Best emergency loans of October 2024

Whether you’re facing a sudden home repair or unexpected medical expenses, if you’re in a pinch for cash, emergency loans may be able to help. Emergency loans are a type of personal loan so they generally have much more favorable interest rates and fees than payday loans.

CNBC Select rounded up the best emergency loans with fast applications and quick access to funds. We also considered factors like interest rates, fees, loan amounts and term lengths offered, plus other features including how your funds are distributed, any discounts and customer service options. (Read more about our methodology below.)

Who’s this for? Upstart is ideal if you have a poor credit score as it only requires a minimum score of 300. It also considers applicants who don’t have enough history to generate a credit score.

Standout benefits: Upstart looks at more factors than just your credit when reviewing applications, including your education and employment history. You can check your loan terms without a hard inquiry before you apply. Once approved, you can get the funds as quickly as the next business day.

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Who’s this for? LightStream is worth looking into if you want more time to repay your loan. It offers low annual percentage rates (APRs) and loan terms for as long as 20 years, the longest on this list.

Standout benefits: LightStream offers its users a $100 guarantee if they are not completely satisfied with their loan process.

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Who’s this for? LendingClub is a great option if you want the option to add a co-borrower to your loan to potentially boost your approval odds. The co-borrower’s income and credit history will also be considered, and they will also be responsible for paying the debt.

Standout benefits: LendingClub offers a 15-day grace period to make payments to avoid any penalty fees.

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Who’s this for? OneMain Financial could be a good option if you have little or no credit history as it has no minimum credit score requirements.

Standout benefits: Once you accept your loan you could receive access to your funds in as little as one hour. OneMain Financial also doesn’t charge prepayment penalties if you pay off your loan balance earlier than expected.

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Who’s this for? Avant appeals to those with fair credit scores as most of its customers have a score between 600 and 700.

Standout benefits: Avant offers a 10-day grace period to make payments without a penalty. It also has a user-friendly mobile app where you can receive notifications about your loan, change key dates and make payments.

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Who’s this for? Upgrade can help you save money thanks to its many discounts, such as for enrolling in autopay, using the loan to pay off existing debt and for having other eligible Upgrade products.

Standout benefits: Upgrade loans come with a 15-day grace period. Upgrade also offers secured loans that require collateral in exchange for a potentially better rate.

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Who’s this for? SoFi could be a good fit if you’re looking to take out a large emergency loan as it has high upper limits of $100,000.

Standout benefits: If you’re planning to use your loan to pay down credit card debt, SoFi offers Direct Pay, which will pay your credit card company directly using your loan funds. It also offers a 0.25% discount on your APR for signing up for autopay and doesn’t charge any late fees, origination fees, or prepayment penalties.

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Who’s this for? Prosper is worth considering if you are looking for an alternative lender than a big bank or credit union.

Standout benefits: Prosper is a peer-to-peer lender and allows you to use a co-applicant to boost your approval odds or lower your rate. You can check your rates before applying without affecting your credit score.

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Who’s this for? Rocket Loans offers you the ability to receive your funds within the same day of your approval depending on eligibility.

Standout benefits: Rocket Loans offers a discount for making automatic payments and doesn’t charge a prepayment penalty.

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Who’s this for? Best Egg offers both unsecured and secured loans which might appeal if you are still on the fence about some of your options.

Standout benefits: Best Egg offers a $150 gift card to you and a friend should you refer them and they complete the required steps.

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Upstart has originated over $39 billion in loans for its customers. It offers three and five-year loans between $1,000 and $50,000. It charges no prepayment penalty fees but its loans can still potentially come with high costs. For instance, you may have to pay up to 12% in origination fees. Funds can be disbursed as quickly as the next business day if you accept the loan before 5 p.m. EST Monday through Friday.

• Loan amounts: $1,000 to $50,000
• Loan terms: 36 and 60 months
• Credit needed: Credit score of 300 on at least one credit report, but may accept applicants with insufficient credit history
• Quickest funding time: 1 business day

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LightStream, part of Truist Bank, offers loans with competitive rates and flexible terms for people with good credit or higher. It doesn’t charge any origination, administration or early payoff fees and offers an autopay discount of .50% off your interest rate. If you get approved for an unsecured loan with a lower rate from a competing lender, LightStream promises to beat it by 0.10%.

• Loan amounts: $5,000 to $100,000
• Loan terms: 24 to 144 months
• Credit needed: Good
• Quickest funding time: Same day

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OneMain Financial aims to provide nonprime customers access to credit. It has over 1,300 physical branches across 44 states. While there are no early payoff penalties, the lender charges origination fees of either a flat fee ranging from $25 to $500 or a percentage of the loan you’ve taken out, ranging from 1% to 10%, depending on your state. And while most personal loans are unsecured, OneMain Financial offers borrowers the option of using collateral to potentially receive better loan terms.

