses a proprietary underwriting model that looks beyond your credit score and considers other factors in your financial history.

This allows people to get cash loans even in situations where other lenders may turn them down. LendingPoint offers a quick and easy online application process, reasonable interest rates and terms, and rapid approvals.

Types of Financing

At LendingPoint, you can apply for a range of loan amounts starting from $2,000 up to $36,500. The company enables borrowers to take out an unsecured personal loan to cover urgent expenses, medical and home improvement costs, consolidate debt or pay off credit cards and for other personal financial reasons.

Loan Features

With an estimated APR of 9.99% to 35.99%, LendingPoint is not the most affordable choice, but it’s far from the worst option around. On the brighter side, the lender doesn’t charge any late payment fees.

Bear in mind that most states will have an origination fee, which can sometimes be as high as 6%.

Requirements

The maximum loan amount provided is based on what is considered affordable for customers, which can vary significantly based on the client. LendingPoint considers a variety of factors, including your current DTI (debt-to-income ratio) and PTI (payment-to-income ratio).

To estimate your eligibility, you’ll have to provide additional documents regarding your income, and have a credit score of at least 580.  

Application Process and Speed of Approval

The company has an easy online application process and a quick turnaround time so you can get your loan approved and funded in no time.

To get your emergency loan with LendingPoint, all you have to do is fill in a straightforward online form with your personal information and data regarding your income and wait to be approved. The approval process is swift, and you can expect money on your account within one business day.

Additional Features

Before you decide to open an account with LendingPoint, you’ll have the option of calculating your loan and payment options with a free loan prequalification feature that doesn’t harm your credit score.

However, if you do decide to take a loan, you’ll be required to perform a “hard inquiry” before approval, which will show up on your credit report and possibly damage it. 

Reputation

Few companies in this niche are safer than LendingPoint. With an A+ rating on BBB and a high 4.8-star rating on Trustpilot, this lender is a reliable solution for those with bad credit.

With email and phone line support and a vast knowledge base, any potential issues with the loan will be answered and solved in a timely manner. 

Bottom Line 

LendingPoint is an excellent choice for borrowers who need access to a fast and affordable personal loan.

The company offers a quick and easy online application process, reasonable interest rates and terms, and doesn’t charge unnecessary fees.

Reasons to Apply:

• Smooth application process
• Quick response time
• No extra payments or loan prepayments

Upstart is a California-based company that offers personal loans for various purposes - covering credit card debts, unexpected medical bills, or relocation costs. Upstart relies on artificial intelligence to predict a borrower’s creditworthiness.

Thanks to this assessment model, borrowers with low or nonexistent credit scores have better chances of getting a loan.

Types of Financing

Upstart offers quick financing solutions to borrowers with emergency needs. All Upstart loans are unsecured, with no limitations on how you’re going to spend your money.

Loan Features

Possible borrowing amounts range between $1,000 and $50,000 - a cap much higher than those commonly found with other emergency lenders. However, not all applicants qualify for the highest amounts, as your personal upper limit is based on your creditworthiness.

Also, when applying, check the minimum loan amounts between states. The minimum Upstart loan amount is $6,000 in Ohio; $3,000 in Georgia, $5,100 for New Mexico, and $7,000 in Massachusetts. 

Upstart APR can be quite high - between 3.09% and 35.99% - and depends on your credit score, loan amount, and repayment terms.

Upstart isn’t the best option for borrowers who need flexible repayment options, either: It offers only three- or five-year terms. On the plus side, you can repay your loans earlier without penalties.

Requirements

Reasonable requirements are part of Upstart’s charm. The official minimum credit score you need to have is 580. However, the AI-powered application system will look into other criteria, as well.

Besides checking your FICO, monthly income, and credit history, Upstart also analyzes your employment history, area of residence, and education.

This model is beneficial for students with no credit score or regular borrowers with low FICO scores.

Application Process and Speed of Approval

Upstart allows borrowers to prequalify for loans at multiple online lenders. As you know, prequalification for emergency bad credit loans will not affect your credit score.

Once you start the procedure, Upstart will pull a soft credit check and then a hard one after you accept the loan offer. As soon as you’re approved, the money will be transferred to your account within one business day.

Additional Features

Upstart lets you change your payment date through its website at any time you want. It won’t affect your payments as long as the new date is within the grace period limits.

Reputation

Upstart is a reliable marketplace and is BBB-accredited, with an A- rating. It also has a fantastic 4.9/5 rating on Trustpilot from almost 50,000 customer reviews.

