Types of emergency loans
Emergency loans come in several forms. While some options offer lower costs and stronger consumer protections, others trade affordability for speed and easy approval. Understanding how each type works, who it’s best for and the risks involved can help you during a financial emergency.
Personal loans
Personal loans are installment loans offered by banks, credit unions and online lenders, typically with fixed interest rates and set repayment terms. Loan amounts often range from a few hundred to several thousand dollars, with repayment periods of one to five years. Eligibility usually depends on credit score, income and debt levels.
Payday loans
Payday loans are short-term, high-cost loans meant to be repaid by your next paycheck. They are often easy to qualify for and can be funded the same day. Loan amounts are usually small, often a few hundred dollars.
Credit union emergency loans
Many credit unions offer small-dollar emergency loans to members at lower rates than traditional payday lenders. These loans often come with flexible repayment terms and financial counseling support. Membership may be required, sometimes through a small deposit or employer affiliation.
Title loans
Title loans use your vehicle’s title as collateral, allowing you to borrow a portion of your car’s value. These loans are usually fast and require minimal credit checks but have very high interest rates and short repayment terms. Failure to repay can result in vehicle repossession.
Cash advance apps
Cash advance apps provide small, short-term advances on your upcoming paycheck. They often advertise no interest but may charge subscription fees or request optional tips. These fees can add up over time.
Government and nonprofit emergency relief loans
Some government agencies and nonprofit organizations offer low-interest or no-interest emergency loans or grants to qualifying individuals. These programs often target specific needs, such as housing assistance, disaster relief or medical expenses.
Our recommendations for emergency loans
To make our choices for the best emergency loans, we collected 806 data points (26 individual data points for 31 lenders), including customer reviews and overall ratings from ConsumerAffairs readers, for popular lenders. We used these data points to evaluate factors that have the most impact on borrowers, including time to funding, APRs, loan minimums and repayment terms, to make our final selections.
Our picks may be Authorized Partners who compensate us — this does not affect our recommendations or evaluations but may impact the order in which companies appear.
- Maximum loan amount
- $50,000
- Repayment terms
- 24 to 84 months
- Minimum credit score
- Typically 620
Partner Disclosures
LightStream disclosures
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 8.99% APR with a term of 5 years would result in 60 monthly payments of $207.54. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Upgrade disclosures
Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. To be offered the lowest rates, you may be required to have some of your funds sent directly to pay off existing debt(s). This rate shown includes an Autopay APR reduction of 0.5%. Autopay enrollment is optional and by enrolling, your payments will be automatically deducted from your bank account. The APR includes the yearly interest rate and a loan origination fee, which is deducted from the loan proceeds. Late payments and other fees may increase the cost of your fixed rate loan. Please refer to Upgrade's Terms of Use and Borrower Agreement for terms, conditions and requirements. Upgrade is a financial technology company, not a bank. Personal loans are issued by Upgrade's bank partners: https://www.upgrade.com/bank-partners/. † After acceptance, your funds will be sent within one (1) business day of clearing necessary verifications. Funds availability is dependent upon your bank’s transaction processing time and may take up to 2 weeks if sent directly to third party creditors.
- Maximum loan amount
- $100,000
- Repayment terms
- 24 to 240 months
- Minimum credit score
- 670 to 700
Partner Disclosures
LightStream disclosures
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 8.99% APR with a term of 5 years would result in 60 monthly payments of $207.54. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Upgrade disclosures
Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. To be offered the lowest rates, you may be required to have some of your funds sent directly to pay off existing debt(s). This rate shown includes an Autopay APR reduction of 0.5%. Autopay enrollment is optional and by enrolling, your payments will be automatically deducted from your bank account. The APR includes the yearly interest rate and a loan origination fee, which is deducted from the loan proceeds. Late payments and other fees may increase the cost of your fixed rate loan. Please refer to Upgrade's Terms of Use and Borrower Agreement for terms, conditions and requirements. Upgrade is a financial technology company, not a bank. Personal loans are issued by Upgrade's bank partners: https://www.upgrade.com/bank-partners/. † After acceptance, your funds will be sent within one (1) business day of clearing necessary verifications. Funds availability is dependent upon your bank’s transaction processing time and may take up to 2 weeks if sent directly to third party creditors.
- Maximum loan amount
- $35,000
- Repayment terms
- 12 to 60 months
- Minimum credit score
- Typically 600 to 700
- Maximum loan amount
- $40,000
- Repayment terms
- 12 to 60 months
- Minimum credit score
- None
- Maximum loan amount
- $50,000
- Repayment terms
- Up to 60 months
- Minimum credit score
- Undisclosed
How to get an emergency loan
When you need to apply for an emergency loan, the more prepared you are, the quicker the application process should be. Choose a reputable lender that meets your needs, then visit its website to apply. Most applications can be completed within a few minutes, but you must provide certain information before submitting your application for approval.
You’ll often need to provide the following to complete a loan application:
- Full name
- Contact information (address, phone number, email address, etc.)
- Housing status (whether you rent or own, your monthly payment and how long you've lived there)
- Social Security number
- Monthly income and place of employment
- Desired loan amount
If you're facing an emergency, try to avoid taking out a payday loan or a loan against your 401(k) retirement account. Payday loans can trap borrowers in cycles of debt, and 401(k) loans can be difficult to repay if you leave your job before paying back the loan.
» MORE: 11 payday loan alternatives
FAQ
How can I borrow money for an emergency?
When an emergency happens, people often use their existing credit cards to cover the expenses. If those aren't available, applying for an emergency loan is a relatively fast way to pay for unexpected bills, and you may get a better interest rate than you would with your credit cards.
What credit score do I need for an emergency loan?
The minimum credit score required for an emergency loan varies by lender. You're more likely to receive the best interest rates and terms if you have excellent credit, though. Lenders typically charge higher interest rates to borrowers with lower credit scores.
What can I use an emergency loan for?
In most cases, there are no restrictions on what you can use the money from an emergency loan on. Borrowers often apply for emergency loans when they face surprise car repair bills, unexpected medical expenses or other important expenditures they don't currently have the money for.
» MORE: How do personal loans work?
How long will it take to get an emergency loan?
Many online lenders can approve your loan within minutes of submitting an application. Once approved, the lender may deposit money into your account as soon as the same day.
Bottom line
When you're facing a cash crunch, an emergency loan might be the answer to your financial problems. Before applying for a loan, compare your options to find a lender that offers a low rate, no prepayment penalties and minimal fees. While your APR is generally based on your credit score, you may be able to secure a lower rate by signing up for automatic payments or choosing a shorter repayment term.
Article sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
- Debt.org, “Payday Loan Alternatives.” Accessed Jan. 24, 2026.
- MyCreditUnion, “Payday Alternative Loans.” Accessed Jan. 24, 2026.
- Consumer Financial Protection Bureau, “What is a payday loan?” Accessed Jan. 24, 2026.
