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Facing a financial emergency is one of the scariest things to experience as an adult. If you don’t have an emergency fund to fall back on or even a credit card to use, it can make the emergency itself seem even scarier.
If this happens, you may need an emergency loan. It’s not as hard as you think to get urgent loans with bad credit – you may even be able to get one funded in as little as one day.
With a few simple steps, you can have a variety of urgent loans with bad credit available to you.
Lenders need to see you have the income to repay the loan. You’ll need your paystubs covering the last 30 days, the last 2 years W-2s, and a copy of your tax returns (if you’re self-employed or work on commission).
Lenders need to make sure you are who you say you are. Provide a copy of your driver’s license or state ID and a copy of a utility bill or any other bill with your address.
Since this is an urgent or emergency loan, lenders want to know why you need the money. Is it a one-time occurrence or is this ongoing? If it’s a one-off event, they’ll feel better about loaning you the money to bail you out of the situation.
For many urgent personal loan lenders, they usually use a "soft-pull" when you are applying, which will pull your credit but will not impact your credit score. You can usually find related information on credit pulls on the lender's website.
If you are considering checking your rates on the SimpleDirect platform, the good news is SimpleDirect does not pull your credit. It gives you available options based on the information you provide and gives you options in seconds, without impacting your credit.
|Lending Partner||APR||Loan Amount|
|5.99 - 35.99%||$1k - $50k||Apply Now|
Not the ones you see here on SimpleDirect. SimpleDirect works with lending partners that offer personal loans that are paid back through fixed monthly payments.
You should always consider payday loan alternatives such as the lending partners SimpleDirect works with, before selecting payday loan, which typically has a very high interest and short payback window.
It’s easy to find lenders today that offer urgent loans with bad credit as there are many more today than ever.
Our top choices include:
You need at least a 600 credit score to get an emergency loan from Upstart, but they also have the highest loan limits.
Upstart offers loans between $1,000 - $50,000 and APRs from 6.18% - 35.99%. Upstart considers ‘other’ data rather than just your income. They look at your education, job potential, and where you live when determining if you qualify for a loan.
You need at least a 680 credit score to get an emergency loan from SoFi, but they also have the highest loan limits.
SoFi offers loans between $1,000 - $100,000 and APRs from 5.99% - 21.99%. SoFi considers ‘other’ data rather than just your income. They look at your education, job potential, and where you live when determining if you qualify for a loan.
One Main Financial doesn’t have a minimum credit score requirement, so if you have ‘really bad’ credit, it’s a great option. You’ll pay higher APRs and an origination fee to get it, but it will help you fund your emergency with ease.
One Main Financials’ APRs range from 18% - 35.99% and they’ll loan $1,500 - $20,000.
Emergencies usually mean you need the money now. Traditional lenders take days or even weeks to fund loans and even some urgent loans take a few days. Rocket Loans, however, funds loans in as little as one business day.
Borrowers need at least a 580 credit score with Rocket Loans, but you may borrow between $2,000 - $45,000 with APRs ranging from 7.16% - 29.99%.
You have many options for urgent loans with bad credit. Our top three choices are just a selection of what’s available. So how do you choose?
Questions to ask yourself:
Why do you need the funds? Do you need them immediately? Do you need a high loan amount? The answers to these questions will narrow down your options.
Each lender charges different APRs and origination fees. If there is an origination fee it comes out of the loan proceeds. For example, if you borrow $5,000 and there’s a $500 origination fee, you’d receive $4,500 in hand.
Each loan has a different repayment period ranging from 2 to 5 years in most cases. The shorter the loan term, the lower the APR, but the higher the payment. Make sure you take a loan you can afford.
If you don’t want the expense of urgent loans with bad credit, here are a few alternatives:
If you have a credit card with an open balance, you may be able to charge the emergency and pay it back as you can. Credit cards only have minimum payment requirements but do accrue interest daily.
Some employers offer emergency loans, aka cash advances on your paycheck. If you’re comfortable talking to your employer, it may be a good option.
As soon as you can, start putting money away for emergencies. Even if it’s only a few dollars at a time, every little bit adds up.
Getting urgent loans with bad credit isn’t as hard as it seems. Make sure you know the loan terms, what it will cost, and how you’ll repay it. They can alleviate the stress the emergency caused and make it easier to start fresh.
You need a credit history to get a loan, but you can’t get a credit history before having a loan. It’s a double-edged sword! Where do you start?
It seems impossible. What lender will give you credit if you don’t have any credit? There are lenders out there that will provide a first-time loan with no credit history, you just have to know where to look and how you can qualify.
You’ll need a personal loan with no credit check. They exist, you’ll just pay a higher APR and/or origination fees. Here’s where to start:
Many credit unions offer no credit check loans. While your loan amount will be limited, usually to $5,000, it’s a start. The application process is simple and the fees are typically low. Today there are many credit unions anyone can belong to, whether you live in a specific area, belong to a specific community, or work for a certain company.
The right person going onto the loan with you can make a world of difference. Find a family member with good credit who doesn’t mind being on the loan with you. Just make sure you can make good on the debt or you may ruin your relationship as the co-signer is legally liable for the loan if you default.
Some banks offer secured personal loans. The collateral makes up for the lack of credit. If you default on the loan, the lender can keep (and sell) the collateral.
If you don’t have a credit history and don’t want to pay the high APRs no credit check loans charge, consider your alternatives:
A secured credit card is often the first step for people trying to rebuild their credit. After a bankruptcy, foreclosure, or other financial distress, a secured credit card helps you build credit. You put down a cash deposit equal to your credit line. You use the credit card like any credit card. If you default (don’t make your payments), the credit card company keeps your deposit.
If you need money to get you from one payday to the next, a payday loan may be a good option. While they have much higher interest rates, they’re meant to be very short term – a week or two. Payday lenders withdraw the amount you owe from your account on your next payday. If you pay it in full, it’s over fast.
If a payday loan scares you, consider a payday alternative loan. Many companies offer advances on your paycheck after confirming your employment and earnings. You can only receive small amounts at first, usually between $100 - $250, but sometimes that’s enough to get you through the issue.
|Lending Partner||APR||Loan Amount|
|9.99 - 35.99%||$1k - $35k||Apply Now|
It’s not easy to get a loan with no credit history since lenders don’t have any way to tell if you’re a good borrower, but it’s not impossible.
If you think outside the box and look at your alternatives, you may find a solution that works for you. Before you do, consider the following:
All loans have fees and charge interest. Make sure you’re comfortable with the cost. Is the loan worth it or do you have another way to pay for or handle the issue you’re trying to cover?
All loans must be repaid. Some have longer terms than others, which means smaller payments, but more interest over the loan’s term. Make sure you’re comfortable with the minimum required payment so you get the good payment history on your credit report.
A good reason to get a first-time loan is to build the credit history. If you take out a loan that lenders don’t report to the credit bureaus, it defeats the purpose. You’ll get your money, but no one will see your good payment habits, leaving you in the same spot.
If you’ve never had a loan and don’t have a credit history, you need to build credit. Outside of being an authorized user on a family member’s credit card, you need to start somewhere. A first-time loan can help you build the credit you need, giving you access to more personal loan and mortgage options moving forward, broadening your horizons, and giving you what you need.