The Best Emergency Loans for Bad Credit of April 2022


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An emergency loan is a good option for people with bad credit need quick money and don’t want to turn to payday or auto title loans. Interest rates and fees are usually better, and borrowers can now choose from many lenders to find the best deal.

What is an emergency loan?

An emergency loan is a personal loan to cover large or unexpected expenses. Most lenders allow for almost any type of emergency. When choosing an emergency lender, it’s important to carefully consider interest rates, terms, and fees to keep borrowing as affordable as possible.

What are the best emergency lenders for people with bad credit?

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

1. SeedFi

  • Best for free borrowing
  • APR between 7.42% and 29.99%


Aside from a late fee, SeedFi has no setup costs or other fees. Default interest is paid into the borrower’s savings account that accompanies the loan. Late fees are returned to the borrower after deposit into a SeedFi savings account when the loan is paid in full.


While an emergency loan can sometimes be necessary, it can be a slippery slope and make a bad credit situation worse. With SeedFi, the amount borrowed is split between the loan and a savings account. The savings account serves as security. Once the loan is fully repaid, the borrower receives the money in the savings account.

SeedFi reports payments to the three large credit bureausenabling responsible borrowers to rebuild credit.


Because a portion of the loan goes into a savings account that cannot be accessed until the emergency loan is repaid, some borrowers may not receive enough of what they borrowed to meet their emergency needs. Payment schedules are adjusted to customers’ paycheck cycles. This means that every paycheck has money to pay off the loan.

2. Upstart

  • Best for borrowers with low credit scores
  • APR between 3.09% and 35.99%


Upstart’s minimum credit requirement is only 300. Borrowers may be required to meet other qualifications. Upstart also accommodates those with poor credit.


Upstart takes educational history and earning potential into account. This can help younger borrowers who have little credit but higher earning potential.


Upstart takes into account that of an applicant debt-to-income ratio, which may result in some potential borrowers not being approved. Borrowers must not have had a bankruptcy in the past 12 months. Borrowers must be employed or have a full-time job starting within six months or have another source of income to qualify.

3. Update

  • Best for long durations
  • APR between 5.94% and 35.97%


Upgrade is ideal for those who have a larger amount to borrow and require longer repayment periods. Some borrowers may qualify for up to $50,000 and loan terms of up to 84 months.


Borrowers who are unable to qualify for an emergency upgrade loan may be eligible for a secured emergency loan through an automatic refinance with disbursement. An auto refinance with payout can help some borrowers get a better interest rate than an unsecured emergency loan.


To get the lowest interest rates, borrowers must sign up for Autopay. Some may need to pay off some of the existing debt directly with the emergency loan, limiting the funds available for emergencies.

Upgrade has a high origination fee that varies from 2.9% to 8%.

4. OneMain Financial

  • Best for borrowers with co-applicants
  • APR between 18% and 35.99%


Very few emergency lenders allow co-applicants. This can help some borrowers qualify who otherwise would not be able to.


OneMain Financial offers terms of 24, 36, 48 and 60 months. It also has a secured loan option.


Processing fees can be high – for some borrowers, they can be as high as 10% of the loan amount. The maximum loan amount is $20,000.

5. Rocket Loan

  • Best for same day payments
  • APR between 5.97% and 29.99%


For borrowers who need money immediately, Rocket Loans can receive money the same day, depending on which bank receives the money. In most cases, the money is available within a few days.


Rocket’s minimum credit rating requirement is 580. Other factors also determine eligibility. Borrowers who choose Autopay receive an interest rebate.


Rocket charges a 1% to 6% processing fee on each loan. Term options are limited to 36 months or 60 months.

Good to know

When processing a loan, a processing fee is charged upfront by the lender. A 10% processing fee means that the borrower only receives 90% of the amount borrowed. Loans should avoid high issuing fees if possible.

Final recording

Emergency loans for bad credit have made it possible for borrowers who were previously limited to auto titles payday loan get needed cash. Most borrowers with bad credit should be able to find a loan option that they qualify for. You may simply not be entitled to enough, and the prices and fees could be high.

Borrowers should compare options carefully to find the best possible loan terms and interest rates. Secured loan options and signing up for Autopay can help some borrowers get a better interest rate.

Frequently asked questions about the emergency loan

Here are some of the most frequently asked questions about emergency loans for bad credit.

  • What should I do if I need money urgently?
    • Those who urgently need cash can apply for an emergency loan through a lender on the same day. Another option is a credit card cash advance. A cash advance has a variable APR, while most emergency loans have a fixed rate.
  • How do I get an instant loan with bad credit?
    • Many emergency lenders make loans to people with bad credit, some with credit scores as low as 300. These loans typically have higher interest rates and may require collateral, such as a bond. B. a secured loan.
  • Which loan is the easiest to get?
    • Payday loans and car title loans may be the easiest to qualify for, but they’re also expensive ways to borrow money. A secured emergency loan might be a cheaper option.

Our in-house research team and on-site financial experts work together to create content that is accurate, impartial and timely. We verify every single statistic, quote, and fact against trusted primary sources to ensure the information we provide is accurate. Learn more about GOBankingRates’ processes and standards in our editorial policy.

About the author

Andrea Norris has been in the web publishing business for 15 years as both a content writer and editor, specializing in personal finance, frugal living, home and auto. She writes both short and long form content and is well versed in SEO keyword research and writing.


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