Bottom Line

Thanks to its unconventional risk-assessment model, Upstart is the right solution for anyone with a low credit score. The main downside of taking out a loan through this platform is loan repayment: You can only get a three-year or a five-year term.

Reasons to Apply:

• 15-day grace period
• Fast online application
• Reputable company

Avant is an online lender that was established in 2012 and is headquartered in Chicago, Illinois. Since its founding, the company has issued over $6.5 billion in loan funds to more than 1.5 million people.

Avant offers unsecured personal loans that can be used to cover various emergency expenses and to consolidate existing debt. Loans that Avant provides will be in your account within one business day.

Types of Financing

Avant partners with WebBank to provide users with low to medium credit scores with unsecured loans. Loans can be used to consolidate debt, cover an emergency, fix a car, improve your home, or for various personal expenses.

You can apply for an amount as low as $2,000 if you need a quick fix or request up to $35,000 for higher costs that need to be covered. 

Loan Features

Depending on the loan terms, the estimated APR here is quite steep compared to competitors. Avant’s APR ranging from 9.95% to 35.99% is definitely one of the less favorable options around.

Aside from this, there are additional costs that you might have to pay, and one of the steep ones is the origination fee, which can go up to 4.75%. Should you default with scheduled payments, you will have to pay a $25 late fee. Also, in case you do not pay fees initiated by Avant, you’ll be charged a Dishonored Payment Fee of $15. 

Requirements

To become eligible, users have to have a credit score of 600 or above, be over 18 years old, have a monthly income of at least $1,200 (including alimony, child support, or separate maintenance income), a debt-to-income ratio of 70%, including rent and mortgage payments, and monthly free cash flow of at least $500.

All applicants will be required to submit documentation that confirms their identity, employment, and income and wait until the company verifies the data. Avant performs the identity check via electronic knowledge-based authentication (KBA).

Application Process and Speed of Approval

The whole loan application process is a breeze as you’ll be able to submit all the required documents and fill in the forms online. In most cases, you’ll get a decision on your loan within 24 hours. If you’re approved, the money will be deposited into your bank account as soon as the next business day.

Avant’s loans are great for quick cash but don’t expect to get instant funding in most cases.

Additional Features

Avant has a mobile app where borrowers can make payments and access their payment history while on the go. We loved the automatic payment option that lets users repay the loan in a straightforward way via Automated Clearing House (ACH).

Finally, Avant is famous for its soft credit check feature; with it, you can see if you qualify for the loan without harming your credit score.

Reputation

With an A rating on BBB, Avant is a trusted lender. Even though the firm has settled two lawsuits in recent years, consumers are generally happy with its quick and straightforward application process and helpful customer service staff accessible at any time.

Bottom Line 

The company’s minimum APR is pretty high, but loans get approved quickly, and the company has soft credit checks, so you won’t damage your credit score just by inquiring.

Reasons to Apply:

• Swift approval time
• Soft credit check 
• Simple application process

BadCreditLoans.com is a platform that connects you with a network of credible lenders, letting you compare them and find the one that suits you best. The types of loans offered range from personal and business loans to auto and mortgage loans. 

The company will assist you without demanding any charges or obligations, making it perfect for choosing emergency loans. On the flip side, you’ll probably get spammed with promotional offers and credit-related marketing.

Types of Financing

The company provides applicants with a range of lenders that offer small unsecured loans. Those with poor credit scores can start with the lowest loan amount of $500, whereas applicants in a better financial situation can borrow as much as $10,000. 

Depending on the lender’s repayment scheme, you’ll be expected to pay the loan back within 90 days to 72 months. The loans can be used for whatever emergency you have, including repaying debts and refinancing credit card debts.

Loan Features

Even though each particular lender has its own terms, the platform promises that you’ll be able to find an APR of between 5.99% and 35.99%.

Those in dire need of an emergency loan won’t mind paying origination or late fees; however, the company doesn’t disclose the costs as they are lender-dependent. That’s why we recommend you carefully read through the offers and contracts before signing anything. 

Requirements

To qualify for a loan, you’ll need to meet pretty standard requirements: you must be a US citizen that’s at least 18 years old, have a regular income, and possess a checking account. Once you manage to prove your eligibility, the company will look further into your credit score. 

There are people who’ve managed to get approved with scores of around 500 or even lower but don’t expect to get favorable terms. The company won’t approve emergency loans for unemployed applicants.

