Best Unemployment Emergency Loans Of 2024

LightStream is a consumer lending division of Truist—which formed following the merger of SunTrust Bank and BB&T. The platform offers unsecured personal loans from as little as $5,000 to $100,000. Although a number of lenders offer smaller loans than the LightStream minimum, few lenders offer a higher maximum loan. Repayment terms are available from two to seven years, making it an excellent option for those who want to spread out the payment of large expenses over time.

That said, LightStream stands out on our list of the best personal loans for emergencies because borrowers can receive funds as soon as the same day if the loan is approved before 2:30 p.m. Eastern time on a banking business day. The borrower must meet several administrative requirements before the daily deadline to qualify for same-day funding (review and electronically sign the loan agreement; provide LightStream with funding preferences and relevant banking information and complete the final verification process). Even so, LightStream is still among the fastest lenders we considered.

Eligibility:

• Applicants should have several years of credit history
• Minimum credit score: 660
• Can’t prequalify

Loan uses:

• Large expenses
• Finance land, timeshares and tiny homes
• Home project

A sister company to Rocket Homes and Rocket Mortgage by Quicken Loans, Rocket Loans offers personal loans through Cross River Bank. The lender’s availability in most states and low minimum credit score requirement (580 ) make Rocket Loans an accessible option. However, borrowers will face origination fees and repayment terms limited to three or five years.

Rocket Loans scored high on our list of personal loans for emergencies, however, because borrowers can receive funds as soon as the same day they apply. To qualify for this fast funding, approved applicants must complete their applications and sign the promissory note before 1 p.m. Eastern time on a business day. If same day funding is not possible, the average time to receive funds is two to four days.

Keep in mind that funding speed and accessibility come with a price—Rocket Loans charges an origination fee of up to 9% of the loan amount and APRs range from 9.116% to 29.99% . So, if you have a high credit score, or can wait a little longer to receive funds, cheaper loan options may be available. You can qualify for loan amounts of $2,000 to $45,000.

Overview: A sister company to Rocket Homes and Rocket Mortgage, Rocket Loans offers personal loans through Cross River Bank. With Rocket Loans, borrowers can receive funds as soon as the same day they apply.

To qualify for this fast funding, approved applicants must complete their applications and sign the promissory note before 1 p.m. ET on a business day. If same day funding is not possible, the average time to receive funds is two to four days.

Eligibility: 

• Minimum credit score: 580
• Minimum income: $24,000
• Doesn’t allow co-signer or co-borrower

Loan uses:

• Home improvements
• Large expenses
• Travel and vacation

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, so it’s an accessible option if you have less than stellar credit but need money fast.

Avant applicants who are approved for an unsecured loan before 4:30 p.m. Central time Monday through Friday may receive their funds the next business day. This timeline may vary, however, depending on the borrower’s bank. It can also take longer for borrowers who take out secured loans.

Avant’s low minimum borrowing amounts ($2,000 to $35,000) and flexible repayment terms (two to five years) should be a good fit for those who need access to emergency funds—but don’t want to borrow more than they need. These loans do come with a price, though. In addition to an administrative fee of up to 4.75% of the loan amount, Avant’s APR range (9.95% to 35.99%) is high 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

SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state except Mississippi. Founded in 2011, SoFi has extended over $50 billion in loans and stands out because of high loan amounts and availability of extended loan terms from 24 to 84 months. Even with its other standout features, SoFi is a strong choice under emergency circumstances, with funds available as soon as the next business day.

Loans are available from $5,000 to $100,000, so SoFi may be a good option regardless of whether you need to cover a small emergency cost or pay for major unexpected expenses. To qualify, applicants must have a minimum credit score of 650, but SoFi allows joint applications, making it easier to qualify for a personal loan even with fair credit.

Eligibility:

• Minimum credit score required: 650
• Minimum annual income: $45,000
• Co-signers not permitted

Loan uses:

• Medical expenses
• Credit card consolidation
• Home projects
• Moving costs

Upstart has made a mark on the personal loan space because of its artificial intelligence- and machine learning-based approach to borrower qualification. This enables Upstart to approve more borrowers than under a traditional lending model—a great feature for less qualified borrowers who need emergency funds. Plus, it’s available in every state except West Virginia and Iowa.

Upstart scored high on our list of the best loans for emergencies because it provides next-business day funding for borrowers whose loans are accepted before 5 p.m. Eastern time Monday through Friday. Upstart reports that 99% of loan applicants receive their money one business day after accepting their loan terms. Keep in mind, however, that loans for education-related expenses may take up to an additional three business days after loan acceptance.

With APRs from 7.80% to 35.99% (and no autopay discount), Upstart is not a top lender for borrowers who can qualify for more competitive rates. But the platform’s minimum 600 credit score and fast funding times make it an accessible option to those with fair credit who amounts from $1,000 to $50,000 fast.

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

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 are available for 24 to 60 months terms 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.

Launched in 2017, Upgrade 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. Loan funding can take up to four business days, but Upgrade makes loans available to those with poor credit history so it may still be a good choice if you need a personal loan to cover an emergency.

Maximum APRs are on the high end compared to other online lenders, but the minimum loan amount is less than others, and there’s no prepayment penalty. This means you can take out a small loan and then repay it as quickly as possible—hopefully avoiding interest over the life of the loan. These benefits are balanced out by Upgrade’s charges origination fee of 1.85% and 9.99% of the loan amount. Upgrade offers loan amounts of $1,000 to $50,000.

Eligibility: 

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

Loan uses:

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

Founded in 2007, LendingClub is a peer-to-peer lender and the largest online lending platform for personal loans. LendingClub issues loans in every state except Iowa and the U.S. territories and has worked with over 3 million customers and funded more than $55 billion in loans. And, while LendingClub does not offer the fastest funding time, proceeds are typically available as soon as four days after approval.

What’s more, applicants can borrow as little as the minimum loan amount so you don’t have to borrow—and pay interest on—more than you need to cover your emergency expenses. That said, LendingClub has higher APRs than other lenders, and 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.

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