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Personal Loans

Emergency Loans: Personal Loans With Fast Funding

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

No one can predict the future, but you can have a plan in place if your car needs unexpected repairs or a costly medical bill hits you out of nowhere. Emergency loans — personal loans that typically take less time to process — can provide breathing room in the event you lose your job or experience a serious reduction in work hours and need some cash to tide you over.

4 emergency loans to kick-start your search

4 lenders for emergency loans

LightStream

Best Egg

Rocket Loans

OneMain Financial

Rates

4.99% - 16.79%

5.99% - 29.99%

7.16% - 29.99%

18.00% - 35.99%

Terms

24 to 144 months

36 or 60 months

36 or 60 months

24 to 60 months

Loan amount

$5,000 - $100,000

$3,000 - $35,000

$2,000 - $45,000

$1,500 - $20,000

Origination fee

No origination fee

0.99% - 5.99%

1.00% - 6.00% of loan amount

Depends on state, $30-$150 or 1.00% - 10.00%

Time to funding

Same day funding

1-3 business days

Same day funding

Same day funding

Credit score requirement

Not specified

640

640

Not specified

Are there emergency loans for bad credit?

While emergency loans and bad credit aren’t normally an ideal combination, there are options available for those who don’t have the best credit history but are in need of financial help.

Tough times can lead to tough questions like, “Can I qualify for emergency loans with bad credit?” The answer is usually yes, but the costs will be steep. Here are some emergency loans for bad credit to consider.

Emergency loans for bad credit

Avant

Upstart

LendingPoint

Upgrade

Rates

9.95% - 35.99%

6.53% - 35.99%

9.99%-35.99%

6.98% - 35.89%

Terms

24 to 60 months

36 & 60 months

24 to 48 months

36 or 60 months

Loan amount

$2,000
- $35,000

$1,000 - $50,000

$2,000 - $25,000

$1,000 - $50,000

Origination fee

Up to 4.75%

Up to 8.00%

0.00% - 6.00%

1.50% - 6.00%

Time to funding

1 business day

1 business day

1 business day

1 business day

Credit score requirement

600

620

585

620

Other ways to access emergency funds

  • Dip into savings: If you have an emergency fund, now may be the time to tap it. Pulling from savings allows you to avoid taking out debt for surprise expenses.
  • Ask friends or family for help: It may be an uncomfortable conversation, but if friends or family can help tide you over — and you can be trusted to repay what they lend you — you can get no-interest funds until you get back on your feet.
  • Charge your credit card: If bad credit or no income means you’ll be stuck with high interest rates, your credit card may be your best bet for accessing credit. However, make sure you have a clear plan for repayment; credit card debt can easily spiral out of control.
  • Find a payday alternative loan: Offered by select credit unions to members, PALs are small loans with a maximum $20 application fee and terms up to six months — and they may even be funded as soon as the next business day, too. PALs are an affordable alternative to payday loans, which can trap you in a debt cycle with extremely short repayment terms and high fees.

When an emergency loan can save the day

Your car broke down. Even the most reliable car is likely to eventually experience some type of mechanical issue or breakdown. With the average tab for a visit to the mechanic hovering between $500 and $600, you might find yourself struggling to foot the bill. An emergency loan allows you to get your car back on the road and you back to work.

You need an emergency home repair. Rainwater dripping on your carpet from a hole in the roof or a busted oven can be a serious drag on your life and wallet. An emergency loan can help you invest in your home and save money in the long run.

You have an unexpected medical bill. Whether you don’t have insurance or your insurance won’t cover the treatment you received, using an emergency loan for an unexpected medical bill can help you pay for healthcare expenses and keep the bill from going to a collection agency.

You’re struggling with credit card debt. Taking out a loan when you’re already swimming in debt may seem like a bad move, but an emergency loan can help in certain situations. Consolidating your high interest debts into a new loan with a lower rate may help you save money, due to the lower interest costs or smaller monthly payment.

