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Top 6 Emergency Loan Companies: Access Top Personal Loan Services

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Sometimes financial emergencies are simply unavoidable.

Whether these hardships are stemming from a job loss, illness, urgent home repairs, or other unexpected expenses, emergency loans can help to cover any number of these unforeseen circumstances.

If you’re in the market for an emergency loan, you’re probably in a hurry to secure cash. Many of these loans promise a quick and easy approval process, helping you access the funds ASAP.

While emergency loans can help you get through some tricky situations, some loan options are better than others. For instance, certain lenders will promise fast access to cash, but will also bake steep fees and high-interest rates into the loan.

If you don’t have enough in your savings account or emergency fund to cover these unexpected expenses, that overwhelming stress could lead you to choose the wrong loan.

Even if you’re in a hurry, it’s still important to compare all your options. This could wind up saving you money in the long run.

In this article, we discuss the different types of emergency loans, compare options from various online lenders, and provide tips when choosing which loan and lender to go with.

Best Emergency Loans

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Overview

  • Qualifications: You must be 18 years or older, provide your Social Security Number, and show proof of steady monthly income
  • Estimated interest rates: APRs range between 169% and 1,825%
  • Loan amount: up to $2,500
  • Loan type: Short-term loans
  • Fees: Vary by the lender

Rapid1K hosts a network of various lenders who provide funding for emergency loans.

The application process to acquire the loan can be completed entirely online and should only take a few minutes to finish.

If approved, you can then review all the terms and conditions of the emergency loan, in addition to the interest rate.

Once the loan terms are accepted by both parties (the borrower and lender), your funds could be available as soon as the next business day.

Pros

  • You could get approved for an emergency loan with bad credit
  • A simple form that only takes a few minutes to complete
  • Funds could be obtained within 1 business day
  • Loans offered to people with a bad credit score

Cons

  • Extremely high APRs
  • Late payment fees are set by individual lenders
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Overview

  • Qualifications: To complete the online form you must be at least 18 years old, provide proof of citizenship, have a regular income, and have a checking account in your name.
  • Estimated APR percentage: 5.99% – 35.99%
  • Loan amount: $500-$10,000
  • Loan term lengths: 90-day minimum repayment term and a 72 month (6-year) maximum repayment term

It’s important to note that BadCreditLoans.com is not a lender.

The platform is designed to connect you with established lenders and service providers who offer emergency loans to borrowers like you.

When using BadCreditLoans.com, submitting a request for an emergency loan is completely free, even if your loan is not approved by the lender.

In regards to your interest rate, each lender will set its terms and rates on the emergency loan.

You will have the opportunity to review all fees before accepting the personal loan.

Pros

  • Emergency loan requests up to $10,000
  • Free to submit a loan application
  • You can get an emergency loan with a bad credit score

Cons

  • Interest rates vary by lender
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Overview

  • Qualifications: You must meet the following criteria – 18 years or older, valid Social Security Number, steady source of income, valid bank account, and valid email address and phone number.
  • Estimated APR percentage: Interest rates vary by lender
  • Loan amount: Personal loans up to $10,000
  • Loan term lengths: Short-term loans, from 12 to 60 months

PersonalLoans offers personal loans and emergency loans up to $10,000, pending lender approval.

The first step is to complete an online form that asks a few simple questions, like “How much money do you need?” and “What’s your occupation and bank information?”

Then, you will receive a decision on the loan approval in as little as 2 minutes after submitting the request.

If everything goes smoothly and your loan is approved by a lender, you may receive a direct deposit in your bank account as soon as the next business day.

Pros

  • Lenders may provide several repayment options- such as an auto-renewing loan, paying it back in full, or paying down the principal.
  • Some lenders submit funds within minutes.
  • Loans are given to borrowers with a low credit score and lacking credit history.

Cons

  • PersonalLoans has no control over the rates and fees each lender charges.
  • If you make a late payment on the personal loan, the lender could report the missed payment to various credit bureaus.
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Overview

  • Qualifications: You must have valid identification, regular income, and a bank account.
  • Estimated APR percentage and loan terms: Each lender has different policies, interest rates, and terms and conditions.
  • Loan amount: $100-$10,000

Now10K offers personal loan funding, including emergency loans, in just a few minutes.

Every step of the loan application process is made easy and funding (upon lender approval) is made available to you quickly.

All you need to do is fill out a simple online form, submit your information, and wait for a lending decision to be made.

Lenders may approve the personal loan within minutes and deposit the funds into your bank account as soon as the next business day.

Even if you have a bad credit score, you can still get approved for an emergency loan with Now10K.com.

This platform works with various lenders who specialize in fast funding for those with a low credit score.

These lenders look at several factors that impact your finances, including employment history, income, and more. They will work with you and try to accommodate those with a bad credit score.

Don’t let past credit issues stop you from getting an emergency loan with Now10K.com.

Pros

  • You can request personal loans and emergency loans using any kind of device.
  • You can get approved for an emergency loan even with bad credit.

Cons

  • How much you can borrow will depend heavily on your income and credit score.
  • Failure to repay your loan will result in collection calls and interest will continue to accrue on the loan for the entire time it remains unpaid.
  • The total loan amount is set by the lender.
  • High origination fee
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Overview

  • Minimum credit score: 600
  • Estimated APR percentage: 6.95-35.99%
  • Loan amount: $1,000-$5,000
  • Loan term lengths: 36 or 60 months
  • Origination fee: 0-8%
  • Late fee: $15 or 5% of the amount due

Upstart is a great option for borrowers with good credit.

