How We Came Up with This List

How We Came Up with This List

Best of all, Fiona doesnt charge a fee for its services, so you can compare loan options for free. Credit score requirements and fees charged by lenders that Fiona works with vary.

The primary drawback of Fiona is that the company only refers you to lenders in its network. There might be other options out there that can give you a better deal, so it shouldnt be a one-stop-shop for your lender comparison.


Upstart is a unique personal lender that looks at more than just your credit when considering loan applications. This makes it a great choice for people who have bad credit and need an emergency loan.

On top of looking at your credit, Upstart considers things like your employment and educational history. If you studied an in-demand field or have a solid job history, you might be able to qualify for loans youd have trouble getting based on your credit score alone.

Rates range from 8.69% to % and loans can get approved and funded in as little as a day. Loan amounts range from $1,000 to $50,000, though some states have higher minimums.

When choosing the best lenders for emergency loans for people with bad credit, we look for lenders that offer the best possible rates and fees while maintaining flexibility in repayment terms and the amount you can borrow.

  • Fees and interest rates directly influence the cost of the loan.
  • Repayment terms determine the monthly cost of the loan and how long it takes to repay.

People with bad credit typically have to accept loans that have higher fees and rates than people with good credit. Make sure you fully understand the fees, interest rates, and repayment terms of any loan you take out.

What is a Personal Loan?

Unlike mortgages or auto loans, which are designed for specific purposes, you can use the money you borrow with a personal loan for almost anything. Personal loans are great for consolidating debt, paying a car repair bill, or funding a project.

Beyond their flexibility, personal loans are useful because they tend to offer reasonable interest rates. Where credit cards often charge double-digit interest rates, many lenders offer low rates on personal loans to people with good credit histories. This makes them a good way to borrow money at a low cost.

Many personal lenders also offer secured personal loans. These loans require some form of collateral, often a CD at the lending bank, but are easier to qualify for and charge even lower interest rates than the typical unsecured personal loan.

Why are Personal Loans Good for Emergencies?

One is that there are many banks and lenders that offer them. You can easily find half a dozen or more lenders to work with. This gives you the opportunity to compare multiple lenders and find the best deal for your situation.

Another is their customizability. Typically lenders will let you borrow anywhere from a few thousand to tens of thousands of dollars. You can also choose repayment terms ranging from two to five years. Some lenders, of course, break this mold, letting you borrow up to $100,000 or extend your repayment out to seven years or longer.

This customizability is useful because it makes it easy for you to set your monthly payment at an amount that falls within your budget.

How Do I Get an Emergency Loan with Bad Credit?

Whether you have good or bad credit, the first step to get a loan is to choose a lender and submit an application.

If you have bad credit, you should think about your odds of getting approval from each lender before you apply. Some lenders tend to target customers who have strong credit scores while others are more open to working with people with poor credit.