Loans That Are Easy to Get Approved for

* This article does not provide financial advice. Please seek help from a financial advisor if you need financial assistance.

(Ad) When you need quick cash to pay for unexpected expenses, getting an emergency loan is one option to consider, even for people with bad credit.

In contrast to payday loans, an emergency loan often comes with lower interest rates and more favorable repayment terms. The best personal loan lenders offer an easy online application and same-day or next-day funding, giving you access to fast cash when you need it most.

We've reviewed the best online lenders for quick loans to help you find a company that meets your needs. We took several factors into consideration including interest rates, funding speed, company reputation, fees, and eligibility requirements.

Here are our top picks for the best emergency loans of 2021.

5 Best Emergency Loan Lenders for Fast Cash

• ClearViewLoans: Best for fast loans up to $5,000
• BadCreditLoans: Best emergency loans for bad credit
• Upstart: Best loans for good credit
• Avant: Best for debt consolidation loans
• PersonalLoans: Quick personal loans up to $35,000

#1. ClearViewLoans: Best for Small Emergency Loans up to $5,000

ClearViewLoans has years of experience successfully connecting borrowers with short-term loan providers. Compared to other emergency loan platforms, ClearViewLoans offers fast, secure, and convenient services. Over two million customers have already used the platform to access loans and cash advances.

Loan Amounts

ClearViewLoans gives you access to a variety of online lenders through one convenient interface. These lenders can provide you with an emergency loan of up to $5,000 and deposit the sum in your bank account within 24 hours.

Eligibility Requirements

With ClearViewLoans, you don't need good credit to find a personal loan provider that can work with you. Applying for a bad credit loan or credit card cash advance via the platform is hassle-free. All you have to do is fill a short form, and ClearViewLoans will forward your provided information to potential lenders.

After reviewing your information, emergency lenders that want to work with you will make you an offer. You can then choose the offer that best suits you. However, note that you may not qualify for short-term loans through ClearViewLoans if you do not:

• Have a job or receive regular income
• Earn at least $800 monthly
• Have an active checking account

You must also be at least 18 years old to access emergency loan providers through ClearViewLoans.

Costs

At ClearViewLoans, filling out and submitting loan requests is free. Instead of charging borrowers, ClearViewLoans charges the personal loan lenders that use the platform to find customers. Since the application process is free, you can use ClearViewLoans to access the best emergency loans without risking your own money.

Loan Uses

ClearViewLoans is one of the best platforms for getting fast cash for unexpected expenses. Unlike the typical online lending platform, ClearViewLoans allows you to spend emergency loans on anything you want, including weddings and holidays. However, note that if you do not fulfill your debt payment obligations within the agreed repayment period, you could face penalties from the lender.

Click Here to Check Rates or to Apply Online

#2. BadCreditLoans: Urgent Loans for Bad Credit

BadCreditLoans is one of the best platforms for accessing an emergency loan if you have bad credit. You can access a long- or short-term loan via the platform, but note that BadCreditLoans isn't the actual lender.

Like ClearViewLoans, BadCreditLoans connects customers with reputable lenders that work with people with low credit scores. The platform has a simple loan application process, and if you cannot find a suitable online lender, BadCreditLoans can show you ads for emergency loan alternatives.

Loan Amounts

At BadCreditLoans, you can access various emergency loans for bad-credit borrowers. Depending on your application, you can qualify to receive a loan of $500 to $10,000.

Note that interest rates and other repayment terms will depend on the loan contract you enter with a lender. You can find personal loans with interest rates between 5.99% and 35.99% and loan terms of 90 days to 72 months. If you want the best emergency loan, we recommend comparing loan offers from different lenders.

Eligibility Requirements

Unlike the typical online lender that considers just your credit score, BadCreditLoans does not require a minimum credit score. Even if you have a poor credit history, you can access various types of emergency loans. However, you may not qualify for a loan if you are not:

• At least 18 years old
• A U.S. citizen or resident
• Fully employed, self-employed, or receiving disability or Social Security benefits

You must also have a checking account, working phone number, and email address.

Costs

BadCreditLoans does not charge fees for its services. However, if you accept a lender's offer, that lender may charge an origination fee and other fees. The exact fee amount will depend on the loan provider you choose.