You will find low-interest rates ranging from 6.95-35.99% APR and large loan amounts ranging from $1,000 up to $50,000.

This level of flexibility in regards to the personal loan amount is uncommon, helping you get by with any type of emergency.

This emergency loan platform will also consider more than just your credit score when applying for a loan and ultimately determining your interest rate.

Lenders will take your educational background, area of study, and employment history all into account.

Pros

  • You can get approval for your emergency loan within one business day of your application.
  • There is a pre-qualification option to see if you’re eligible for an emergency loan, without prompting a hard credit pull.

Cons

  • High origination fee
  • Late fees are applied if you fail to make a payment within 10 days of the due date

FAQs – Emergency Loans and Personal Loans

What is an emergency loan?

An emergency loan is a type of personal loan that’s used to help with urgent, unexpected expenses – such as medical bills, car, and home repair bills, funeral costs, and more.

Compared to more traditional loan types, emergency loans typically have higher interest rates and stricter loan terms.

Funding can come from an online lender, credit union, and even some banks. Oftentimes, emergency loans are made for either a few thousand or a few hundred dollars and can be deposited within a few business days.

Some emergency loan lenders will even disburse the money the same day the loan gets approved.

That’s why emergency loans are often described as providing borrowers with fast funding.

What are the different types of emergency loans?

There are several different types of emergency loans, each has unique features and services.

Personal loans

A personal loan is the most popular type of emergency loan.

It’s a good option when experiencing an unforeseen financial hardship because the funds are generally distributed quickly, sometimes within the same day of approval.

Additionally, personal loans typically have lower interest rates than credit cards. If you don’t want to add any unexpected expenses to your credit card, you may want to consider applying for a personal loan instead.

For example, many credit cards have interest rates above 17% and the average personal loan interest rate sits at around 11% or lower. Borrowers with good credit may get a rate as low as 6%.

  • Tip: The personal loan route is best for borrowers who are in a financial position to score a low interest rate among lenders.

Payday loans

Payday loans are considered short-term loans that are typically required to be paid after your next payday.

While they do not require a credit check, payday loans are extremely risky.

Because the length of the loan is so short, the repayment terms are very strict.

Any failure to make a payment will result in charges of obscenely high interest rates and late fees.

  • Tip: Payday loans are best for borrowers who do not qualify for a more standard loan type, with a lower interest rate, and need to borrow money fast. Overall, this type of emergency loan is not widely recommended and should be seen as a last resort.

Home equity loans

Home equity loans and home equity lines of credit are far less common when an emergency expense pops up.

The loan approval process is more extensive, making the timeline to deposit funds into your bank account a lot slower.

Because the lender is thoroughly vetting you as a borrower and the loan is secured by your home, the interest rate will probably be a lot lower.

  • Tip: This is best for a homeowner who wants to avoid having their home foreclosed on. But, you must hold sufficient equity in the home (around 15-20%) to request a home equity loan or line of credit. For extremely fast funding for unexpected expenses, a more traditional emergency loan type will work better.

Credit card cash advances

A credit card company may offer you a short-term loan in the form of a cash advance.

This cash advance can be used to pay down debt, for an emergency, or whatever you need the money for.

It’s one of the fastest ways to access money, making it one of the best options when it comes to an emergency loan.

The downside, however, is the interest rate and associated fees are usually sky-high.

  • Tip: A cash advance through your credit card company is best for borrowers who need the money ASAP. If you can’t wait until the next day to receive funds, these types of personal loans are a good option. But, it’s still important to keep an eye out for the interest rate.

What are origination fees?

Personal loans will incur various fees aside from the principal balance and interest rate. Lenders may charge a late fee after a missed payment, prepayment penalties for paying off the loan amount before the term has ended, and finally origination fees.

An origination fee is a charge by the lender for processing a new loan application. It’s typically due upfront and used to offset the costs of underwriting and vetting a new loan borrower.

This is something to look out for with any type of loan, but especially an emergency loan.

The origination fee could add up to hundreds of dollars, depending on the loan amount.

It’s usually deducted from your total loan amount.

How do I get an emergency loan with a bad credit score?

As with any loan type, your credit score will have a big impact on all aspects of the loan.

If you’re having trouble qualifying for an emergency loan due to a bad credit score or lack of credit history, don’t worry, you still have some options.

When comparing lenders, keep an eye out for their loan qualifications. All lenders differ in regards to their policies, repayment terms, and minimum credit score requirements.

Certain lenders will have loans that cater to borrowers with a bad credit score. You can also see if the lender allows for co-signers on the loan. Adding someone with good credit to the loan could increase your chances of getting approved, and may even lower the interest rate.

Before committing to a lender, read through the eligibility requirements carefully. This will be especially important for those with a poor credit score or limited credit history.

Conclusion

If you’re looking for an emergency loan and need fast cash, there are several options available to you.

Depending on your credit score and the loan amount you need, you can cover emergency expenses through this type of loan. They are specifically designed to give you the money as quickly as possible.

But keep in mind, many of these loans have high interest rates and fees. For example, the origination fee could cost you hundreds of dollars.

That’s why it is important to compare different lenders, which will help you obtain a quality loan and reasonable rates and terms. We recommend the personal loan services listed above.

We hope this article helps and you get approved for the loan!


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Are Sallie Mae Student Loans Federal or Private?

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When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances

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Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit

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Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.

 

 

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