The top emergency loans of October 2024.

If you're in a financial bind due to an unforeseen home repair or medical expense, emergency loans may be able to provide the necessary cash. Unlike payday loans, emergency loans are a type of personal loan and often come with more favorable interest rates and fees.

We have compiled a list of the top emergency loans with quick application and funding, taking into account factors such as interest rates, fees, loan amounts, and term lengths, as well as other features such as how funds are distributed, any discounts, and customer service options. (Our methodology can be found below.)

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Best for low credit scores

Upstart is suitable for individuals with poor credit scores as it only requires a minimum score of 300. Additionally, it takes into account applicants who lack credit history.

Upstart offers more than just credit checks when evaluating loan applications; they also consider your education and work history. You can review your loan terms without a hard inquiry before submitting an application. After approval, you can receive the funds as soon as the next business day.

Best for longest loan terms

LightStream guarantees its users a $100 refund if they are not fully satisfied with their loan application process.

Best for co-borrowers

If you want to increase your loan approval chances, LendingClub is a great option as it allows you to add a co-borrower to your loan. The co-borrower's income and credit history will also be taken into account, and they will be responsible for paying off the debt.

LendingClub provides a 15-day window to pay without incurring any penalty fees.

Best for no credit

If you have little or no credit history, OneMain Financial could be a suitable choice as it does not have any minimum credit score requirements.

If you take out a loan from OneMain Financial, you could receive your funds in as little as one hour. Additionally, OneMain Financial does not charge prepayment penalties if you pay off your loan balance earlier than expected.

Best for fair credit

Avant targets customers with fair credit scores, as most of its clientele falls within the range of 600 to 700.

Avant's 10-day grace period allows you to make payments without penalty, while its user-friendly mobile app enables you to receive notifications, modify key dates, and make payments easily.

Best for discounts

What is this intended for? Upgrading can help you save money through various discounts, including those for enrolling in autopay, using the loan to pay off existing debt, and having other eligible Upgrade products.

Secured loans with potentially better rates are available through Upgrade, which also offers a 15-day grace period for upgrade loans.

Best for large emergency loans

If you need a large emergency loan, SoFi could be a suitable option as it offers high upper limits of $100,000.

SoFi offers Direct Pay, which directly pays off your credit card debt using loan funds. Additionally, it provides a 0.25% discount on your APR for enrolling in autopay and does not charge any late fees, origination fees, or prepayment penalties.

Best for peer-to-peer loans

If you're seeking an alternative lender to a big bank or credit union, Prosper is worth considering.

Prosper is a peer-to-peer lender that offers the option to use a co-applicant to increase your chances of approval or lower your interest rate. Additionally, you can check your rates without impacting your credit score prior to applying.

Best for same-day funding

Depending on eligibility, Rocket Loans allows you to receive your funds on the same day of approval.

Best for secured options

If you are unsure about your loan options, Best Egg provides both unsecured and secured loans that may be suitable for you.

If you refer a friend to Best Egg and they complete the necessary steps, you will receive a $150 gift card for yourself and your friend will receive one as well.

Upstart

Upstart has generated over $39 billion in loans for its customers. It provides three and five-year loans ranging from $1,000 to $50,000. There are no prepayment penalty fees, but the loans may still have high costs, such as origination fees of up to 12%. Funds can be disbursed quickly if the loan is accepted before 5 p.m. EST Monday through Friday.

Loan amounts: $1,000 to $50,000
Loan terms: 36 and 60 months
An applicant may be accepted with a credit score of 300 on at least one credit report, even if they have insufficient credit history.
Quickest funding time: 1 business day

LightStream

LightStream, a branch of Truist Bank, provides loans with competitive rates and adaptable terms for individuals with good credit or higher. The loan provider does not charge any origination, administration, or early payoff fees and offers a 0.50% discount on the interest rate for those who use autopay. If a competitor offers an unsecured loan with a lower rate, LightStream guarantees to beat it by 0.10%.

Loan amounts: $5,000 to $100,000
Loan terms: 24 to 144 months
Credit needed: Good
Quickest funding time: Same day

LendingClub

Since its launch in 2007, LendingClub has helped over 4.8 million members with loans ranging from $1,000 to $40,000. Loan terms vary from 24 to 60 months, with no prepayment penalties. While LendingClub does not accept co-signers, it allows for co-applicants whose credit histories will be considered. In addition to personal loans, LendingClub offers banking products such as the LendingClub Rewards Checking Account, LevelUp Savings Account, and CDs, as well as auto refinancing.

Loan amounts: $1,000 to $40,000
Loan terms: 24 or 60 months
Credit needed: Good
Quickest funding time: Same day

OneMain Financial

OneMain Financial offers credit access to nonprime customers through its over 1,300 physical branches in 44 states. While there are no early payoff penalties, the lender charges origination fees of either a flat fee ranging from $25 to $500 or a percentage of the loan amount, ranging from 1% to 10%, depending on the state. Additionally, borrowers have the option of using collateral to potentially receive better loan terms with OneMain Financial.

Loan amounts: $1,500 to $20,000
Loan terms: 24 to 60 months
Credit needed: Poor/fair
Quickest funding time: 1 hour after closing

Avant

Avant Personal Loans is a suitable choice for individuals who require funds urgently. It caters to applicants with low credit scores, allowing them to prequalify with a soft inquiry. Funds can be received as early as the next day, and loan amounts range from $2,000 to $35,000. Loan terms range from 24 to 60 months. While there are no early payoff penalties, there is an origination fee of up to 4.75% and a late fee of up to $25 after the 10-day grace period.

