Grace Enfield, Content Writer
@grace_enfield
An emergency loan is a lump sum of money a borrower can get quickly to cover an unexpected expense, like medical bills or car repairs. Personal loans are the best type of emergency loan, but you can also use home equity loans and lines of credit, credit cards, and other borrowing methods to cover emergency expenses.
The best emergency loans are from LightStream because the company offers funding as soon as the same day you apply, loan amounts of $5,000 - $100,000 and APRs of 7.44% - 25.79%. You’ll need a credit score of at least 660 to qualify. LightStream isn’t your only option, though. You can read more about the best emergency loans below.
Best Emergency Loans
| Lender | Funding As Soon As | Loan Amounts | APRs |
| The same day you apply | $5,000 - $100,000 | 7.44% - 25.79% | |
| 1 business day | $1,000 - $36,500 | 7.99% - 35.99% | |
| 2 business days | $2,000 - $50,000 | 6.99% - 35.99% | |
| 2 business days | $1,000 - $50,000 | 7.74% - 35.99% | |
| 2 business days | $500 - $5,000 | 160% - 195% |
To learn more, check out WalletHub’s full review of the best emergency loans. Then, you can estimate your potential rates with our free pre-qualification tool.
Finally, if you’re in a pinch for cash, you should also consider some alternatives to conventional loans. Using a credit card, getting a loan from a friend or family member, or getting a paycheck advance from a service like Dave or Earnin may be better options for you.
People also ask
Are emergency loans a bad idea?
Emergency loans are a bad idea if you’re not going to use the money for a true emergency, you haven’t fully explored alternatives, or you settle for a loan with a high interest rate and high fees. For example, payday loans offer quick funding but are so expensive that they can do more harm than good.
On the other hand, taking out a traditional personal loan from the right lender in the face of...
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