Best Emergency Loans For Bad Credit Of 2024

Upgrade was launched in 2017 and provides accessible online and mobile credit and banking services. Since that time, the platform has made more than $3 billion in credit available to over 10 million applicants and continues to expand its online and mobile services. Although maximum APRs are on the high end compared to other online lenders, Upgrade makes loans available to those with poor credit history.

Loans amounts, which range from $1,000 to $50,000. Upgrade has two- to seven-year terms  available. Upgrade charges an origination fee between 1.85% and 9.99% of the loan, and borrowers will encounter a $10 fee if their payment is more than 15 days late or if the payment does not go through; there are no discounts for autopay. That said, Upgrade borrowers are not subject to a prepayment penalty, so you can reduce the overall cost of the loan if you’re able to pay it off early.

Beyond offering accessible personal loans, Upgrade streamlines the lending process with a mobile app that lets borrowers view their balance, make payments and update personal information. Upgrade’s Credit Heath tool also makes it easy to track your credit score over the life of your loan.

Eligibility: 

• Minimum credit score: 580
• No minimum income requirement
• Allows co-applicants

Loan uses:

• Debt consolidation
• Home projects
• Large expenses
• Business expenses

Founded in 2012 and based in Chicago, Avant is a consumer lending platform that offers secured and unsecured personal loans through a third-party bank (WebBank). Unsecured loans are available in Washington, D.C. and every state but Hawaii, Iowa, New York, Vermont, West Virginia and Maine. The platform specializes in middle-income borrowers with fair to good credit and only requires a minimum score of 580 to qualify.

Maximum loan amounts are low compared to other lenders, but the low minimum amount and flexible repayment terms (two to five years) make it an accessible option for borrowers. However, as with many loans for subprime borrowers, Avant personal loans come with a price. In addition to charging an administrative fee of up to 4.75% of the loan amount, Avant’s APR range (9.95% to 35.99%) is on the high end for applicants with a good to excellent credit score—and there is no autopay discount. Still, the platform earns top marks for borrowers with less than stellar credit who need quick access to funds.

Eligibility: 

• Minimum credit score: 580
• Minimum income: $20,000
• Doesn’t allow co-signers or co-borrowers

Loan uses:

• Debt consolidation
• Large expenses
• Home projects

Upstart has made a mark on the personal loan space because of its artificial intelligence- and machine learning-based approach to borrower qualification. In fact, Upstart estimates that it has been able to approve 27% more borrowers than possible under a traditional lending model. With competitive APRs, Upstart is not a top lender for borrowers who can qualify for more competitive rates. Even so, the platform’s minimum 300 credit score makes it an accessible option to those with fair credit.

Upstart also offers a pretty flexible range of loan options, with amounts ranging from $1,000 to $50,000 so you don’t have to borrow (or pay interest on) more than you really need. And, while Upstart’s loan cap is lower than some lenders—this is likely to be enough for many prospective borrowers.

Even though Upstarts three-, five-, seven-year loan terms are more restrictive than other lenders, it’s likely to be an acceptable tradeoff for applicants who might not be approved in a more traditional lending environment. Plus, it’s available in every state except West Virginia and Iowa, so it’s as widely available as many other top lenders.

Eligibility: 

• Minimum credit score: 300
• Minimum income requirement: $12,000
• Doesn’t allow co-signers or co-borrowers

Loan uses:

• Debt consolidation
• Medical expenses
• Educational expenses

Universal Credit is an online lending platform that offers personal loans between $1,000 to $50,000 through its partners. Repayment terms range from three to seven years.

While Universal Credit makes finding a personal loan accessible even to those with damaged credit, it comes with a few tradeoffs. First, it charges high APRs, well above the most competitive rates seen on our list. Second, Universal Credit charges a 5.25% to 9.99% origination fee on all personal loans. Because this is deducted from your loan proceeds, you’ll need to factor this in when determining your loan amount to ensure you receive the necessary amount after the fact.

Eligibility:

• Minimum credit score: 580
• Minimum income requirement: Does not disclose
• Doesn’t allow co-signers or co-borrowers

Loan uses:

• Debt consolidation
• Large expense
• Home project

LendingPoint is an online lender based in Atlanta that offers personal loans to prospective borrowers in 48 states and Washington D.C.; it does not offer loans in Nevada and West Virginia. Prospective borrowers in eligible states can apply online and benefit from quick funding.