Loan Uses

Through BadCreditLoans, you can access emergency loans for almost any type of expense. The platform can offer this because its online lenders have different loan options for most financial needs.

Click Here to Check Rates or to Apply Online

#3. Upstart: Online Lender with Low Interest Rates

Upstart is one of the most reputable lenders for those seeking an unsecured personal loan. Over a million customers have successfully used the platform to get emergency cash, and the average customer review on Trustpilot is positive. However, you can't get an emergency loan from Upstart unless you have a fair to good credit score.

Loan Amounts

How much money you can borrow from Upstart will depend on your credit score. The platform's credit requirement may be inconvenient for bad credit borrowers, but other borrowers can take advantage of it to access high loan amounts.

For example, individuals with good credit can access up to $50,000 with a three- or five-year loan term. If you want less than that, you can get a minimum loan amount of $1,000, but that's if you have a fair credit score of 600.

Eligibility Requirements

Upstart will perform a soft credit inquiry before approving your emergency loan request. The soft credit inquiry won't affect your credit score, but accepting a loan offer and continuing the application process could affect your credit score.

Upstart typically only offers personal loans to individuals with fair credit (a credit score of at least 600). If you fall within this category, you can receive instant loan approval and get your emergency loan in your bank account within 24 hours.

Besides passing the credit check, you can't qualify for an emergency loan from Upstart if you don't have a regular source of income (minimum annual income of $12,000) or a job offer starting in six months. You must also have a U.S. address and be at least 18 years old.

Costs

Upstart charges an origination fee that can be as high as 8% of the loan amount. Depending on the amount of money you borrow, your loan interest can be between 5.31% and 35.99%.

Loan Uses

You can use personal loans from Upstart to pay for debt consolidation, home improvements, weddings, relocation, and medical costs. If you live outside of California, Washington, Connecticut, Illinois, and the District of Columbia, you can access loan options for school expenses.

Click Here to Check Rates or to Apply Online

#4. Avant: Fast Loans with Same-Day Funding

Avant is one of the top providers of unsecured personal loans. Over a million customers have benefited from the platform's emergency loan services, and the average user review indicates that Avant is fast and dependable. Other benefits of getting emergency loans from Avant include its user-friendly app and transparent monthly loan repayment terms.

Loan Amounts

Approved borrowers can access a minimum loan amount of $2,000. Customers with good credit can get unsecured personal loans of up to $35,000 and repay within 24 to 60 months. Depending on how much you borrow, interest rates at Avant can be between 9.95% and 35.99%.

Eligibility Requirements

Avant will perform a soft credit check before offering you an emergency loan. The soft credit check does not affect credit scores, and Avant typically gives loans to applicants with credit scores of 600 and above. Individuals with bad credit scores will have to contact other lenders for emergency loans.

You can increase your chances of getting an Avant emergency loan by achieving a 70% debt-to-income ratio. However, note that Avant does not accept co-signers or co-applicants. Since Avant reports to the three credit bureaus, a credit check may appear on your credit report if you accept a loan offer and complete the application process.

Costs

Avant charges an origination fee. Depending on your loan terms, the origination fee may be as high as 4.75%. Avant also charges WebBank late fees and dishonored payment fees when customers fail to pay within the agreed repayment period.

Loan Uses

Avant offers debt consolidation loans and some of the best emergency loans for medical expenses, auto repairs, relocations, home improvements, and other expenses. However, you can't use the borrowed money for business-related financial emergencies.

Click Here to Check Rates or to Apply Online

#5. PersonalLoans: Best Personal Loans up to $35,000

Personal Loans provides an easy and fast way to access various loan options for different financial emergencies. Like ClearViewLoans, Personal Loans doesn't provide an emergency loan. Instead, the platform connects customers with lenders.

After reviewing your information, loan providers that are willing to work with you will send you offers. You can then enter a loan agreement with the lender with the best offer.

Loan Amounts

The minimum loan amount that you can access via Personal Loans is $1,000. You can also find lenders willing to offer up to $35,000 with a two- or six-year payback period.

Depending on the loan amount and the lender, the interest rate can be between 6.99% and 35.99%. After receiving your loan approval, you can get the loan amount in your bank account within a business day.