Application Process and Speed of Approval

The application is straightforward and requires a couple of minutes of your time. Once you fill in the online form and provide proof of having citizenship, a regular income, and a checking account in your name, BadCreditLoans.com will email you offers from lenders that meet your criteria. 

You’ll be free to turn all the offers down or choose the one that suits you after reading its terms and conditions carefully. BadCreditLoans.com will ensure that you get the funds in your account within one business day from making a definitive choice.

Additional Features

This lending marketplace offers additional financial services such as business loans, student loans, car loans, and title loans. If the company fails to find a suitable loan offer, it will connect you with other credit-related products or services. 

The site protects your personal information with advanced encryption technology, so you can rest easy that your information will only reach those it needs to.

Reputation

Even though the company is rated poorly on Better Business Bureau and Trustpilot, consider that it launched recently and needs some time to build a better reputation.

It’s also worth keeping in mind that as a loan marketplace, bad reviews often come from people disgruntled about the services of individual lenders which the company may have since taken off their partner list.

Bottom Line 

With a vast network of credible lenders and competitive APR rates, combined with quick sign-up and approval procedures, BadCreditLoans.com is a loan marketplace worth checking out.

That said, if you’re unwilling to take a risk with companies that don’t have the best reputation in the community, it’s best to stick to one of the other options on our list.

Reasons to Apply:

• Rapid disbursement of funds
• Competitive APR
• Wide network of lenders

CashAdvance.com is another well-known loan marketplace. This platform has been in business since 1997, offering small personal loans through its extensive network of reputable lenders.

If you’re looking for fast funding, you can get CashAdvance.com products across the US.

Types of Financing

Online lenders partnered with CashAdvance.com provide traditional loans for borrowers who need a small personal loan, but can’t qualify at conventional banks. Not only that, but CashAdvance.com’s network includes lenders that offer lines of credit, too. 

Unlike other marketplaces, CashAdvance.com specializes in getting the smallest of the small emergency loans to those in need: The minimum borrowing amount is $200, while the maximum amount goes up to $1000. There are no limitations on how the money will be used.

Loan Features

If you’re applying for an emergency cash loan at CashAdvance.com, expect higher interest rates. First off, the platform offers only short-term loans, and the repayment period can be as short as a single week. The maximum repayment period is 12 months. 

Your monthly debt payment obligations will comprise both principal and interest, so there’s a good chance they’ll be pretty high.

The APR differs from lender to lender: For instance, a $500 loan with a one-year term will have an APR between 15% and 30% - really high compared to other platforms, so you should choose the loan offer with the lowest rates.

Requirements

First, you’ll need to meet basic loan criteria, i.e., be at least 18 years old, a US resident, and have a valid bank account.

CashAdvance.com will also look into your employment records and ask you to state your monthly income, which shouldn’t be lower than $999.

CashAdvance.com doesn’t display minimum FICO requirements on its website, but it encourages borrowers to apply for a loan even if their credit score is extremely low. State restrictions are the main downside of CashAdvance.com offer.

Application Process and Speed of Approval

The online application on CashAdvance.com is straightforward: You need to fill the website form and create an account. Then, the platform reviews your requirements and forwards your request to lenders that might accept your application. If you accept an offer, CashAdvance.com will deposit the money into your bank account the next business day.

Additional Features

You’ll need to provide your contact and bank account information and Social Security number during the application process. This data will be shared with the lenders in the CashAdvance.com network. The platform uses 256-bit encryption to protect your data and activities from third parties.

Another good thing about CashAdvance.com is the autopay option. To receive payments and fees for a loan that’s due, lenders will automatically withdraw the funds from your account before the due date expires, so you’ll avoid late payment fees.

Reputation

CashAdvance.com has a decent reputation among its clients. The platform is praised for fast funding and polite customer service. The business, however, is not BBB accredited and its rating on this site is A.

Bottom Line

If you don’t have a good credit score, but you need a small short-term loan immediately, CashAdvance.com is a good option. Be wary, though - the APR can be enormous, depending on the lender and terms you choose.

Reasons to Apply:

• Autopay option
• Fast funding
• Excellent customer support

The following company on our list is Fast5kLoans. It’s not a direct lender, but a marketplace that connects various lending companies with prospective borrowers.

Fast5kLoans is an excellent place to go if your credit score is far from perfect, as it can help you find a source of funding whose loan requirements fit your needs.

Types of Financing

Fast5kLoans is home to multiple lenders. The minimum amount you can apply for is just $500, while the highest loan you can ask for is $35,000.

