Each of us may find ourselves looking for extra cash to cover some personal needs or emergency expenses. People with good credit typically seek help from banks or credit unions as they commonly offer the safest lending options. But what if you have a bad credit history and can’t count on assistance from a bank or a credit union? Luckily, you can still find an option that helps you cover some small financial problems today. That is when emergency loans come in to lend you a helping hand.
Small emergency loans are accessible online loans that offer fast financial assistance to everyone who meets a few simple requirements. Emergency loan lenders know you’re more than just your credit score, so they consider borrowers with any credit history and income range to help needy people solve their money problems by the end of the next day.
It may be a challenge to choose the right loan provider among all the personal loan lenders, especially if it is your first lending experience. Thus, we’re here to help you figure out how emergency loans work and what to pay attention to when deciding on a loan. Although we don’t provide financial advice, we reviewed some emergency loan lenders to help you find the one that meets your needs. Here is the list of the best companies that offer emergency loans from direct lenders with no credit check and guaranteed approval.
When reviewing and rating lenders, we took into account several factors, such as interest rates, the speed of money transfer, the lender’s trustability, the amount of the loan origination fee, and the simplicity of eligibility criteria. Here are our top picks for the best emergency loans of 2022.
- 1FirstCashAdvance–a matching service that provides fast financial assistance and offers a full range of emergency loans with a high approval rate for bad credit borrowers.
- 15M Finance–a connecting company that offers competitive loan services for emergencies, including payday loans and bad credit personal loans.
- Same Day Loan–a loan provider that works with direct payday lenders only and provides bad credit loans with fast funding within a business day.
1FirstCashAdvance is a lending service created to connect borrowers with the right online lenders. Middle-income and credit-challenged consumers can get the cash advance they need just by filling out a simple loan request form on the website. Once submitted, the company shares your application details with the network of trusted lenders to find the one that can meet your needs. 1FirstCashAdvance is also known for its fast money deposit within 24 hours. Thus, you can get an emergency loan within one day and solve your financial problems even without leaving your own home.
Another advantage of the company is that its services are free for borrowers. You don’t have to pay any origination fee to get connected with an online lender. Moreover, getting an emergency loan with 1FirstCashAdvance doesn’t affect your credit history. It happens because an emergency lender typically runs only a soft credit check. Although the service doesn’t guarantee you will get loan approval and don’t make any loan decisions, the approval rate is pretty high for both bad and fair credit borrowers.
- Reach the age of majority;
- Be a legal US citizen;
- Have an active bank account;
- Prove your minimum annual income is no less than $12,000;
- Provide the lender with your personal and contact information.
- Fast funding within a business day;
- No minimum credit score requirement;
- 24/7 application process;
- No origination fees or additional charges;
- No hard credit checks through main credit bureaus.
- Lenders typically pay attention to your income;
- A high interest rate may be offered on bad credit options.
15M Finance is a loan provider that offers fast bad credit options in case of any emergencies. It’s a connecting company that works with multiple direct lenders, so you don’t have to waste time searching for a loan provider. Once applying with 15M Finance, lenders will send you offers instead. As all the process basically takes place online, you can access financial support wherever you are. All you need is to have a phone or PC with Internet access.
As its lenders specialize in instant financial assistance, borrowers can generally access money within one business day, which is pretty fast. 15M Finance allows you to get an emergency loan with any credit rating. Moreover, the types of emergency loans it offers don’t hurt applicants’ credit scores. Thus, it may be a good option for those who want to rebuild their credit but need money desperately.
- At least 18 years old for most states;
- A permanent US resident with a valid ID;
- Income verification is mandatory;
- Have an active checking account;
- Specify your email and a US mobile phone number.
- Simple online application;
- Bad credit scores OK;
- Fast way of borrowing money;
- 100% free services;
- Don’t hurt your credit history.
- Some loan options may be expensive;
- No 100% loan approval.
Same Day Loan is a matching service that offers bad credit loans at competitive interest rates. Whatever your credit score is, it tries to help you access the best possible products. The company allows you to get an emergency loan within a business day or by the end of the same day to cover any emergency expense you may face without any restrictions.
Getting a bad credit loan from the service is pretty simple. The company has just a few easy-to-meet requirements and doesn’t pay much attention to your credit background. Everything starts with completing an online application form. Once complete, one of the lenders it is working with makes a soft credit check and sends you a loan decision. It usually takes less than an hour to get approved. After signing a loan agreement, the lender will transfer you the loan amount as soon as the next business day or even earlier.
- No applicants under 18 years old;
- Have a valid government-issued ID;
- A permanent US citizen;
- Have an active bank account, email, and cell phone number;
- Be employed or have a steady monthly income of no less than $1,000.
- Easy to apply;
- Fast money funding;
- Consider poor credit;
- No origination fees;
- Don’t affect your credit score.
- A bad credit emergency loan may be costly;
- A lender may reject you for a loan.
An emergency loan is a type of assistance that allows people with any credit scores to borrow money fast. These loans may either have repayment terms of up to 60 months or require you to turn back money in one large sum by your next paycheck. However, all emergency loans have one thing in common. They are aimed to help people overcome their financial emergencies as soon as possible.