Eligibility Requirements

Personal Loans uses a simple online form to determine customer eligibility for a loan. Eligibility requirements to access a personal loan via the platform include:

• Proof you are at least 18 years old
• A valid Social Security number
• U.S. citizenship or permanent residency
• A regular source of income
• A valid checking account

Within minutes of submitting the online form, you will have access to multiple funding options. Unlike other platforms, Personal Loans does not have a minimum credit score requirement. That means you can use Personal Loans to find online lenders that offer emergency loans to bad-credit borrowers. However, note that bad-credit loans typically come with higher interest rates.

Costs

Personal Loans has no hidden fees or upfront costs for its services. However, the company may receive compensation for sharing your information with lenders.

The lender you choose to work with may charge an origination fee or other fees. Origination fees typically vary between lenders. Fortunately, Personal Loans offers tools for reviewing lender rates and fees to find the most affordable online lenders.

Loan Uses

Personal Loans offers various emergency loan options. You can access debt consolidation loans or get a fast loan to cover unexpected expenses, finance a vacation, or even start a business.

Click Here to Check Rates or to Apply Online

What Are Emergency Loans and How Do They Work?

If you urgently need cash to resolve a pressing issue, you can consider getting an emergency loan. Emergency loans are loans that you can quickly get to pay for unexpected expenses or other urgent matters.

While several emergency loan types are available, the most common ones are short-term with high interest rates and fees. Most emergency lenders deliver loan proceeds to the borrower's account within a few business days of approving a loan application. Top lenders like Upstart and Avant can provide you with emergency funds within 24 hours of accepting your application.

How Do I Choose an Emergency Loan Lender?

Before you borrow money from an emergency lender, you should shop around and compare offers. That way, you can find the emergency loan provider with the best terms. If you borrow money from the wrong lender, you could end up with unfavorable terms that put you in a tighter financial spot.

While shopping around, look out for these features to find a lender that provides the best emergency loans:

Eligibility Requirements

Lenders typically only give emergency loans to U.S. residents who are above 18 with steady incomes. Most lenders also consider an applicant's credit history to determine their eligibility for emergency loans. For instance, many lenders only give loans to people with a minimum credit score of 600 – fair to good credit.

What if you have a poor credit history? You can still get loans with bad credit. However, note that bad-credit loans usually come with higher interest rates.

Loan Amounts

Lenders have minimum and maximum loan amounts that they are willing to give. For example, ClearViewLoans offers $200 to $5,000 while Avant offers $2,000 to $35,000. If you need less than $500, there's no point contacting lenders that won't go lower than $1,000. Also, if you have a bad credit history, you may not qualify to access a lender's maximum loan amount.

Cost

Lenders typically charge fees for providing services. These fees may include an application or origination fee. An emergency lender will also charge late payment penalties if you do not make your monthly payments on time.

The best emergency loans are affordable. Find such loans by shopping around for lenders with competitive fees and the most attractive interest rates. You should also read customer reviews to check if a lender charges hidden fees.

Payment Terms

Payment terms are a lender's conditions regarding the repayment of a loan. The terms will typically include the time you have to repay the loan and the interest rate the loan will attract.

The best emergency loans come with a convenient time frame for making monthly payments. If you borrow a few hundred dollars, you may have to repay the entire sum plus the interest within a few months. Depending on the lender, a larger loan may come with a one- or three-year term.

Some reputable lenders will even let you choose your monthly payment amount and term. However, note that more extended payment periods usually attract higher interest rates.

Speed of Funds

If you need an emergency loan, the sooner you can receive the loan proceeds, the better. As such, you should only work with an emergency lender that can deposit the loan proceeds in your bank account within one business day. If you want a faster loan, go for a lender that offers same-day emergency loans.

Online Services

Choose a lender that provides services via a user-friendly online platform. The best lenders offer 24/7 services via websites and mobile apps. The online platform should also be secure enough to prevent your private information from falling into the wrong hands.

How Do I Get an Emergency Loan with Bad Credit?

People only seek bad credit loans when they have a low credit score (300 to 600). A bad credit score indicates that a borrower is high-risk. Most lenders don't want to work with such individuals because they are less likely to repay loans on time.

