Best Emergency Loans for Bad Credit

We like Upgrade because it's more forgiving of bad credit than most lenders, and it also offers a lot of opportunities to save money if you're more digitally inclined and looking to switch banks. Upgrade offers an interest rate discount of 0.10% to 1.00% if you sign up for a new Rewards Checking account and elect to make your automatic payments from that account. 

This requires you to switch over your banking, of course, but there actually are a lot of benefits to the checking account. You'll earn between 1% and 2% cash back on all of your purchases, for example. The downside of Upgrade loans is that they're on the expensive side with all of the fees included. But the checking account perks mitigate a lot of that cost and you can continue to benefit from them even after you've paid off the loan. 

• Recommended credit score of 560 or higher
• Debt-to-income ratio under 75%
• Have a bank account and email address
• Available in all states but not in the District of Columbia
• U.S. citizen, permanent resident, or possess a valid visa

There's a lot to like about First Tech personal loans. Aside from offering same-day funding in many cases, you also have the option to make no payments for the first 45 days—which can come in very handy if you're in the throes of a financial emergency. As long as you're not using the loan for school, illegal activities, gambling, buying securities, or business, you can use the funds for whatever you want. 

It’s recommended that you have a fair credit score to be approved on your own, but if you don't, there's no need to panic. You can also opt for a secured loan by putting up some sort of collateral, such as a savings account, vehicle, or some other valuable item. The downside is that joining any credit union can be a bit of a hassle if you don't plan to bank there regularly, but if the loan fits your situation, it could be worth it. 

• Recommended credit score of at least 600
• Available in all 50 states and the District of Columbia

Rocket Loans' rates and fees nudge toward the higher end of the spectrum, with origination fees of up to 7% of your loan amount. It may also be a bit tougher to get approved if you have bad credit because you can't piggyback off of a good friend or family member who has better credit than you; no joint applicants or co-signers are allowed. 

But, we do like that it offers a 0.30% interest rate discount if you sign up for autopay (which is always a good idea anyway). We also appreciate that, if approved, you can receive your funds as soon as the same day if you get the whole loan process wrapped up by 1 p.m. Eastern Time—very important if you need money right away for an emergency. 

• U.S. resident
• At least 18 years old
• Available in all states except Iowa, Nevada, and West Virginia

If you're affiliated with the military (or are related to someone who is), Navy Federal Credit Union is a great choice for a personal loan. You'll need to be a member of the credit union, but once you have an account, you can get your funds lightning-quick after approval, generally on the same day. It also offers a rate discount for active-duty military members.

The downside is that there aren't any official programs to help out in case you lose your job or are a victim of a natural disaster. In addition, there aren't any options to pre-qualify for a loan; you'll need to submit a full loan application whether you're sure you actually want the loan or not. That can ding your credit score by a few points for a little while, which is an important consideration if you don't already have good credit to begin with. 

• Available in all 50 states and the District of Columbia
• Only available to members of Navy Federal Credit Union

Most of Avant's customers have credit scores between 600 and 700, but the company may approve you with a credit score as low as 550. That's good news if your credit score isn't the best and you don't have anyone you can ask to be a co-signer or joint applicant, because Avant doesn't allow that in any case.

We also like Avant because most people will get a final loan decision within a few minutes of submitting their application. And if you're approved before 4:30 p.m. Central Time, Avant will transfer the funds into your bank account the next day. Keep in mind there may still be up to a few days' delay for the transfer to fully process and show up in your account. 

• Recommended credit score of at least 550
• Debt-to-income ratio under 70%
• Monthly income of at least $1,200
• Available in the District of Columbia and all states except Hawaii, Iowa, Maine, New York, Vermont, and West Virginia

OneMain Financial doesn't offer the cheapest loans, but it has its perks, especially if you have bad credit. There are lots of options to get around a low credit score, including applying with a co-borrower or joint applicant, or even pledging collateral for a secured loan. OneMain Financial's borrowers commonly use some type of vehicle for this, but it'll need to undergo an appraisal process first and you'll need to pay for full-coverage insurance on it while you're paying off the loan, which is more expensive. 

You can get your funds as soon as the same day you apply with OneMain Financial's SpeedFunds process. If there's a OneMain Financial branch location near you, you can also complete the entire loan process in-store if you want, including picking up a check right then and there.

• Only available in 44 states
• Must be the age of majority in your state
• Must have a Social Security number or individual Taxpayer Identification Number

Upstart will take your credit into account when you're applying for a loan, but it'll work with you no matter your credit score—even if you don't yet have one, such as if you're a young adult or a new arrival to the country. That's a good thing too, since you can't apply with a co-signer or co-borrower to sponsor you. 

You can also rest assured that you still have the option of taking out a second loan in your back pocket should you run into problems in the future. You'll just need to meet a few requirements, like having made your previous six payments on time and keeping the combined loan amounts under $50,000.  

• At least 18 years old 
• U.S. citizen or permanent resident
• Have an email address and bank account
• Have a job offer or current source of income 
• Available in all states except Iowa and West Virginia
• If you've used Upstart before, your last six payments must have been made on time

Most lenders will only approve you for a single loan at a time, but LendingPoint may allow you to get a second loan, if you qualify. You’ll need to contact customer support to inquire about that, however; you won’t be able to simply apply online.

LendingPoint will consider your credit when you apply, but if it has a cutoff point, it doesn't disclose what it is. Unfortunately, since you can't apply with a co-signer or joint applicant, it'll be entirely on you to qualify on your own. 

The good news is that LendingPoint is able to work with "85% of the FICO population," so there's a good chance you'll be approved unless there's a particular sticking point in your case. The only thing to watch out for is the origination fee, which can range from zero up to 8% of your loan amount—and in general, applicants with bad credit are charged on the higher end of the fee scale.  

• At least 18 years old
• Annual income of at least $35,000
• Have a bank account and Social Security number
• Available in the District of Columbia and all states except Nevada and West Virginia