Loan amounts: $2,000 to $35,000
Loan terms: 24 to 60 months
Credit needed: Poor/fair
Quickest funding time: 1 business day

Upgrade

Since its inception in 2016, Upgrade has provided its users with over $31 billion in credit. With loan amounts ranging from $1,000 to $50,000, users can borrow what they need with terms ranging from two to 84 months. The online application process is quick and easy, taking only minutes to complete. Once approved, funds can be received as quickly as the same day.

If you have an Upgrade Rewards Checking Plus account and consistently deposit $1,000 monthly, you may be eligible for reduced loan interest rates of up to 20%.

Loan amounts: $1,000 to $50,000
Loan terms: 24 to 84 months
Credit needed: 600+
Quickest funding time: 1 business day

SoFi

Since its inception in 2011, SoFi has assisted its clients in paying off over $34 billion in debt. The largest amount of personal loan funding available on this list is $100,000. SoFi personal loans do not come with origination fees, and there is a 0.25% interest rate reduction for those who choose to pay their loans automatically.

Besides personal loans, SoFi provides a variety of financial products, including checking and savings accounts, mortgages, investing accounts, credit cards, credit monitoring, and more. Additionally, SoFi customers receive complimentary personalized financial advice from a financial planner.

Loan amounts: $5,000 to $100,000
Loan terms: 24 to 84 months
Credit needed: Good/excellent
Quickest funding time: Same day

Prosper

Prosper, founded in 2005, aims to help customers achieve financial wellness by offering competitive rates and quick approvals. It is a peer-to-peer personal loan marketplace that provides an alternative to large financial institutions. Origination fees range from 2.41% to 5%, which are deducted from the loan proceeds. Unlike many lenders, checking your rate with Prosper will not affect your credit score. If approved, you can receive your funds in as little as one business day.

Loan amounts: $2,000 to $50,000
Loan terms: 24, 36, 48 or 60 months
Credit needed: 640+
Quickest funding time: 1 business day

Rocket Loans

Rocket Loans is a sister company to Rocket Mortgage, one of the largest mortgage lenders in the country. It offers same-day funding and does not charge a prepayment penalty. Rocket Loans provides only two repayment options: three or five years.

Loan amounts: $2,000 to $45,000
Loan terms: 36 or 60 months
Credit needed: Not disclosed
Quickest funding time: Same day

Best Egg

Best Egg offers personal loans of up to $50,000, with secured and unsecured options available. The maximum loan amount may vary by state. Borrowers are charged an origination fee of 0.99% to 8.99%, which is deducted from the loan proceeds. About half of Best Egg's customers receive their funds the next day. To be eligible for a term of up to 84 months, borrowers must apply for the secured loan option. Otherwise, the maximum loan term is 60 months.

Loan amounts: Up to $50,000
Loan terms: 36 to 84 months
Credit needed: Not disclosed
Quickest funding time: 1 business day

What is an emergency loan?

An emergency loan is a type of unsecured loan that offers quick access to funds to cover unforeseen financial expenses. The repayment period for emergency loans is usually between one to three years, which is shorter than the repayment terms of traditional loan lenders, which typically range from one to seven years, with some extending even further.

Paying off your loan promptly can result in lower interest charges compared to a loan with a longer repayment schedule. Like other loans, a good credit score can lead to better loan terms.

How to choose an emergency loan

When selecting an emergency loan, several factors must be taken into account.

To determine which lenders will approve your loan, it's important to understand their individual standards and assess your credit score and financial information.
Before settling on a loan, searching for lower interest rates could result in significant savings.
Emergency loans typically have shorter repayment terms, but it's crucial to choose a timeline that you feel confident you can meet financially.
Emergency loans require quick action, so once approved, you can expect to receive your funds in a short timeframe, possibly within days or hours.
Emergency loans may have varying fees, including an origination fee. No loans on this list impose early repayment fees.

Why trust CNBC Select?

Our mission at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each personal loan review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of personal loan products. At CNBC Select, we maintain the highest journalistic standards and ethics, and we earn a commission from affiliate partners on many offers and links. However, our content is created independently by our team, without any input from our commercial team or external third parties. To learn more about our methodology and how we select the best emergency loans, please refer to our detailed guide.

Our methodology

CNBC Select analyzed numerous U.S. personal loans from both online and brick-and-mortar banks, including credit unions, to determine the best emergency loans for applicants. Some of these options may have origination fees. Additionally, we took into account CNBC Select audience data, such as demographics and engagement with our content and tools, when available.

We prioritized the following features when evaluating and ranking personal loans.

A fixed-rate APR ensures that your monthly payment remains constant throughout the loan term.
Flexible loan lengths: Each lender provides multiple loan lengths to select from.
Our list of lenders does not charge for early loan repayment.
We evaluated lenders' same-day approval decisions and fast online application processes for a streamlined application process.
Our list of providers offers customer service through phone, email, or online messaging.
Fund disbursement: Our loans are promptly and securely delivered, with some funds available within the same day of approval.
Lenders offer loans ranging from $1,000 to $100,000, and their respective payment limits and loan sizes are advertised. Completing a preapproval process can provide you with an estimate of your interest rate and monthly payment for a specific loan amount.

We took into account CNBC Select audience data, including demographics and engagement with our content and tools, when possible.

The interest rates and payment structures for personal loans may change based on the Fed rate, but once you agree to the loan terms, a fixed-rate APR will ensure that your monthly payment and interest rate remain constant throughout the loan term. Your APR, monthly payment, and loan amount are determined by your credit history and creditworthiness. To obtain a loan, many lenders will perform a hard credit inquiry and require a full application, which may include proof of income, identity verification, proof of address, and other documents.

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