Unlike a bank or a credit union loan, an emergency loan has a simple application process that is almost paperless and faxless. An emergency loan offers fast money funding within a business day, so you don’t have to wait for days or weeks until you get loan proceeds. Moreover, some lenders may offer same-day funding options for those who get approved before 10:30 AM on a working day.
An emergency cash advance is also available with a fair and bad credit score without lowering it by a few points. Direct lenders generally don’t perform hard credit inquiries through major credit reporting bureaus, so you can obtain the loan amount you need and leave your credit rating unchanged.
Everything depends on your situation, debt-to-income ratio, and the loan amount you need to cover your expenses. Here are three general types of emergency loans to consider:
- Payday loans. A traditional payday loan is a lending option with limited repayment terms and loan amounts. In most states, you’re allowed to borrow from $100 to $1,000, depending on your income. Loan terms usually can’t exceed 30 days. Commonly, you need to return a loan cost (loan principal plus interest rates and fees) by your next payday in one large payment. Payday loans are basically one of the most accessible loan options. Payday lenders consider any credit score and have no strong eligibility requirements. Nevertheless, payday loans are usually expensive. Typically, borrowers have to overpay $10 to $30 per each $100 obtained;
- Installment loans. An installment loan allows you to obtain up to $5,000 and pay it off within the repayment terms of 3 to 24 months in fixed monthly payments. As it is easier to repay the funds when the loan amount is divided equally by the number of months of repayment terms, installment loans are considered less stressful in contrast to payday loans. However, installment cash advances are still expensive borrowing options. An annual percentage rate on such a loan may be from 16% to 100%;
- Bad credit personal loans. A personal loan for bad credit is a type of borrowing that offers more reasonable interest rates, flexible repayment terms, and higher loan amounts compared to other emergency loans. You can get up to $15,000 and repay the money within 60 months in equal monthly payments. Although these loans are considered the most acceptable among all the emergency options, they usually have more document and eligibility requirements. Some personal loans for bad credit may also require collateral.
Loan providers usually pay much attention to the speed of the funding process. Thus, an emergency loan offers a fast money transfer within one working day. Sometimes you can access money faster if you apply and get approved early in the morning on a business day.
Sure, it is! Unlike banks and credit unions, online lenders are usually not so focused on your credit score. In most cases, they just want to ensure your income is enough to make a monthly payment without delays. Thus, you’re welcome to apply with both a bad and good credit score if you can verify you have a steady source of monthly income.
As an emergency loan usually has a high interest rate, you should think twice before using it and make sure you really need it. Most borrowers usually take out personal loans for bad credit to cover their urgent needs or unexpected expenses. Here are common reasons for getting an emergency loan:
- Medical bills;
- Repair works;
- Credit card payments;
- Daily expenses.
You can also use emergency loan funds to consolidate debt in order to combine all your existing loans into one and make it easier to manage your finances.
Here are some options to consider before applying for an emergency loan.
Personal loans from a bank or a credit union usually have lower interest rates and offer higher loan amounts. Banks and credit unions offer either secured or unsecured loan options. Typically, unsecured personal loans require you to have a good credit score and above-average income to qualify. Thus, bad credit score borrowers usually consider secured loans that require collateral. It may be a home (home equity loan), a vehicle (auto title loans), or any other valuable property you own. However, secured loans are pretty risky. You should ensure your monthly payment amount suits your budget to avoid missing payments. If you don’t fulfill your debt payment obligations, it can lead to losing your property.
Getting a credit card cash advance allows you to cover any unexpected expenses you face without wasting time. You can use the money in your account within your credit limits wherever you are. However, credit cards may lead to increasing debt and come with high interest rates after your interest-free promotional period ends.
If you have no money in your high-yield savings account and you don’t want to obtain debt from a lender, there are various platforms that allow you to borrow money from other participants. However, you should be careful and follow all the safety regulations, as any financial institution does not control such transactions. Peer-to-peer lending may also mean taking out money from your family members and friends that allows you to save money on interest rates.
Pawn shop loans can provide you with the loan amount you need in exchange for the property you own, for example, expensive gadgets, jewelry, etc. Pawn shops don’t require you to provide access to your bank account, so you can get cash on hand and spend the funds for any needs. However, if you will not repay the money on the due date, the lender can sell your items.
First of all, take into consideration the lender’s reputation and the loan conditions it offers. The amount of your monthly payment, the interest rate, the loan term, and the eligibility requirements are the main things you should pay attention to when choosing a personal loan.
The whole application process for emergency loans usually takes less than 10 minutes. Here are some common steps you should take to get an unsecured personal loan:
- Complete a loan request form. Depending on the particular lender, it may either be an online or in-store application.
- Get a loan offer. Once you submit your application, the lender that meets your needs makes a soft credit check and sends you a loan decision.
- Sign your loan documents. But first, read it carefully to ensure all the conditions are good for you.
- Receive a loan amount. The lender will transfer money to your bank account as soon as the next business day.
The best personal loans are those with reasonable rates, flexible terms, and suitable loan amounts. Shop around to find the option that matches all these parameters.
In most cases, online lenders make only soft credit checks that don’t affect your credit rating. Thus, you can solve your money problems and keep your credit score unchanged.
Direct lenders usually deposit funds to a borrower’s checking account by the end of the next working day. If you’re looking for same-day funding, try to get approved before 10:30 AM on a weekday.