Traditional bank loans can take anywhere from a few days up to two weeks to process. People needing emergency loans don't have that kind of time.
The best place to look for fast emergency loans is from online lenders. You can apply for a loan directly from your smartphone.
But make sure those online lenders are direct lenders. That makes a big difference.
Many online lenders are not direct lenders. They simply have you complete a loan application then sell your loan application to a direct lender. Don’t do that when you need an emergency loan, it may take days for approval and funding.
A direct lender is a financial institution that will decide whether or not you qualify for the loan – this is what borrowers seeking emergency loans need. Fast and complete funding within a few days.
5 Direct Lenders for Fast Emergency Loans
1. OppLoans – Best for No Credit Check Loans
OppLoans can serve as a fast emergency loan because you can have funds in your account in as little as 24 business hours. OppLoans won’t perform a hard credit check when you apply. There is no minimum credit score required.
OppLoans considers people with any type of credit because they scan your bank transactions to get a picture of your cash flow. That means bad credit will not prohibit you from being approved as additional factors are used in the approval process. Payments are reported to the three major credit bureaus to help you increase your score.
OppLoans is on our list because any type of credit is considered as long as you have at lease $1,500 per month income:
- No minimum credit score required.
- You must be over 19 in Nebraska and Alabama.
- Have a checking account in your name with 40 days of history.
- Be employed at least 3 months. Minimum monthly gross income: $1,500.
- Checking or savings account.
- Loan reports to all three credit bureaus to help improve your credit score!
2. Upgrade – Best for Minimum 600 Credit Score
Upgrade considers borrowers with low credit scores because they factor in how much free cash you have at the end of the month. That means if you have a free flow of cash left over after paying your bills but have poor credit, you have a chance of being approved for an Upgrade loan.
Upgrade offers personal loans, lines of credit, and credit monitoring tools to help you manage finances. You can check rates on Upgrade’s website with no impact on your credit score.
Upgrade is on our list because people with poor credit may qualify if they at least $800 cash-flow after bills are paid:
- Minimum credit score: 600.
- Minimum monthly free cash flow: $800.
- Loan amount from $1,000 up to $50,000.
- Rates range from 6.98% – 35.89% APR.
- Take up to 5 years to repay.
- Get a decision in seconds – with no negative impact to your credit score.
- Fast funding, you can get money to your bank account within a day of clearing necessary verifications.
3. Credible – Best for Any Credit Score
Credible loan rates start from 3.84% APR on up. Check you rate for the amount you want to borrow without affecting your credit score. Loan amounts range from $1,000 up to $100,000.
Get a loan for any reason like a major purchase, home improvement, moving costs, wedding expenses, vacations and many other financial goals. Look at personal loan rates from multiple lenders at once and find the one that works best for you.
Credible is on our list because you get to compare offers from multiple lenders with one application:
- Simple application.
- Loan amounts from $1,000 to $100,000.
- Prequalified rates in 2 minutes.
4. Even Financial – Best for Offers from Multiple Lenders
Even Financial connects borrowers with multiple lenders at once, using only one soft credit pull, by filling out its online form. This makes it easy to compare the rates and terms you might receive from its partners and find the best deal available to you.
Loan rates start from 4.99% APR on up. Check your rate for the amount you want to borrow without affecting your credit score. Loans are avaible for any reason.
Even Financial is on our list because you get to compare offers from multiple lenders with one application:
- Minimum credit score 550.
- Loan amounts up to $100,000.
- Rates ranging from 3.84% to 35.99% APR.
- Maximum loan term up to 7 years.
5. Earnin – Best for Small Loans
Earnin is an app that allows you to borrow against your own paycheck. It's a cheaper alternative to payday loans. Get fast funding with no credit check. You must have a checking account and be paid by direct deposit to qualify.
Earnin does not charge fees or interests. Users can donate a “tip” of any amount. It's up to you how much you want to give back. New Earnin customers can request a paycheck advance up to $100 during your pay cycle. But with repeated use, Earnin may adjust your withdrawal limits up to $500.
Earnin is on our list because it offers an easy to get paycheck advance with no credit needed:
- Simple application
- No fees or interest.
- Loan amounts from $100 to $500.
- Fast funding.
- No credit check required.