Best Emergency Loans for Bad Credit

An emergency loan is a fast personal loan that you can get even if you have bad credit. Bad credit is defined as a credit score lower than 630. Keep in mind that faster funding comes with a higher cost in terms of fees and APRs.

Borrowing with bad credit never comes cheap, but each of the following lenders offers something that borrowers may find beneficial.

Key Takeaways

• Emergency loans can help if you have bad credit — a score below 630, but faster funding usually means higher APRs and fees. Top lenders include Upstart, Upgrade, OneMain Financial and Rocket Loans, with APRs ranging from 6.20% to 35.99%.

• Each lender fits a different need. Upstart works for thin credit profiles, Upgrade offers terms up to 84 months, OneMain Financial allows co-applicants and secured loans and Rocket Loans can fund the same day if finalized by 4 p.m. EDT.

• Before you borrow, prequalify with two or three lenders, compare total cost including APR plus fees and check funding speed. If an emergency loan isn't the right fit, consider a credit union loan, a payment plan or a 0% credit card.

Summary generated by AI, verified by MoneyLion editors

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A Comparison of Best Emergency Loans

1. Upstart: Best for Thin or Low Credit Profiles

Upstart's minimum credit score requirement is only 300. Borrowers may need to meet other qualifications. Upstart also considers those with insufficient or no credit.

Upstart At-a-Glance Features

• Credit score: Not listed on website, but reports indicate 300 or more

• APR range: 6.20% to 35.99%

• Funding speed: Within one business day

• Loan terms: 36 or 60 months

• Origination fees: 0% to 12% deducted from loan proceeds

• Income/employment requirements: You must be employed or have a full time job starting within six months.

• Bankruptcy rules: No bankruptcy in the last 12 months

• Use if: You need a larger amount with a thin credit profile.

• Skip if: You need a customizable term since Upstart offers only two terms.

Pros

• Upstart takes educational history and earning potential into consideration

• Good for younger borrowers who have little credit but higher earning potential

Cons

An applicant's debt-to-income ratio is considered which may make some potential borrowers ineligible.

• Borrowers cannot have had a bankruptcy in the previous 12 months.

• Borrowers must be employed to qualify or have a full-time job starting within six months or another source of income.

2. Upgrade: Best for Long Repayment Terms

Upgrade is ideal for those who need to borrow a more significant amount and will need longer repayment terms. Some borrowers may qualify for up to $50,000 and loan terms up to 84 months.

Upgrade At-a-Glance Features

• Loan amounts: $1,000 - $50,000

• APR: 7.74% to 35.99%

• Origination fee of 1.85% to 9.99% deducted from loan proceeds

• Funding speed: Within one business day

• Use if: You want a flexible repayment term (up to 84 months).

• Avoid if: You want a smaller loan amount and to avoid origination fees.

Pros

• If you can't qualify for an Upgrade emergency loan, you may be able to get a secured emergency loan.

• A secured loan through a cashout auto refinance may help some borrowers get a better rate.

Cons

• To get the lowest rates, borrowers must sign up for autopay.

• You may be required to pay off a portion of existing debt directly with the emergency loan.

3. OneMain Financial: Best for Borrowers With Co-Applicants

Very few emergency loan lenders allow for co-applicants. This may help some borrowers qualify who couldn't otherwise.

OneMain Financial At-a-Glance

• Co-applicant allowed: Yes

• Secured loan option: Yes

• APR range: 11.99% to 35.99%

• Terms: 24 to 60 months

• Max loan: $1,500 to $30,000

• How origination fees work: Origination fees are from 1% to 10%.

• Use if: You want a secured loan option.

• Skip if: You don’t want to deal with the risk of high origination fees.

Pros

• OneMain Financial offers terms for 24, 36, 48 and 60 months.

• It also has a secured loan option.

Cons

• Origination fees can be high for some borrowers.

• Origination fee can be up to 10% of the loan amount. The maximum loan amount is $30,000.

4. Rocket Loans: Best for Same-Day Funds Overview

For borrowers who need money right away, Rocket Loans can get funds to some borrowers on the same day, depending on the bank receiving the funds. In most cases, funds are available within a few days.

Rocket Loans At-a-Glance

• Credit score: FICO score, monthly income, home ownership, DTI, number of credit inquiries are also considered

• Same-day cutoff: Arrives the same day if your loan is finalized by 4 p.m. EDT

• Terms: 36 or 60 months

• Origination fee: Up to 9.99%

• Autopay discount: Yes

• Use if: You need other factors to evaluate your credit.

• Skip if: You need more flexible repayment terms.

Pros

• Rocket's minimum credit score requirement is 580 (not listed on the website, but reported by users). Other factors will also determine eligibility.

• Borrowers who elect autopay receive a rate discount.

Cons

• Rocket has an origination fee of up to 9.99% charged to each loan.

• Loan term options are limited to 36 months or 60 months.

Eligibility Requirements for Emergency Loans

Here's what you need to qualify quickly for an emergency loan:

• Steady income or job offer

• Acceptable debt-to-income ratio

• Valid ID

• Bank account

• Proof of income

• No recent major negatives, e.g. a bankruptcy — this will vary by lender

Final Take

If you're considering an emergency loan, it’s best to take a step-by-step approach. You should:

1. Prequalify with two or three lenders.

2. Compare the total cost including APR plus fees.

3. Check your funding speed.

4. Consider a secured loan if you want a lower rate.

Sometimes an emergency loan isn't a good fit — if that’s the case, look into a credit union loan, payment plans or a 0% credit card if you can qualify.

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Key Terms

• Annual percentage rate (APR): The total yearly cost of borrowing, including interest and certain lender fees, shown as a %.

• Debt-to-income ratio (DTI): Your total monthly debt payments divided by your gross monthly income. Lenders use it to gauge whether you can handle a new payment.

• Origination fee: A fee a lender may charge to process, underwrite and fund your loan. It’s often deducted from your loan proceeds.

• Secured loan: A loan backed by collateral, like a car, home or cash. If you don't repay it, the lender may take the asset.

• Credit score: A number based on your credit history that estimates how likely you are to repay debt on time. Most scores range from 300 to 850.

Sources:

• Consumer Financial Protection Bureau: What is the difference between a loan interest rate and the APR?

• Consumer Financial Protection Bureau: What is a debt-to-income ratio?

• Consumer Financial Protection Bureau: Mortgages key terms

• Federal Deposit Insurance Corporation: Loans

• Consumer Financial Protection Bureau: What is a credit score?

Summary generated by AI, verified by MoneyLion editors

Information up to date as of April 20, 2026.

Andrea Norris contributed to the reporting for this article.

Photo Credit: kate_sept2004 / Getty Images