If you have a low score, you can get bad credit loans quickly by contacting emergency lenders that offer such products. Lenders that provide emergency loans for bad credit may offer a secured or unsecured loan. An unsecured loan is easier to get because it doesn't require collateral, but secured loans attract lower interest rates.

An emergency lender may also offer these loan options:

Credit Union Payday Loan: Federal credit unions are non-profit organizations that financially assist their members. Most people opt for a credit union payday loan because such loans have less stringent conditions than a traditional payday loan. A credit union loan typically won't exceed $2,000, and the loan term can be 1 to 12 months with a maximum interest rate of 28%. However, note that you can only qualify for a credit union loan if you are a credit union member.

Apply with a Co-Signer or Co-Borrower: If you have a bad credit score, an emergency lender may give you a loan if you have a co-signer. The co-signer will agree to pay your debt if you default. However, a person can only be a co-signer or co-borrower if they have good credit or earn more income than the borrower.

If you have trouble accessing any of the above loans, below are emergency loan alternatives that you can pursue:

Zero-Interest Credit Cards: If you have a small but urgent expense,  you can apply for a 0% APR credit card and use it to pay. However, you can only get such a card if you have an excellent credit score. The card will give you access to interest-free financing for up to 21 months. After the introductory period ends, interest will begin to accrue. You can avoid paying that interest by settling your credit balance before the introductory period ends.

Family Loans: If you are on good terms with your family, consider borrowing money from one of them. Unlike other lenders, you don't need a minimum credit score or paperwork to borrow money from family. However, if you fail to repay your debt, your family member could sue you.

Medical Repayment Plans: Before taking a loan to settle your outstanding medical expenses, contact the hospital to discuss setting up a repayment plan. Hospitals that offer such options can provide you with an interest-free monthly payment plan. Alternatively, you can negotiate with the hospitals to accept a lower sum if you agree to pay it right away.

Nonprofit Organizations: You can find various charities that help vulnerable people settle their bills. For example, some nonprofits provide financial assistance to people facing eviction or who are about to lose their homes because of late payments.

What Are Emergency Loans Commonly Used For?

Some emergency lenders limit what borrowers can do with a loan. Top emergency lending platforms like ClearViewLoans and Avant do not have such restrictions. When an emergency loan has no restrictions, you can use it for almost anything, including:

Medical Bills: If your medical insurance cannot cover a medical emergency, you can access an emergency loan to cover the cost of treatment.

Rent and Mortgage Payments: An emergency loan can save the day if you cannot afford your upcoming rent or mortgage payment. Avoiding late mortgage payments is essential. If you are 30 days late, your mortgagee will report the missed payment to the credit bureaus, which will negatively affect your credit score.

Utilities: You can borrow money to stop the power, gas, or phone company from cutting you off. If you make utility payments on time, and your provider reports it to the credit bureaus, it could build your credit.

Funeral Expenses: A death in the family can occur without warning. Since the average funeral in the U.S. costs $7,000 to $12,000, an emergency loan can make the funeral expenses less of a burden.

Home or Car Repairs: Fixing a house after a fire or flood can be pricey. If you cannot pay for the repairs out of pocket or get a home equity loan to finance the repairs, get an emergency loan to cover the expenses. The same thing applies if you need emergency funds to repair your car, especially if you use the vehicle for business.

School: Education in the U.S. can be expensive. With an emergency loan, you can afford to pay tuition on time and avoid delaying your education.

Vacation: You can apply for an emergency loan to finance a staycation or a travel adventure.

Wedding: The averagewedding in the U.S. costs around $19,000. You can get an emergency loan to cover some or all of the wedding expenses.

What Are the Types of Emergency Loans?

Various emergency loan types are available. The most common ones include:

Payday Loans

Payday lenders offer emergency loans with short terms (one to two weeks). The loan contract will typically state that the borrower must repay the loan with their next check. While this sounds convenient, online payday loans usually feature extremely high-interest rates (up to 400%). Due to the high-interest rate, the Consumer Financial Protection Bureau (CFPB) advises against taking loans from payday lenders.

Home Equity Loans

If you have a house, you can get a home equity loan or home equity line of credit (HELOC). It is a secured loan that uses your house as collateral. If you breach the terms of the loan, the lender could take possession of your home. On the upside, the interest rates of home equity loans are typically competitive, and the repayment period can span years.

