Best Lenders for Emergency Loans With Bad Credit in 2024

Do you have bad credit but want to secure an emergency loan? We have got you covered. Read this guide to learn about lenders willing to offer you a loan.

Upgrade

Upgrade is a San Francisco-based lender with offices in Quebec, Montreal, Orange Country, Atalanta, Phoenix, and California. Its interest rates range between 8% and 32%. Borrowers with bad credit can qualify for a minimum loan amount of $1,000 and a maximum amount of $50,000. Per data on Upgrade’s website, loan terms range from 24 months to 84 months.

Note that you will be charged a late fee of $10 if you fail to make your monthly loan repayment within 15 days after the due date.

Upstart

Upstart was launched in 2012. The lending firm is located in San Mateo, California. It is ideal for people who cannot secure a personal loan due to their low income. Upstart does not impose a minimum credit score requirement on borrowers. So long as you have a credit rating or you are a graduate of a higher education program, you stand a chance of qualifying for a loan.

The loan amount offered starts from $1,000 to $50,000, with a repayment period of up to 60 months. You will incur an interest rate of between 6.5% and 35%. Further, when you fail to repay your loan on time, you will be charged $15 in late fees.

Regions

Regions started its operations in 1971. The lender’s headquarters are in Birmingham, Alabama, with a presence in over 1,200 locations.

While many lenders that offer emergency loans to borrowers with bad credit do not request collateral, Regions does. Your deposit account serves as collateral when securing a loan from Regions. Considering that this lender offers secured loans, the interest charged is low (9% – 22%). The loan amount you can borrow ranges between $2,000 and $50,000, with a repayment period of up to 72 months.

If you fail to repay your monthly installment on time, Regions may impose up to $100 in late fees.

LendingPoint

LendingPoint, a Kennesaw-headquartered lender, was launched in 2014. Per information on its website, LendingPoint aims to make loans more accessible to borrowers who have bad credit. The lender says it believes that people are more than just their credit score; that’s why it uses other factors to gauge an individual’s creditworthiness.

With LendingPoint, you can access a loan amount of between $2,000 and $36,000, with a loan term of up to 60 months. The interest rate charged ranges between 8% and 36%. It is worth noting that LendingPoint charges $30 in late fees.

OppLoans

OppLoans was established in 2012 and is based in Chicago.

It is one of the lenders that do not consider the credit scores of borrowers. However, the biggest downside of this lender is that it charges high interest rates (130% – 160%). Moreover, OppLoans offers relatively short loan terms, usually a maximum of 18 months. The loan amount ranges between $500 and $4,000. OppLoans processes and deposits your loan on the same day.

TD Bank

TD Bank started operating as Portland Savings Bank in 1852. It is headquartered in New Jersey, with a presence in more than 1,100 locations.

With TD Bank, you can obtain a loan amount of up to $50,000. Like OppLoans, this lender credits the loan into your bank account on the same day. Expect to be charged a 9% -24% interest rate. What about loan repayment terms? TD Bank offers loan terms of between 36 months and 72 months. If you fail to repay on time, you will be charged $10.

Patelco Credit Union

Patelco has been in business since 1936. It is based in Northern California. The lender lets you access emergency loans of less than $100,000, with a repayment period of up to 84 months. Compared to many lenders offering unsecured loans, Patelco charges lower interest rates (7.% -17%). Note that you will incur a 5% fee if you fail to repay your loan on time.