You’re missing something vital for a new job. Landing a new gig is exciting — until you realize your attire consists of sweats, flip flops and your favorite band T-shirt or sports jersey. An emergency loan can help you cover the cost of professional clothes, or anything else you might need for a new job.

How to apply for an emergency loan

1. Gather personal information

On top of the basics like your name and address, you’ll also need information about your employer (if you have one) and your current income. Take your time and enter the information correctly to keep the process running smoothly.

2. Check your credit score

Find out what your credit score looks like before applying for the loan. You can get your credit report via AnnualCreditReport.com, and can also receive a free report every year from all of the major credit bureaus, including Equifax, Experian and Transunion.

3. Decide how much you can afford to borrow

There’s much more to a loan than just the monthly payment. Make sure to account for such costs as:

  • APR
  • Origination fees
  • Late fees
  • Check processing fees
  • Prepayment penalties

Review the total amount of the loan and monthly payments and ensure they’re compatible with your lifestyle and budget.

4. Research lenders and compare quotes

Settling on the first loan you come across could result in added expenses. Take the time to research lenders and compare quotes to get the best deal. In most cases, you can get a quote with a soft credit check. These quotes can reveal the types of terms you may qualify for, and help you find a lender with terms that work best for your financial situation.

For example, you might opt for a lender that has long repayment terms to minimize monthly payments. Although a longer term means you’ll pay more in interest over time, your payments would be more affordable while you manage your emergency and work to get back on your feet.

5. Apply for fast funding

Some lenders offer same-day turnaround, but you can most likely expect the money to enter your bank account within a few business days of loan approval. Having your information ready and doing your homework about different lenders can help to expedite the process.

FAQs: Emergency loans

Often lenders can take one to three business days, though there are others that can get you the money on the same day you apply.

Usually emergency loans range from $1,000 to $35,000. However, some lenders may offer to lend you more, while others could offer smaller loans worth as little as $500.

The short answer is yes. When you formally apply for an emergency loan, you’ll be subject to a hard credit inquiry; this may temporarily lower your credit score. However, an emergency loan contributes to your credit mix, which could be good for your credit. On-time payments on your loan can also improve your credit by building a healthy payment history.

Every loan and lender is different, but you can expect to pay off the loan in one to seven years. In addition, keep an eye out for prepayment penalties if you decide to pay off the loan early.

It all depends — most lenders determine your interest rate based on a variety of factors, including your credit history, annual income and current debt, among others. You can use this personal loan calculator to determine your long-term costs of repayment.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Get Personal Loan Offers
Up to $50,000

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Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Emergency Loans: Personal Loans With Fast Funding

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

No one can predict the future, but you can have a plan in place if your car needs unexpected repairs or a costly medical bill hits you out of nowhere. Emergency loans — personal loans that typically take less time to process — can provide breathing room in the event you lose your job or experience a serious reduction in work hours and need some cash to tide you over.

4 emergency loans to kick-start your search

4 lenders for emergency loans

LightStream

Best Egg

Rocket Loans

OneMain Financial

Rates

4.99% - 16.79%

5.99% - 29.99%

7.16% - 29.99%

18.00% - 35.99%

Terms

24 to 144 months

36 or 60 months

36 or 60 months

24 to 60 months

Loan amount

$5,000 - $100,000

$3,000 - $35,000

$2,000 - $45,000

$1,500 - $20,000

Origination fee

No origination fee

0.99% - 5.99%

1.00% - 6.00% of loan amount

Depends on state, $30-$150 or 1.00% - 10.00%

Time to funding

Same day funding

1-3 business days

Same day funding

Same day funding

Credit score requirement

Not specified

640

640

Not specified

Are there emergency loans for bad credit?

While emergency loans and bad credit aren’t normally an ideal combination, there are options available for those who don’t have the best credit history but are in need of financial help.

Tough times can lead to tough questions like, “Can I qualify for emergency loans with bad credit?” The answer is usually yes, but the costs will be steep. Here are some emergency loans for bad credit to consider.

