Introduction

Financial crises can take many different forms. Your savings might need more to pay for the repairs because your car broke down. Or perhaps you’ve experienced a loss of employment, a sickness, a death, or another unforeseen event. An emergency loan can help you pay the expense if you urgently need to borrow money.

Even though receiving a loan may seem unattainable if you have terrible credit, emergencies can be highly stressful. Thankfully, that isn’t the case. We examined lenders based on prices, required credit scores, customer service, and other considerations. Here is our ranking of the top bad credit emergency loans:

Upgrade

The Upgrade is our top pick for the finest flexible repayment term and overall emergency loan for bad credit. Not only can Upgrade approve qualified clients for emergency loans with credit scores as low as 550, but it also can provide a secured option if you can’t be approved without collateral or you’d want a higher rate. It distinguishes itself from its rivals thanks to these qualities that add value.

The District of Columbia is the only state where Upgrade does not offer loans. Personal loans are available to qualified borrowers between $1,000 and $50,000 with variable repayment durations of 24 and 84 months and current APRs ranging from 7.96% to 35.97%. These rates include origination fees that range from 2.9% to 8%.

Rocket Loans

Fast funding and the best bad credit emergency loans are available for personal loans from Rocket Loans. Borrowers may receive their loans as soon as the day after the loan is approved. This may be advantageous if you need money right now to pay an urgent obligation.

Rocket offers speedy funding and a low credit score criterion; consumers can be approved for personal loans with a credit score as low as 580. You can also pre-qualify with a soft credit check to evaluate prices and terms without affecting your credit score. If you opt to proceed with a loan, a hard credit check will be performed, just like with other lenders.

Navy Federal

Among credit unions that provide emergency loans for bad credit, Navy Federal Credit Union is our top pick. With current APRs ranging from 7.49% to 18%, this lender offers loans as small as $250 and as much as $50,000. Additionally, customers are not required to have a minimum credit score, and funding may be available on the same day as loan approval. If you need immediate financing for an emergency expense, many alternative lenders may take several days to deliver loans, which might be troublesome.

Navy Federal doesn’t charge origination fees, and its home renovation personal loans have far longer repayment terms—up to 180 months—than those offered by many other credit unions.

Conclusion

If you need more money to repay the loan on your own or if your credit problems still need to be rectified, you may be able to apply for an emergency loan with a co-applicant. This is because you can obtain a loan by relying on the co-solid applicant’s credit history rather than your own. If you decide to pursue this course, pay back the loan on time to avoid jeopardizing your connection with your co-applicant. Remember that late payments will lower their credit scores.