Best Emergency Loans - 2020

We list loans up to $40,000 with loan terms from 14 days up to 6 years. Some loans require as low as $1,000 in monthly income, and with $2,000 as recommended income before tax.

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Common Amounts

Popular loan amounts our visitors look for and that we can provide options for

$2,000

$5,000

$10,000

Three types of loans to consider

Installment loans – These are paid back in installments, as quickly as 90 days or up to 1 year. Popular sums to borrow range between $2,000 to $5,000 and even as high as $10,000. There’s often no hard credit check and lenders typically accept low credit scores.
Personal loans – Borrowers may receive high amounts up to $40,000, paid back over a period up to 6 years. They normally have low interest rates starting at 6%. Lenders use a hard credit check that affects your credit score and requires a good credit score to secure. Applications might take longer to process, depending on the lender. Recommended income, $2,000 monthly before taxes.
Payday loans – Repayments are normally structured as lump sum payments with a duration of 15 to 30 days. Popular sums to borrow range between $100 to $1,000. Most lenders welcome any credit score.

Read more about requirements, credit checks and fee’s below »

Loans for emergencies

Rachel Morey
Writer

Rachel a writer based in the Midwestern United States. She specializes in personal finance, insurance, retirement, and credit. Her work has appeared on over 100 websites. She has ghostwritten for several print publications including Worth, Kiplinger’s Retirement Planning, Money Today, and Startup. About us »

Do you need to consolidate high-interest rate credit cards or do you just need emergency cash? Either way, there may be options even if you have a bad credit. Many lenders offer loans as high as $40,000, with the most popular amounts ranging between $1,000 and $5,000. Sometimes you can get paid as fast as one day after you submit your application for a loan or even the same day, although the timing varies depending on your lender. The popularity of smaller loans for bad credit is on the rise, and many people are opting for these loans as a means of fulfilling their short-term needs.

For a possibility to secure these loans you should at least meet these minimum requirements:

Own a checking account
Be above 18 years
Have a minimum of $1,000 monthly income after taxes

These are applicable to payday, installment and personal loans.

Convenient for Urgent Financial Needs

Payday and installment loans are loans that normally have a near instant decision time, you quickly know if you’re approved or not. Even if you’re working, you might face a sudden financial issues that needs a quick response. These situations may cause you to look for an advance even if your salary is just a few days or weeks ahead.

For instance, if you urgently need to repair your car and you don’t have enough cash, you may be forced to seek a loan. When your needs are pressing, a installment loan might work out perfectly for you. Such loans are quick and convenient, especially when you can’t access credit. Most lenders offer emergency loans online for popular sums like $5,000, so there’s no need to visit any bank or store. Even when you’re unemployed or between jobs, it might be possible to secure a guaranteed loan.

Payday & small installment loans offer benefits including

They are usually quick and simple to secure.
Usually no hard credit checks from major credit bureaus are required. However, your lender may do some checks to verify your income.
Same day deposits in some cases, most common is next business day deposit.
Can help your credit score by allowing you to pay your monthly bills in time.
Common sums to borrow is up to $5,000 but might be as high as $10,000.
Bad credit score are almost always allowed.
With installment loans, choose a repayment plan that works for you. After you submit your application, your direct lender will present an option. It’s recommended to apply at several sites to compare offers.

Is there anything like $5,000 guaranteed loan approval with no credit check available?

Every now and then we get questions about lenders that can guarantee approval and with no credit check for sums like $5,000. This is simply not possible to guarantee, but the good news is that lenders have wildly different requirements. And some don’t even use hard credit checks, so your credit score won’t be affected by the application itself. With that said if you have problems getting approved for a loan, try to apply at many different loan sites. If denied wait some time, and try again. Just make sure the site doesn’t use hard credit checks, most of the non-personal loans on this site doesn’t do hard credit checks.

Rachel Morey
Writer

Credit Checks

Credit checks vary depending on your lender and the type of loan you’re applying for. A soft check is more like a background check and doesn’t appear on your credit report. These are common for certain types of loan applications, as well as employment and rental applications.

What is a hard credit check?
A hard check, on the other hand, goes a little more in-depth with your credit history. You also need to give your permission for a hard pull on your credit report. It can cause a temporary dip in your credit score and stays listed as an inquiry for two years.

What are lenders looking for?
Lenders typically like to see on-time payments to show that you’re likely to repay your new loan on time. They might also look into how much debt you currently have to see if adding on anymore would be overly burdensome for you to keep up with.

Do all lenders perform a credit check?
In some cases, lenders may not perform a credit check at all. This is especially true for payday loans and short-term installment loans. Instead of checking your credit, they verify your income.

Credit checks can be an important part of the loan application process, but not always. It usually depends on your lender and the type of loan you need.

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Fees

The cost might be around $10 to $30 for a $100 payday loan. For instance, with a two-week payday advance it is possible to attract an interest rate of $15 for every $100. The amount you can borrow is regulated by state laws. Different states have different laws when it comes to payday loans.

For installment loans, common rates are between 5.99% to 35.99%.

There are no financial guarantees in life. You may encounter an urgent financial need which will prompt you to seek a loan. In fact, it’s common for anyone to need loans for emergency help at some point.