Emergency loans for bad credit

Avant

Upstart

LendingPoint

Upgrade

Rates

9.95% - 35.99%

6.53% - 35.99%

9.99%-35.99%

6.98% - 35.89%

Terms

24 to 60 months

36 & 60 months

24 to 48 months

36 or 60 months

Loan amount

$2,000
- $35,000

$1,000 - $50,000

$2,000 - $25,000

$1,000 - $50,000

Origination fee

Up to 4.75%

Up to 8.00%

0.00% - 6.00%

1.50% - 6.00%

Time to funding

1 business day

1 business day

1 business day

1 business day

Credit score requirement

600

620

585

620

Other ways to access emergency funds

  • Dip into savings: If you have an emergency fund, now may be the time to tap it. Pulling from savings allows you to avoid taking out debt for surprise expenses.
  • Ask friends or family for help: It may be an uncomfortable conversation, but if friends or family can help tide you over — and you can be trusted to repay what they lend you — you can get no-interest funds until you get back on your feet.
  • Charge your credit card: If bad credit or no income means you’ll be stuck with high interest rates, your credit card may be your best bet for accessing credit. However, make sure you have a clear plan for repayment; credit card debt can easily spiral out of control.
  • Find a payday alternative loan: Offered by select credit unions to members, PALs are small loans with a maximum $20 application fee and terms up to six months — and they may even be funded as soon as the next business day, too. PALs are an affordable alternative to payday loans, which can trap you in a debt cycle with extremely short repayment terms and high fees.

When an emergency loan can save the day

Your car broke down. Even the most reliable car is likely to eventually experience some type of mechanical issue or breakdown. With the average tab for a visit to the mechanic hovering between $500 and $600, you might find yourself struggling to foot the bill. An emergency loan allows you to get your car back on the road and you back to work.

You need an emergency home repair. Rainwater dripping on your carpet from a hole in the roof or a busted oven can be a serious drag on your life and wallet. An emergency loan can help you invest in your home and save money in the long run.

You have an unexpected medical bill. Whether you don’t have insurance or your insurance won’t cover the treatment you received, using an emergency loan for an unexpected medical bill can help you pay for healthcare expenses and keep the bill from going to a collection agency.

You’re struggling with credit card debt. Taking out a loan when you’re already swimming in debt may seem like a bad move, but an emergency loan can help in certain situations. Consolidating your high interest debts into a new loan with a lower rate may help you save money, due to the lower interest costs or smaller monthly payment.

You’re missing something vital for a new job. Landing a new gig is exciting — until you realize your attire consists of sweats, flip flops and your favorite band T-shirt or sports jersey. An emergency loan can help you cover the cost of professional clothes, or anything else you might need for a new job.

How to apply for an emergency loan

1. Gather personal information

On top of the basics like your name and address, you’ll also need information about your employer (if you have one) and your current income. Take your time and enter the information correctly to keep the process running smoothly.

2. Check your credit score

Find out what your credit score looks like before applying for the loan. You can get your credit report via AnnualCreditReport.com, and can also receive a free report every year from all of the major credit bureaus, including Equifax, Experian and Transunion.

3. Decide how much you can afford to borrow

There’s much more to a loan than just the monthly payment. Make sure to account for such costs as:

  • APR
  • Origination fees
  • Late fees
  • Check processing fees
  • Prepayment penalties

Review the total amount of the loan and monthly payments and ensure they’re compatible with your lifestyle and budget.

4. Research lenders and compare quotes

Settling on the first loan you come across could result in added expenses. Take the time to research lenders and compare quotes to get the best deal. In most cases, you can get a quote with a soft credit check. These quotes can reveal the types of terms you may qualify for, and help you find a lender with terms that work best for your financial situation.

For example, you might opt for a lender that has long repayment terms to minimize monthly payments. Although a longer term means you’ll pay more in interest over time, your payments would be more affordable while you manage your emergency and work to get back on your feet.

