Undoubtedly, some needs require urgent attention, and having access to cash often brings relief. Most people with bad credit are often bothered about how to get emergency loans for their needs. Here’s the good news: there are tons of companies and lenders that can still offer you emergency loans, regardless of your bad credit.
In this article, we will provide comprehensive and detailed information on some of the best places to get emergency loans for bad credit. If you don’t want to miss out on valid information, ensure you read to the very end of this article.
Tips for Comparing Emergency Loans for Bad Credit
How do you get the best option for lenders who give out emergency loans for bad credit? Follow these tips:
- Review your credit score.
- Check interest rates.
- Read the terms and conditions.
- Compare repayment terms.
- Research lenders.
Aside from the aforementioned tips, it is essential to read reviews and customer feedback about the lender you are getting the loan from. All of these would help you determine the type of lender that is trustworthy and credible.
5 Best Emergency Loans for Bad Credit
Based on our findings and proper research, we have helped to curate a list of the 5 best emergency loans for bad credit. They include the following:
- Upgrade
- Avant
- Upstart
- Universal credit
- LendingPoint
• Upgrade
Coming first on our list is Upgrade, which is known for its excellent offer to individuals who seek emergency loans with bad credit. A minimum score of 580 can qualify you for an emergency loan from Upgrade. Upgrade gives out personal loan amounts within the range of $1,000 to $50,000.
Beyond the loan amount it offers, Upgrade has a streamlined lending process and mobile app that enable borrowers to check their loan status, view their balance, and make payments. The eligibility requirement is flexible, and they pay borrowers directly.
However, if you take out an emergency loan from Upgrade and default, you will be charged for late payments. If your money is also insufficient to repay your loan, there’s a fee attached. Upgrade also charges an origination fee between 1.85% and 9.99%. It is important to factor in the downsides when getting a loan from Upgrade.
• Avant
Avant is the second-ranked best emergency loan for bad credit. They specialize in offering loan amounts of $2,000 to $35,000 to borrowers with fair or bad credit. If you have a minimum credit score of 580, you can take out an emergency loan from Avant. It has flexible repayment terms of two to five years, giving the borrower more than enough time to repay their loan.
With Avant, you can get secured and unsecured loans, with loan terms available for up to 60 months. Kindly note that cosigners and co-applicants are not allowed when filling out the application for Avant loans. Also, Avant charges an upfront administrative fee and a high starting APR for prime borrowers.
Just like every other lender, Avant loans come with a price tag. So, we advise that you carefully review the terms and interest rate before taking out the loan.
• Upstart
This is yet another great emergency loan for bad credit. Upstart offers a wide and flexible range of loan options, with amounts ranging from $1,000 to $50,000. If you seek a convenient repayment term, consider getting your emergency loan from Upstart. Lenders are given the privilege of repaying their loan for a period of three to five years.
Upstart emergency loans are available to borrowers with bad or no credit history. They also allow individuals to choose a custom payment date.
It is important to note that Upstart does not offer a co-signer option, and the repayment terms should be strictly adhered to.
• Universal Credit
Universal Credit is a lending platform that offers personal loans ranging from $1,000 to $50,000. Borrowers with a minimum credit score of 580 can qualify for the Universal Credit Loans. The repayment term is three to seven years. So, we advise lenders to utilize this sufficient period of time to gather their loan amount and repay them.
Although Universal Credit is accessible to those with bad credit, it also has its downsides. The APRs it charges are on the high side, and it also charges a 5.25% to 9.99% origination fee on all personal loans. It is important that you factor in the APRs and origination fee in order to make informed choices.
• LendingPoint
This lender is best known for fast funding and below-average credit. The minimum credit score to qualify for an emergency loan from LendingPoint is 600, and they offer loan amounts ranging from $2,000 to $36,500. The repayment term ranges from two to six years.
However, if you reside in Nevada or West Virginia, LendingPoint loan options are not available for you. It is also important to note that co-signers and co-applicants are not permitted.
In conclusion, all of these best emergency loans for bad credit offer flexible repayment terms, accessible qualification requirements, and other benefits. However, before taking out an emergency loan, ensure the repayment schedule suits your budget.
How Do I Get an Emergency Loan with Bad Credit?
There are certain expenses that can arise unexpectedly, which can make it difficult for some individuals to cover, especially if they have bad credit. The good news is that you can still explore other options, regardless of your credit history.
If you have bad credit and you need an emergency loan that would help cover certain expenses, you need to shop around and find a lender that is willing to work with those with bad credit. However, it is important to note that lenders that offer emergency loans with bad credit will most likely offer you the loan with fees and interest rates that can be difficult to pay back.
We advise that you reach out to your current bank or credit union. Since you have a standing relationship with them, they may be willing to offer you an emergency loan, even with your credit history. In addition, you can also apply for an emergency loan with a co-signer since he or she has a good credit score and is willing to take responsibility for the loan if you are unable to repay it. This would help increase the chances of getting your loan approved.
