Happy Home Insider
Why get an emergency loan? Because if you don’t have sufficient savings to pay for unexpected funeral expenses, medical bills, past-due rent or mortgage payments, etc., you may need that funding to keep you afloat.
Where can you get an emergency loan? You could try a bank or credit union, or give these popular online lenders a look:
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SoFi
You can get a personal loan from SoFi to cover an emergency, as the lender offers financing between $5,000 and $100,000. Choose the autopay option, and you can get an APR in the 5.74% and 21.28% range.
You’ll need a minimum credit score of 680 for a SoFi emergency loan, but joint applications are allowed. Its high loan amounts and lengthy terms make it a solid pick, as does the fact that SoFi offers one to two-day funding with no fees.
Before applying for an emergency loan from SoFi, know that they do not accept co-signers, and the requirements (like the 680 credit score) may be a bit strict for some borrowers.
Avant
Avant lets you apply for an emergency loan between $2,000 and $35,000 and offers an approval decision within minutes. APRs sit in the 9.95% and 35.99% range with 24 to 60-month terms. There is an administration fee of 4.75%.
Who should apply to Avant? Someone with a lower credit score, as the lender accepts borrowers in the 580 range. You can get next-day funding, and the lengthy terms are a plus, but no co-signers or co-applicants are accepted, the APR could get high for certain borrowers, and that administrative fee is quite costly.
Upstart
Upstart offers emergency loans between $1,000 and $50,000 with 5.22% to 35.99% APR. You must have a minimum credit score of 600, and you can prequalify online without pulling your credit.
Co-signers are not accepted, and there is an 8% origination fee. You can choose between three or five-year terms to repay the loan.
Upgrade
Here is an online lender that may be the top choice for borrowers with bad credit, as you can get in the door with a 580 score. Upgrade’s emergency loans range between $1,000 and $35,000 with 5.94% to 35.97% APR.
Upgrade does not charge a prepayment penalty, but it does have origination fees up to 8%, late payment fees, and insufficient funds fees. While convenient for borrowers with less than stellar credit, the APR could get high and lead to a costly emergency loan.
LightStream
Some say that LightStream is the best option for emergency loans since it offers fast approval and funding, competitive rates, and zero origination, late, or prepayment fees. To get a $5,000 to $100,000 emergency loan from LightStream, you will need a 660 credit score. APRs sit in the 3.49% to 19.99% range for those who choose the autopay option.
While a solid provider of emergency loans, LightStream does have a few downsides. You cannot change the due date on your loan, there is no prequalification process, and you will have to follow rules on how you use the loan proceeds.