Personal Loans

Since a personal loan is an unsecured loan, you don't need collateral to get one. Due to the lack of collateral, personal loan amounts are usually smaller than secured loan amounts. Monthly payment options are available for paying back personal loans. The lender and the loan amount will determine if the loan term will be a few months or several years.

Credit Card Cash Advances

Besides making a credit purchase, you can use your credit card to get a cash advance from your credit card provider. However, most credit card companies charge high fees and interest rates for credit card advances. Also, if the advance causes your credit utilization rate to rise, it will negatively affect your credit score.

Auto Title Loans

Like payday loans, auto title loans feature high interest rates and fees. However, unlike payday loans that do not require collateral, an auto title loan will use your vehicle title as collateral. You can get up to 50% of your vehicle's value as an auto title loan. If you breach the terms of your loan agreement, you could lose your vehicle.

Where Do I Get an Emergency Loan?

If your friends or family can't give you an emergency loan, try getting the money you need from one of these loan providers:

Online Lenders

Some online lending platforms offer only personal loans, while others provide other types of short and long-term loans. However, the type of loan you can access will ultimately depend on the online lender's eligibility requirements. For example, if you have a poor credit score, you may be unable to access the maximum loan amount provided by the online platform.

Unlike traditional lenders, such as banks, an online lending platform will only perform a hard credit check after you accept its loan offer. That means you don't have to worry about multiple hard credit checks negatively affecting credit scores.

Even better, compared to a traditional lender that can take weeks to provide a loan, the right online lender can give you an emergency loan within a day. Before picking an online lender, go through customer reviews to verify that the lender is reputable and customer-friendly. The lender should also offer competitive interest rates and fees.

Banks

You can apply for a personal loan at a traditional bank. However, most banks will only give a personal loan to a customer with good financial standing. If you have a bad credit history, the bank may deny your loan application. That's because banks try to keep risk to a minimum and a poor credit score suggests that you are a high-risk borrower.

Depending on your standing with the bank, the loan application process may take days or weeks. You also need to submit a lot of paperwork. The long and complicated process is not ideal for someone who needs a loan urgently. On the upside, if you have a stellar credit history, the loan amount you can access from a bank is one of the highest.

Credit Unions

Community-based credit unions typically have friendlier loan terms than traditional banks. You can even get loans from credit unions if you have a fair or poor credit score. However, compared to online lending platforms and banks, the loan amount that you can get from credit unions is usually small.

Also, note that some credit unions only loan money to people who have been members for a certain amount of time. Without meeting the membership requirement, you may be unable to get a credit union emergency loan.

How to Build an Emergency Fund

Do you dislike the idea of applying for an emergency loan? If so, you should set up an emergency fund. An emergency fund is money you've put aside for a rainy day. Experts recommend that you should keep the equivalent of several months of living expenses on hand. With such savings in place, you should be financially ready to handle unexpected expenses. Follow these steps to start building your emergency account today.

Understand Your Expenses

Make a list of your monthly expenses and identify the unnecessary ones. Eliminate the unnecessary expenses to free up money that you can add to your rainy-day fund.

Open an Online or High-Yield Savings Account

The money you've saved from cutting your expenses shouldn't go into your regular bank account. If it's in your regular account, you could accidentally spend it. Instead, open an online or high-yield savings account with a higher interest fee than your bank offers and store the money there.

If you plan to grow your savings by investing in stocks, cryptocurrencies, or other assets, that's not a bad idea, either. However, note that investing comes with risks that could lead to losing your savings.

Make Regular Contributions to Your Emergency Fund

Don't contribute to the emergency account only when you have money left over. Make a conscious effort to deposit some amount every month. Regardless of how small the monthly deposit is, it will eventually amount to a useful sum.

Automate Your Savings

If you automate weekly or monthly deposits into your emergency account, you won't have to worry about forgetting to make your monthly deposits. Even better, if you are not manually making the deposits, you can avoid the temptation to spend the money on something else or quit funding the emergency account.

Replenish What You Spend

Don't stop growing your emergency account even if it contains enough money to cover six months of living expenses. If an emergency pops up, and you spend some of your emergency cash, work toward replacing the spent sum. That way, if another emergency pops up, you will be financially ready to handle it the next time, too.

