Best Emergency Loans Of July 2023

LightStream is a consumer lending division of Truist—which formed following the merger of SunTrust Bank and BB&T.; The platform offers unsecured personal loans from as little as $5,000 up to $100,000. Although a number of lenders offer smaller loans than the LightStream minimum, few lenders offer a higher maximum loan. Repayment terms are available from two to seven years, making it an excellent option for those who want to spread out the payment of large expenses over time.

That said, LightStream stands out on our list of the best personal loans for emergencies because borrowers can receive funds as soon as the same day if the loan is approved before 2:30 p.m. Eastern time on a banking business day. The borrower must meet several administrative requirements before the daily deadline to qualify for same-day funding (review and electronically sign the loan agreement; provide LightStream with funding preferences and relevant banking information and complete the final verification process). Even so, LightStream is still among the fastest lenders we considered.

Eligibility: Prospective borrowers should have a good to excellent FICO credit score to qualify for a LightStream personal loan. The lender also will evaluate each applicant’s credit history, including whether they have multiple account types. Borrowers also must have an income stable enough to make current debt payments and future LightStream payments.

This high credit score requirement—combined with the lack of a prequalification process—makes LightStream a better source of emergency funds for people with a strong credit profile. That said, if you need a loan quickly and have a weak credit score, LightStream does allow prospective borrowers to apply with a co-applicant who can boost their chances of approval.

Loan uses: LightStream’s personal loans can be used for a wide range of purposes, so it’s a flexible lending option if you need a personal loan due to an emergency. Borrowers can use LightStream personal loans for everything from a new car, to home improvements and land, timeshares and tiny homes.

A sister company to Rocket Homes and Rocket Mortgage by Quicken Loans, Rocket Loans offers personal loans through Cross River Bank. The lender’s availability in most states and low minimum credit score requirement (580) make Rocket Loans an accessible option. However, borrowers will face origination fees and repayment terms limited to three or five years.

Rocket Loans scored high on our list of personal loans for emergencies, however, because borrowers can receive funds as soon as the same day they apply. To qualify for this fast funding, approved applicants must complete their applications and sign the promissory note before 1 p.m. Eastern time on a business day. If same day funding is not possible, the average time to receive funds is two to four days.

Keep in mind that funding speed and accessibility come with a price—Rocket Loans charges an origination fee between 1% and 6% of the loan amount and APRs range from 7.161% to 29.99%. So, if you have a high credit score, or can wait a little longer to receive funds, cheaper loan options may be available. You can qualify for loan amounts of $2,000 to $45,000.

Eligibility: You’ll need a minimum credit score of just 580 to qualify for a personal loan (the average for a Rocket Loans borrower is 710). The average borrower also should have a minimum credit history of two years (the average is 18) and a minimum income of $24,000 (the average is $85,000). In addition, Rocket Loans does not allow co-signers or co-applicants, so if you need quick access to cash, you’ll need to qualify on your own.

Loan uses: Rocket Loans borrowers can use personal loan funds for home improvements, auto-related expenses, travel and vacation, and other large expenses. This makes it a flexible option for things like unexpected medical or funeral costs, or emergency home repairs. Loan funds cannot be used for education costs, so you won’t be able to use a Rocket Loans personal loan to cover last-minute school expenses.

Founded in 2012 and based in Chicago, Avant is a consumer lending platform that offers secured and unsecured personal loans through a third-party bank (WebBank). Unsecured loans are available in Washington, D.C., and every state but Hawaii, Iowa, New York, Vermont, West Virginia and Maine. The platform specializes in middle-income borrowers with fair to good credit and only requires a minimum score of 580 to qualify, so it’s an accessible option if you have less than stellar credit but need money fast.

Avant applicants who are approved for an unsecured loan before 4:30 p.m. Central time Monday through Friday may receive their funds the next business day. This timeline may vary, however, depending on the borrower’s bank. It can also take longer for borrowers who take out secured loans.

Avant’s low minimum borrowing amounts ($2,000 to $35,000) and flexible repayment terms (two to five years) should be a good fit for those who need access to emergency funds—but don’t want to borrow more than they need. These loans do come with a price, though. In addition to an administrative fee of up to 4.75% of the loan amount, Avant’s APR range (9.95% to 35.99%) is high for applicants with a good to excellent credit score—and there is no autopay discount. Still, the platform earns top marks for borrowers with less than stellar credit who need quick access to funds.