5. Apply for fast funding

Some lenders offer same-day turnaround, but you can most likely expect the money to enter your bank account within a few business days of loan approval. Having your information ready and doing your homework about different lenders can help to expedite the process.

FAQs: Emergency loans

Often lenders can take one to three business days, though there are others that can get you the money on the same day you apply.

Usually emergency loans range from $1,000 to $35,000. However, some lenders may offer to lend you more, while others could offer smaller loans worth as little as $500.

The short answer is yes. When you formally apply for an emergency loan, you’ll be subject to a hard credit inquiry; this may temporarily lower your credit score. However, an emergency loan contributes to your credit mix, which could be good for your credit. On-time payments on your loan can also improve your credit by building a healthy payment history.

Every loan and lender is different, but you can expect to pay off the loan in one to seven years. In addition, keep an eye out for prepayment penalties if you decide to pay off the loan early.

It all depends — most lenders determine your interest rate based on a variety of factors, including your credit history, annual income and current debt, among others. You can use this personal loan calculator to determine your long-term costs of repayment.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Up to $50,000

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Won’t impact your credit score

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Personal Loans

Jora Credit Installment Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Jora
APR

170.00%
To
349.00%

Credit Req.

Not Specified

Terms

8 to 30

months

Origination Fee

Not specified

See Offers Secured

on Jora’s secure website

Jora Credit installment loan details

Terms

Fees and penalties

  • Terms: 8 to 30 months for its installment loan
  • APR: 170.00% to 349.00%
  • Loan amounts: $500 to $2,600
  • Time to funding: Same day or next business day.
  • Credit check: Soft Pulll
  • Origination fee: Not specified
  • Prepayment fee: None
  • Late payment fee: Not specified

Eligibility requirements

  • Minimum credit score: Not Specified.
  • Minimum credit history: Must have job or proven source of income.
  • Maximum debt-to-income ratio: Not specified.

In order to qualify for a Jora Credit installment loan, you must be 18 years of age (19 if you reside in Alabama) and have a job or other verifiable source of income. You must also have a valid email address and an active checking account.

Jora Credit does not offer loans in all states. In order to apply, you must be a resident of one of the following states:

Alabama

New Mexico

California

North Dakota

Delaware

South Carolina

Idaho

Utah

Missouri

Wisconsin

Jora Credit serves high-risk borrowers who may have difficulty qualifying for loans from more traditional sources. Thus, you do not necessarily need a long credit history or good credit score to qualify for a loan.

Applying for an installment loan from Jora Credit

  1. Visit Jora’s website to begin the application process: You can apply via your computer, tablet or mobile phone.
  2. Complete the online application to learn how much loan you can qualify for: You will need to submit personal information, including your name, mailing address, phone number, email, date of birth, driver’s license number, job and income history and supporting documentation.
  3. If approved for a loan, you can obtain funding the same or next business day: If you accept an offered loan by 10:30 a.m. Central time, you can receive electronic funding the same day.
  4. Take advantage of Jora’s wide array of online tools and resources: Jora Credit can help you learn how to improve your credit, boost your income earning potential, find jobs and plan career moves.
Pros and cons of a Jora Credit installment loan

Pros:

Cons:

  • Quick funding: If approved for a loan, you may receive funds electronically on the same day.
  • No prepayment fees: Pay your loan off early without penalty.
  • Bad or no credit is okay: Jora Credit serves credit-impaired borrowers where other lenders might not.
  • High APRs: APRs range from 170.00% to 349.00%, a high cost for borrowing.
  • Small loan amounts: You can’t borrow more than $2,600.
  • Limited service area: Jora Credit only serves borrowers in a handful of states.

Who’s the best fit for a Jora installment loan?

Jora Credit installment loans are designed for high-risk borrowers with poor credit or no credit history who have difficulty accessing loans from traditional lenders. With quick funding for approved loans, Jora Credit can be a good option if you have an emergency expense and are strapped for cash.