Of course, for higher borrowing limits, you’ll need to meet stricter credit requirements. Lenders will check your credit history and financial stability to give you a larger amount of money.

Fast5kLoans lenders will not impose any rules on how you can use their money. Whether you want to pay medical bills, buy a new car, or go on a vacation, Fast5kLoans will help you.

Loan Features

Fast5kLoans won’t charge anything for its services. However, your lender will set the overall cost of a loan. Fast5kLoans is in a partnership with various lenders, so expect to see different interest rates. APR can range between 5.99% and 35.99%, depending on your credit score, credit history, and other criteria.

The repayment term also depends on the specific lender’s requirements. Generally, you can apply for a loan with a term length as short as 60 days or as long as 72 months.

You can make repayments either once a month or every two weeks. The lenders may also impose late-payment penalties, so don’t forget to check for those before accepting a loan.

Requirements

Like almost all other lenders and lending marketplaces, Fast5kLoans allows loans for US citizens - with proof of residency - who are at least 18 years old. It’s also necessary to have a stable income and proof of employment, as well as a bank account that can receive direct deposits.

Application Process and Speed of Approval

The application procedure requires the borrower to provide basic personal information - name, home address, Social Security number, etc. After you fill the application, Fast5kLoans will send you a list of lenders that meet your borrowing needs.

Although you don’t need to have a good credit score to get funds, the lenders will do a hard credit check. If multiple lenders perform this kind of credit check, it can decrease your credit score by a few points.

Additional Features

Don’t expect any extra features with Fast5kLoans. The company will transfer the money into your account, ensuring a secure transaction. After that, your contract is fulfilled.

Reputation

Fast5kLoans is not accredited by BBB, but that’s not its biggest problem: The company has an F score on this site and a few negative clients’ reviews to boot.

To get in touch with Fast5kLoans, you’ll need to email the company at [email protected]. This means you won’t have any way of knowing how quickly you’ll get a response — if at all.

Bottom Line

In our opinion, you should give a chance to Fast5kLoans, but only after you thoroughly check the contract details. You should also inform if the company provides services in your country, as the Fast5kLoans team says it offers loans in almost all 50 states without specifying which ones.

Reasons to Apply:

• Small loans available
• Easy application
• No fees

Happy Money is a reputable company that has been providing its services to US citizens since 2009 and has a large base of satisfied clients. However, don’t expect to benefit from its services unless you have at least a 640 score.

Types of Financing

Happy Money collaborates with multiple lenders, but the only product you can apply for is a fixed-rate debt consolidation loan for credit cards. It means that no matter how many credit cards you need to pay off, the debt will be rolled into one monthly payment with a more affordable percentage rate.

The loan amount you can apply for can be anywhere between $5,000 to $40,000. Depending on your credit score and payment history, Happy Money will give you a personalized offer.

Loan Features

Happy Money loans are a good option for borrowers who need to cover significant debts on their credit cards. The APR for Happy Money loans ranges between 7.99% and 29.99%. Origination fees can go up to 5%.

The good news is that the company doesn’t charge application or processing fees. In addition, you won’t pay any early prepayment fees or late payment fees.

Repayment term lengths for loans taken out through Happy Money are between two and five years.

Requirements

To apply for a Happy Money loan, you need to have at least a 640 FICO score. Of course, the higher your credit score, the better your potential loan contract. You also need to have no credit delinquencies - payments that you haven’t settled yet.

There are a few other things that the company may check before approving your application, including your debt-to-income ratio, age of credit history, and other things that determine your financial stability.

Application Process and Speed of Approval

Happy Money is an online lending company, meaning that you can finish the whole application procedure without stepping into a physical office. The “Check my rate button” is featured on its website, and clicking on it starts the application. Like other similar companies, Happy Money will ask for your personal information.

Additional Features

Once you become Happy Money’s client, you'll be allowed to enjoy member benefits. For instance, the company offers a free FICO check every month. The Happy Money team of financial experts will also provide financial advice for free and help you solve any financial problem that may occur.

If you pay off your rates on time, Happy Money will also help you improve your credit score.

Reputation

Happy Money is a reputable company with an A+ score on BBB. Happy Money clients are generally satisfied with the company’s fast application procedure, always available professional support, and flexible repayment terms.

Bottom Line 

Before applying for a Payoff by Happy Money loan, check if the company offers service in your state of residency.

Reasons to Apply:

• No prepayment or late payment fees
• Free FICO check every month
• Professional assistance