Note: Avant agreed to a $3.85 million settlement with the Federal Trade Commission (FTC) in April 2019. According to FTC documents, the lawsuit was filed in response to allegations that, among other things, Avant charged consumers late fees and interest they didn’t owe and collected payments from customers without permission or in amounts larger than authorized. We reached out to Avant to find out what they’ve done to adjust practices since the settlement but did not receive a response. Even so, Avant has a high 4.7 star rating on Trustpilot.

Eligibility: Avant specializes in lending to a range of customers, including those with fair credit. The platform has a minimum credit score requirement of just 580 (the average is 600 to 700) and a minimum income requirement of just $20,000 (the average is $40,000 to $100,000).

Avant does not allow co-signers or co-applicants, but it will consider non-employment income and the income of others in your household. If you need a personal loan fast but don’t have great credit, you may still qualify.

Loan uses: Like other top lenders, Avant loans can be used to consolidate debt and pay for things like medical expenses, auto repairs, home improvements moving and other emergency expenses. That said, Avant borrowers cannot use personal loan funds to cover business expenses—so if you need emergency cash for your business, Avant is not the lender for you.

SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state except Mississippi. Founded in 2011, SoFi has extended over $50 billion in loans and stands out because of high loan amounts and availability of extended loan terms from two to seven years. Even with its other standout features, SoFi is a strong choice under emergency circumstances, with funds available as soon as the next business day.

Loans are available from $5,000 to $100,000, so SoFi may be a good option regardless of whether you need to cover a small emergency cost or pay for major unexpected expenses. To qualify, applicants must have a minimum credit score of 650, but SoFi allows joint applications, making it easier to qualify for a personal loan even with fair credit.

Plus, borrowers get relatively low APRs ranging from 5.99% to 18.28% with autopay (0.25% discount) and 6.24% to 18.53% without, and no origination fees, late fees or prepayment penalties.

Eligibility: Personal loan applicants should have a good credit score, which generally means a score of at least 650 for a SoFi personal loan—though the average score of successful applicants is 700 or higher. Applicants also must have an annual income of at least $45,000, with accepted SoFi applicants having an average income over $100,000. Joint applications are permitted.

Loan uses: SoFi personal loans are limited to use for personal, family and household purposes, making them a good fit for emergency expenses like medical costs, unexpected home improvements and last-minute relocation costs. Like many other personal loans, there are some restrictions on the use of funds that may be relevant to emergency needs—like short-term bridge financing.

Upstart has made a mark on the personal loan space because of its artificial intelligence- and machine learning-based approach to borrower qualification. This enables Upstart to approve more borrowers than under a traditional lending model—a great feature for less qualified borrowers who need emergency funds. Plus, it’s available in every state except West Virginia and Iowa.

Upstart scored high on our list of the best loans for emergencies because it provides next-business day funding for borrowers whose loans are accepted before 5 p.m. Eastern time Monday through Friday. Upstart reports that 99% of loan applicants receive their money one business day after accepting their loan terms. Keep in mind, however, that loans for education-related expenses may take up to an additional three business days after loan acceptance.

With APRs between 7.98% and 35.99% (and no autopay discount), Upstart is not a top lender for borrowers who can qualify for more competitive rates. But the platform’s minimum 600 credit score and fast funding times make it an accessible option to those with fair credit who need between $1,000 and $50,000 fast.

Eligibility: Upstart stands out because it uses an AI-based platform to consider a range of non-conventional variables when evaluating borrower applications. This makes it a great option for borrowers who need access to emergency funds but who don’t have a strong credit profile. In fact, while the platform advertises a minimum credit score of 600, Upstart may accept applicants who don’t have enough credit history to have a score.

Borrowers also must have a full-time job or offer starting in six months, a regular part-time job or another source of regular income—with a minimum annual income of $12,000. Co-signers and co-applicants are not permitted.

Loan uses: Upstart’s personal loans can be used for credit card and other debt consolidation, special events, moving and relocation, medical and dental costs and home improvements. Upstart borrowers also can use personal loan funds to cover educational expenses (except in California, Connecticut, Illinois, Washington and the District of Columbia), so this is a good fit if you’re facing unexpected education costs.

Prosper is a peer-to-peer lending platform that was founded in 2005. It offers flexible personal loan amounts ($2,000 to $40,000) and somewhat accessible borrower qualifications. The platform also offers a prequalification process so you can see what rates you’ll qualify for without damaging your credit. What’s more, borrowers can receive their money in as few as three days after accepting a loan offer, so you’re more likely to get loan proceeds when you need them.