Because Jora Credit’s interest rates are so high, borrowers should try to pay their loan off early. Jora Credit installment loans are not the best option for borrowers with good credit scores and solid job or income histories. Instead, you might consider one of these options.

Jora Credit consumer reviews

Jora Credit is not accredited with the Better Business Bureau. And as of September 2019, Jora Credit only has one customer review on LendingTree, but it did give the emergency installment lender 4 out of 5 stars. “The whole loan process was fast and easy,” wrote Carl from Lamar, Mo. “Very straight forward about the application process and bank verification. Thank you Jora for your help.”

It’s important to keep in mind, however, that as an emergency lender serving mainly high-risk borrowers, Jora Credit’s interest rates are extremely high. You should shop lenders to ensure that you’re getting the best deal – and take fees into account.

Read all customer reviews

Alternative loan options

LendingClub

APR

6.95%
To
35.89%

Credit Req.

Not specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates.... Read More

LendingClub is a peer-to-peer lending platform. Through the platform, borrowers are paired with and receive funds from individual or institutional investors. Interest rates start competitively low but can be as high as 35.89% APR. You can borrow from $1,000 to $40,000, making this a flexible option for borrowers.

In order to qualify for the lowest rate, however, you will need excellent credit. Luckily, you can check potential rates and terms without a hard credit inquiry.

Discover Personal Loans

APR

6.99%
To
24.99%

Credit Req.

Not specified

Terms

36 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Discover is a financial services firm that offers credit cards, deposit accounts and personal loans. ... Read More


The APR ranges from 6.99% to 24.99% APR based on creditworthiness at time of application. Loans up to $35,000. Fast & Easy Process. Terms are 36 to 84 months. No prepayment penalty. This is not a firm offer of credit. Any results displayed are estimates and we do not guarantee the applicability or accuracy to your specific circumstance. For example, for a $15,000 loan with an APR of 10.99% and 60 month term, the estimated monthly payment would be $326. The estimated total cost of the loan in this example would be $19,560.

An option for borrowers in need of higher loan amounts, Discover lends as little as $35,000. Discover also has no fees or closing costs associated with its personal loans, and all of its loan specialists are U.S.-based.

You can often obtain loan approval the same day you apply with Discover, and time to funding ranges from one to 7 business days. Discover loans do require a maximum debt-to-income ratio of 43%. You must also be gainfully employed and/or be able to demonstrate an annual household income of at least $25,000.

RISE

APR

50.00%
To
299.00%

Credit Req.

500

Minimum Credit Score

Terms

4 to 26

months

Origination Fee

No origination fees

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

RISE is offered only to residents in states where permitted by law. To obtain credit, you must apply online and have a valid checking account and email address. Approval for credit and the amount for which you may be approved are subject to minimum income requirements and vary by state.


Notice to Texas and Ohio Customers: In Texas and Ohio, RISE is a Credit Services Organization/Credit Access Business operating in accordance with each state’s applicable Credit Services Organization Act. In Ohio, RISE Credit Service of Ohio, LLC d/b/a RISE is licensed by the Department of Commerce, Division of Financial Institutions Certificate No. CS.900086.000. In Texas, RISE Credit Service of Texas, LLC d/b/a RISE is licensed by the Office of the Consumer Credit Commissioner, License No. 16507-62536. RISE is not the lender or a fiduciary of the lender. Application approvals and the amount of any credit for which you may be approved are subject to minimum income requirements and vary by state.

RISE is a personal loan option for borrowers who have poor credit or little-to-no credit history and need quick funding. You can gain loan approval within only a few seconds of submitting your application and may receive funds as soon as the next business day.

Like Jora, RISE also works to educate borrowers and offers a Free Credit Score Plus tools to help borrowers get back on track financially. And, RISE rewards those who demonstrate on-schedule loan payments with lowered interest rates over time.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score