Frequently Asked Questions

How fast can I get an emergency loan?

The speed at which you can receive an emergency loan will depend on the lender. Some emergency lenders offer next-day funding, while some offer same-day services. Traditional lenders, such as banks, can take days or weeks to process a loan.

All the lenders on our list of the best emergency loan platforms can provide an emergency loan within 24 hours. However, note that errors in your loan application may delay getting your desired loan.

What is the minimum credit score required to get a personal loan?

The minimum credit score to get a loan will depend on the lender. For example, most banks require a minimum credit score of 600. At top online lending platforms like ClearViewLoans and BadCreditLoans, you can get a personal loan even if you have a low credit score.

However, note that if your credit score is over 620, you have a better chance of accessing higher loan amounts with competitive interest rates.

Can I get a fast loan without a credit check?

Most online lending platforms perform a soft credit check before approving a loan request. A soft credit check is quick, and it will not affect your credit score. However, if an emergency lender agrees to give you a loan without performing a credit check, you can expect the loan to come with a high-interest rate.

Will an emergency loan impact my credit score?

Applying for an emergency loan will not affect your credit rating if the lender only performs a soft credit check. However, if you accept a lender's loan offer, it may affect your credit rating. Your credit rating will drop because accepting the loan will increase your outstanding debt.

If you have a history of paying back loans on time and keeping your debt to a minimum, the impact on your credit rating will be minimal. Also, if you repay the emergency loan on time, it could help build your credit rating. An improved credit rating will boost your chances of getting even better loans in the future.

What is the difference between a secured and unsecured loan?

Secured loans are personal loans that require some type of collateral. The collateral will be an asset you own, such as real property, stocks, or a car. If you breach the terms of your loan, the lender can take possession of the collateral to cover your debt.

Since secure loans are less risky for lenders, borrowers can enjoy lower rates and access higher loan amounts. Examples of secured loans include mortgages, HELOCs, and vehicle loans.

An unsecured loan does not require any collateral, and lenders consider the loan type high risk. That's why most lenders cap unsecured loans at $50,000.

Note that a lender may not approve an unsecured loan request if the borrower lacks a steady source of income and a good credit score. Examples of unsecured loans include credit cards, student loans, and personal lines of credit. Also, unsecured loans typically come with a higher interest rate.

What's the highest loan I can get with a poor credit score?

Some online lending platforms can provide you with up to $25,000 even if your credit rating is poor. However, you should not borrow the maximum amount offered by a lender unless you absolutely need it.

Bad-credit loans usually have a high interest rate. If you take a huge loan with a high interest rate, you may have trouble repaying the debt. Late payments will put you deeper in debt and cause more damage to your credit rating.

Is there any alternative to interest-based loans?

If you want an interest-free loan, consider borrowing money from a credit union or loved one. Borrowing from a friend or relative is usually less tedious, and you won't have to deal with the strict conditions of the typical corporate lender.

However, should you fail to repay your relative within the agreed time, they could sue you. Even worse, failing to pay the debt could ruin relationships and your image within the family.

Get Fast Cash for Emergency Expenses

Now that you know about the best emergency loans, which emergency lender will you contact for a loan? We recommend choosing a lender that can offer fast loan application processing and a loan amount that meets your needs. If you have a low credit score, look for a lender that offers bad-credit loans.

Do you want an easy-to-use platform where you can find and compare lenders with minimal effort? Visit ClearViewLoans. However, if you want to borrow up to $50,000, Upstart should be your next stop. Are low interest rates your priority? PersonalLoans has some of the most competitive interest rates – 6.99% for a two-year loan.

*This article is provided by an advertiser and not necessarily written by a financial advisor. Investors should do their own research on products and services and contact a  financial advisor before opening accounts or moving money. Individual results will vary. Foreign companies and investment opportunities may not provide the same safeguards as U.S. companies. Before engaging with a company, research the laws and the regulations around that service, and make certain the company is in compliance. For comprehensive guidance on U.S. investments and financial regulations, visit the Securities and Exchange Commission (SEC)'s Investor.gov.

beckerfroughts.blogspot.com

Source: https://www.sfgate.com/market/article/best-emergency-loans-16685462.php