Mammoth AwardsIf you do not have an emergency fund saved up for a rainy day, here’s the good news: You’re not alone. According to a Bankrate survey, 26 percent of people have zero emergency savings, while only 23 percent have enough cash saved to cover six months of expenses. What’s the bad news about emergency funds? If you don’t have one and surprise expenses appear, such as medical bills or costly car repairs, you’ll have to get that quick cash somehow.
One way to get quick cash in a pinch is through friends and family or via an advance from your employer. But if those aren’t options and you don’t have a credit card you can use, an emergency loan may save the day.
Emergency loans can cover unexpected expenses via financing in the $1,000 to $100,000 range. As for where to get one, here are some of the most popular emergency loan lenders if you cannot get funding through a bank or credit union:
Rocket Loans
If you have a minimum 580 credit score, you can see if you prequalify for a $2,000 to $45,000 emergency loan from Rocket Loans.
Choose the autopay option, and your APR will sit in the 5.97% to 29.99% range. There is no prepayment penalty, and same-day approval and funding are available.
Unfortunately, Rocket Loans does not allow for co-signers or co-applicants. They also charge origination, late payment, and insufficient funds fees.
Prosper
A minimum 600 credit score could help you get an emergency loan from Prosper in the $2,000 to $40,000 range with 7.95% to 35.99% APR. Funding can take as little as three days. Terms are limited to three or five years for repayment, and there are origination and late fees.
LightStream
If you want fast approval, quick funding, no fees, and competitive rates, give LightStream a look for your emergency loan. The lender offers $5,000 to $100,000 emergency loans for borrowers with a 660 credit score. Pick autopay, and your APR will be between 3.49% and 19.99%, which is quite low compared to other personal loans on the market.
Avant
Here is another emergency loan option for people with lower credit scores, as a 580 score will get you in the door with Avant. Emergency loans from Avant range between $2,000 and $35,000 with 9.95% and 35.99% APR. You will have two to five years to repay the loan.
Next-day funding is available. You cannot use a co-applicant or co-signer, and there is a 4.75% administrative fee.
Upgrade
Do you have a minimum 580 credit score? Then you could get an emergency loan from Upgrade for $1,000 to $35,000. APRs are between 5.94% and 35.97%, and there is an origination fee that maxes out at 8%. While Upgrade does not have prepayment penalties, the lender charges late and insufficient funds fees.