Loans are available for three- or five-year terms and APRs range from 7.95% to 35.99%, with the lowest rates reserved for the most creditworthy borrowers. These aren’t the lowest rates you’ll encounter in the personal loan space, but Prosper may still be a good choice if you’re in a pinch.

Prosper loans also include origination fees ranging from 2.4% to 5% of the total loan amount, and borrowers are charged a late fee of the greater of $15 or 5% of the unpaid loan amount; there is also an insufficient funds fee of $15 per instance. Even so, there are no prepayment penalties, so you can pay off your loan as soon as you’re able without incurring extra costs.

Eligibility: To qualify for a Prosper personal loan, applicants should have fair credit (a minimum credit score of 600)—although the average score of approved borrowers is 717. Applicants also should have a minimum credit history of two years (11 years, on average), as well as a maximum debt-to-income ratio of 50%, excluding mortgages. Prosper doesn’t impose a minimum income requirement, but the average borrower has an income of $89,000. What’s more, co-applicants and co-signers are permitted, so you may be able to qualify even with a weak credit history.

Loan uses: Prosper personal loans can be used for a range of purposes, including debt consolidation. However, in the case of an emergency, the most beneficial uses of a Prosper loan is perhaps for unexpected home repair costs, medical and dental expenses and auto-related expenses. As with many other lenders, Prosper personal loans cannot be used for postsecondary education expenses.

Launched in 2017, Upgrade provides accessible online and mobile credit and banking services. Since that time, the platform has made more than $3 billion in credit available to over 10 million applicants and continues to expand its online and mobile services. Loan funding can take up to four business days, but Upgrade makes loans available to those with poor credit history so it may still be a good choice if you need a personal loan to cover an emergency.

Maximum APRs are on the high end compared to other online lenders, but loan amounts start at just $1,000, and there’s no prepayment penalty. This means you can take out a small loan and then repay it as quickly as possible—hopefully avoiding interest over the life of the loan. These benefits are balanced out by Upgrade’s charges origination fee of 1.85% to 9.99% of the loan amount. Upgrade offers loan amounts of $1,000 to $50,000.

Eligibility: In general, applicants must have a minimum score of 580 to qualify for an Upgrade personal loan, making it an accessible option for those with fair credit. What’s more, Upgrade does not require applicants to meet a minimum income requirement, but borrowers make more than $95,000 per year on average. Upgrade further increases loan accessibility by allowing both co-signers and co-borrowers.

Loan uses: As with most other personal loans, loans from Upgrade must be used to pay off credit cards, consolidate other debt, make home improvements or pay for other large purchases. However, Upgrade stands out from some lenders by allowing borrowers to use personal loan funds to cover business expenses. This means if you need emergency funds for your small business, Upgrade may be able to help. Upgrade also will directly pay off third-party lenders, though it can take longer for these funds to be processed.

Founded in 2007, LendingClub is a peer-to-peer lender and the largest online lending platform for personal loans. LendingClub issues loans in every state except Iowa and the U.S. territories and has worked with over 3 million customers and funded more than $55 billion in loans. And, while LendingClub does not offer the fastest funding time, proceeds are typically available as soon as four days after approval.

What’s more, applicants can borrow as little as $1,000 so you don’t have to borrow—and pay interest on—more than you need to cover your emergency expenses. That said, LendingClub has higher APRs than other lenders, and loan terms are limited to three or five years, which is less flexible than other lenders on our list. Borrowers also are charged an origination fee between 2% and 6% of the total loan amount, which is taken from the loan proceeds at funding.

Eligibility: LendingClub applicants should have fair credit score (600+) and a minimum credit history of three years to qualify for a personal loan. Applicants also should have a debt-to-income ratio of less than 40% for single applicants and 35% for joint applicants. These factors, including proof of income, help LendingClub’s platform of investors decide who they want to lend to. Co-applicants are permitted but co-signers are not an option for LendingClub borrowers.

Loan uses: Loans issued through LendingClub can be used for unexpected expenses like home repairs, medical bills and last-minute events or travel. LendingClub also makes it easy to consolidate debt by offering direct payment to third party creditors. Borrowers are restricted from using funds for postsecondary education, the purchase of investments, gambling and illegal activities.