• Loan amounts: $1,500 to $20,000
• Loan terms: 24 to 60 months
• Credit needed: Poor/fair
• Quickest funding time: 1 hour after closing

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Avant Personal Loans can be a good option for those who need money in a pinch. It works with applicants with credit scores as low as 580 and you can prequalify with only a soft inquiry. You can receive your funds as early as the next day, can borrow as little as $2,000 and as much as $35,000, and loan terms range from 24 to 60 months. While there are no early payoff penalties, there is an origination fee of up to 4.75% and a late fee of up to $25 after the 10-day grace period.

• Loan amounts: $2,000 to $35,000
• Loan terms: 24 to 60 months
• Credit needed: Poor/fair
• Quickest funding time: 1 business day

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Upgrade was founded in 2016 and has since provided its users with over $31 billion in credit. You can borrow up to $50,000 with terms ranging from just two years to 84 months. The online application process can be completed in minutes and you can receive your funds as quickly as the same day.

If you have an Upgrade Rewards Checking Plus account and contribute a $1,000 monthly direct deposit, you can qualify for loan interest rates of up to 20% lower.

• Loan amounts: $1,000 to $50,000
• Loan terms: 24 to 84 months
• Credit needed: 600+
• Quickest funding time: 1 business day

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Founded in 2011, SoFi has helped its customers pay off over $34 billion in debt. You can receive up to $100,000 in personal loan funding, the largest amount available on this list. SoFi personal loans do not require origination fees and there’s a 0.25% interest rate reduction for signing up for autopay. 

In addition to personal loans, SoFi offers a range of other financial products, such as checking and savings accounts, mortgages, investing accounts, credit cards, credit monitoring and more. SoFi customers also enjoy special perks like free personalized advice from a financial planner.

• Loan amounts: $5,000 to $100,000
• Loan terms: 24 to 84 months
• Credit needed: Good/excellent
• Quickest funding time: Same day

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Prosper was started in 2005 with the goal of helping their customers achieve financial well-being through their reasonable rates and quick approvals. It offers a peer-to-peer personal loan marketplace that provides an alternative to large financial institutions. Origination fees are between 2.41% to 5% and get deducted from the loan proceeds. Similar to many lenders, checking your rate with Prosper will not impact your credit score. If approved, you can have your money deposited into your bank account in as little as one business day.

• Loan amounts: $2,000 to $50,000
• Loan terms: 24, 36, 48 or 60 months
• Credit needed: 640+
• Quickest funding time: 1 business day

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Rocket Loans is one of the sister companies of Rocket Mortgage, one of the nation’s largest mortgage lenders. Rocket Loans can provide same-day funding and doesn’t charge a prepayment penalty. It only offers two repayment terms: three or five years.

• Loan amounts: $2,000 to $45,000
• Loan terms: 36 or 60 months
• Credit needed: Not disclosed
• Quickest funding time: Same day

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Best Egg aims to provide users with the financial products they need to succeed. It offers secured and unsecured personal loans of up to $50,000, though the maximum may be slightly lower in some states. Borrowers are charged an origination fee of 0.99% to 8.99% which is deducted from the loan proceeds. According to the site, about half of its customers get their funds the next day. To be considered for a term of up to 84 months, you must apply for the secured loan option. Otherwise, the maximum loan term is 60 months.

• Loan amounts: Up to $50,000
• Loan terms: 36 to 84 months
• Credit needed: Not disclosed
• Quickest funding time: 1 business day

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Paying off your loan quickly means you’ll pay less in interest compared to the same loan with a longer repayment term. Similarly to other loans, having a strong credit score will often benefit you through more favorable terms.

• Eligibility: Each lender is going to have a different standard for approving loans, so knowing your credit score and other financial info can help you narrow down your selection.
• APR: A lower APR means lower interest payments, so shopping around for lower rates before committing to your loan could end up saving you a chunk of change.
• Payment timeline: Generally emergency loans have shorter repayment terms, but its most important to pick a timeline you feel confident you can meet financially.
• Funding time: With emergency loans time is of the essence, so once approved, you should be able to receive your money in a matter of days or even hours.
• Fees: It’s not uncommon for emergency loans to come with different fees, including an origination fee. None of the loans on this list charge early repayment fees.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of personal loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best emergency loans.

To determine which emergency loans may be the best fit for applicants, CNBC Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions. Some of those options may have origination fees. We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

When narrowing down and ranking the best personal loans, we focused on the following features:

• Fixed-rate APR: With a fixed-rate APR, you lock in an interest rate for the duration of the loan’s term, which means your monthly payment won’t vary.
• Flexible loan lengths: Each lender provides multiple loan lengths to select from.
• No early payoff penalties: The lenders on our list do not charge you for paying off loans early.
• Streamlined application process: We considered whether lenders offered same-day approval decisions and a fast online application process.
• Customer support: Every provider on our list has customer service available via telephone, email or online messaging.
• Unsecured loans: Every provider on this list offers unsecured loans, while some may also offer secured loans.
• Fund disbursement: The loans on our list deliver funds promptly and securely, some within the same day of approval.
• Creditor payment limits and loan sizes: The above lenders provide loans in an array of sizes, from $1,000 to $100,000. Each lender advertises its respective payment limits and loan sizes, and completing a preapproval process can give you an idea of what your interest rate and monthly payment would be for such an amount.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.  

The rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee your interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, many lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

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