LendingPoint personal loans range from $2,000 to $36,500; Georgia loans have a minimum loan amount of $3,500. Repayment terms range from 24 to 72 months—or two to six years.

There are two main disadvantages to LendingPoint: high maximum APRs and origination fees. While you can typically avoid high APRs by maintaining a high credit score, LendingPoint origination fees (up to 10%) depend on the state you live in.

Eligibility: 

• Minimum credit score: 600
• Must live in a state other than Nevada or West Virginia
• Doesn’t allow co-signers or co-applicants

Loan uses:

• Debt consolidation
• Home project
• Medical expenses

LendingClub is a peer-to-peer—or marketplace—lender founded in 2007. As the largest online lending platform for personal loans, LendingClub has worked with over 3 million customers and funded more than $55 billion in loans. It’s also one of the most geographically widespread options, with lending capabilities in every state except Iowa and the U.S. territories.

While LendingClub imposes high APRs and no autopay discount, applicants can choose to borrow between $1,000 to $40,000. This is a higher maximum loan cap than some other lenders. That said, LendingClub’s loan terms are limited to two to five years, which is less flexible than other lenders on our list. Borrowers also are charged an origination fee between 3% to 8% of the total loan amount, which is taken from the loan proceeds at funding.

LendingClub also makes debt consolidation easier by offering a balance transfer loan. With this type of loan, LendingClub offers direct payment to third-party lenders, including over 1,700 creditors. Not only does the platform take care of payments for you, you can choose exactly how much of your new loan amount you want LendingClub to pay toward each creditor.

Overview: LendingClub is a peer-to-peer—or marketplace—lender founded in 2007. As the largest online lending platform for personal loans, LendingClub has worked with over 3 million customers and funded more than $55 billion in loans. It’s also one of the most geographically widespread options, with lending capabilities in every state except Iowa and the U.S. territories.

LendingClub also makes debt consolidation easier by offering a balance transfer loan. With this type of loan, LendingClub offers direct payment to third-party lenders, including over 1,700 creditors. Not only does the platform take care of payments for you, you can choose exactly how much of your new loan amount you want LendingClub to pay toward each creditor.

Eligibility:

• Minimum credit score: 600
• Minimum credit history: Three years
• Allows co-applicants

Loan uses:

• Debt consolidation
• Home projects
• Medical expenses

Prosper is a peer-to-peer lending platform that was founded in 2005. It offers flexible personal loan amounts ($2,000 to $50,000) and somewhat accessible borrower qualifications. The platform also offers a prequalification process so you can see what rates you’ll qualify for without damaging your credit. What’s more, borrowers can receive their money in as few as three days after accepting a loan offer, so you’re more likely to get loan proceeds when you need them.

Loans terms are available for 24 to 60 months and APRs range from 8.99% to 35.99%, with the lowest rates reserved for the most creditworthy borrowers. These aren’t the lowest rates you’ll encounter in the personal loan space, but Prosper may still be a good choice if you’re in a pinch.

Prosper loans also include origination fees ranging from 1% to 7.99% of the total loan amount, and borrowers are charged a late fee of the greater of $15 or 5% of the unpaid loan amount; there is also an insufficient funds fee of $15 per instance. Even so, there are no prepayment penalties, so you can pay off your loan as soon as you’re able without incurring extra costs.

Eligibility: To qualify for a Prosper personal loan, applicants should have fair credit (a minimum credit score of 560)—although the average score of approved borrowers is 717. Applicants also should have a minimum credit history of two years (11 years, on average), as well as a maximum debt-to-income ratio of 50%, excluding mortgages. Prosper doesn’t impose a minimum income requirement, but the average borrower has an income of $89,000. What’s more, co-applicants and co-signers are permitted, so you may be able to qualify even with a weak credit history.

Loan uses: Prosper personal loans can be used for a range of purposes, including debt consolidation. However, in the case of an emergency, the most beneficial uses of a Prosper loan is perhaps for unexpected home repair costs, medical and dental expenses and auto-related expenses. As with many other lenders, Prosper personal loans cannot be used for postsecondary education expenses.