Best emergency loans of November 2023

Applying for a personal loan can be a lengthy process, and borrowers can’t always wait for cash in emergencies. Luckily, several lenders offer fast funding—some disbursing funds as soon as the same business day.

To determine the best emergency loans, we compared personal loan lenders that offer a fully online experience and funding within two days or less. We also considered other factors like minimum credit requirements, interest rates and customer service experience.

LightStream
: Best overall
LendingClub
: Best for co-borrowers
Upgrade
: Best for small loans
Avant
: Best for fair credit
Prosper
: Best for fast funding
Upstart
: Best for limited credit history
LendingPoint
: Best for flexible repayment terms
Compare the best emergency loans
Methodology
What loans can you get the same day?
Frequently asked questions (FAQs)

Why trust our personal loan experts

Our team of experts evaluated hundreds of personal loan products and analyzed thousands of data points to help you find the best fit for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.

29 personal loan lenders reviewed.
348 data points analyzed.
6-stage fact-checking process.

Best emergency loans

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What you should know

LightStream is the consumer lending arm of Truist Bank (formerly SunTrust). LightStream’s personal loans go up to $100,000—the highest borrowing limit on our list—making them an excellent option for consumers who need to borrow a large sum of money. Same-day funding is available to those who qualify, making it ideal for borrowers who need to cover significant emergency expenses quickly.

LightStream also offers a Rate Beat Program that can save consumers an additional 0.1% over eligible competitor rates. That said, the lender reserves its lowest rates for the most creditworthy borrowers and does not offer a prequalification process.

Pros and cons

Pros

Same-day funding available.
Loans available up to $100,000.
Competitive interest rates through Rate Beat Program.

Cons

No prequalification available.
Some limitations on use of loan funds.

More details

Online application: Yes.
Interest rates: 7.99% to 25.99%.
Loan amounts: $5,000 to $100,000.
Min. credit score: Does not disclose.
Loan terms: 2 to 7 years (up to 12 years for some loan types).
Discounts and perks: Autopay (0.5%) and Rate Beat Program (0.1%).
Fees: None.
Time to fund: As soon as the same-day for qualified borrowers.

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LendingClub is a former peer-to-peer lender specializing in personal loans up to $40,000. The lender makes it easier for borrowers to qualify by allowing co-borrowers to apply—something not offered by every lender. Doing so may also help borrowers access more competitive rates than they would otherwise qualify for.

LendingClub’s annual percentage rates (APRs) are higher than those from some top competitors, but borrowers do not pay prepayment penalties. LendingClub also reports that over one-third of its borrowers receive funds within 24 hours after approval, making it a solid choice for borrowers who need cash to address emergencies.

Pros and cons

Pros

Funds available within 24 hours after approval.
Allows co-borrowers to apply with you.
Offers prequalification with a soft credit check.

Cons

Loans only go up to $40,000.
Charges an origination fee from 3% to 6%.
APRs start higher than some competitors.

More details

Online application: Yes.
Interest rates: 9.57% to 35.99%.
Loan amounts: $1,000 to $40,000.
Min. credit score: 600.
Loan terms: 3 to 5 years.
Discounts and perks: No prepayment penalties.
Fees: Origination fee (2% to 6%).
Time to fund: As soon as 24 hours for qualified borrowers.

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What you should know

Upgrade is a fintech company that offers personal loans starting at just $1,000 and up to $50,000. Smaller loan amounts mean borrowers don’t have to borrow more than they need—even when faced with an inconvenient and costly emergency. Repayment terms are also extremely flexible (two to seven years).

The lender offers a convenient online application process and imposes a low minimum credit score. Borrowers can also receive their loan funds within one business day post-verification, making it even easier to access emergency funds.

Pros and cons

Pros

Funding available in as little as one business day.
Loans start at just $1,000.
Low minimum credit score requirements.

Cons

Maximum APRs close to 36%.
Origination fee from 1.85% to 8.99%.
Charges late payment and insufficient fund fees.

More details

Online application: Yes.
Interest rates: 8.49% to 35.99%.
Loan amounts: $1,000 to $35,000.
Min. credit score: Does not disclose.
Loan terms: 2 to 7 years.
Discounts and perks: No prepayment penalties and autopay discount available to qualified borrowers.
Fees: Origination fee (1.85% to 8.99%) and late fee ($10).
Time to fund: As soon as the next business day.

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A Chicago-based fintech company, Avant offers personal loans up to $35,000 to customers with a minimum credit score requirement of only 580. This could make this lender a good choice for borrowers who only have fair credit. Repayment terms vary from one to five years.

Funds may be available as soon as the next business day, so those with less-than-stellar credit facing emergency expenses may have greater approval odds with Avant than with other lenders.

Pros and cons

Pros

Low minimum credit score requirements.
Funds available as soon as the next business day.
Repayment terms from 1 to 5 years.

Cons

Higher APRs than competitors.
No rate discounts.
Administration fee up to 4.75%.

More details

Online application: Yes.
Interest rates: 9.95% to 35.99%.
Loan amounts: $2,000 to $35,000.
Min. credit score: 600.
Loan terms: 1 to 5 years.
Discounts and perks: None.
Fees: Administration fee (up to 4.75%), late fee ($25) and dishonored payment fee ($15).
Time to fund: As soon as the next business day.

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According to Prosper, 99% of the lender’s borrowers receive personal loan funds within one business day of signing their loan documents, making it best suited to consumers who need to cover emergency expenses quickly.

The company’s personal loan offerings come with somewhat flexible repayment terms (two to five years), and borrowers can access between $2,000 and $50,000. Like most competitive lenders, there are no prepayment penalties — though the origination fee ranges from 1% to 5%.

Pros and cons

Pros

Funds available in as little as one business day.
Offers prequalification with a soft credit check.
No prepayment penalties.

Cons

$2,000 minimum loan amount.
No advertised rate discounts.
Charges an origination fee from 1% to 5%.

More details

Online application: Yes.
Interest rates: 6.99% to 35.99%.
Loan amounts: $2,000 to $50,000.
Min. credit score: 600.
Loan terms: 2 to 5 years.
Discounts and perks: No prepayment penalties.
Fees: Origination fee (1% to 5%), check payment fee ($5 or 5% of your payment or $5, whichever is less), late payment fee ($15 or 5% of the unpaid amount, whichever is greater) and insufficient funds fee ($15).
Time to fund: As soon as the next business day.

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Upstart is an artificial intelligence-based lending platform that connects eligible consumers with personal loans from a network of banks and credit unions. The platform relies on several factors when making lending decisions, so borrowers with limited credit histories can still qualify based on their education, employment and financial situation.

Loan amounts range from $1,000 to $50,000 and are available the next business day upon approval for qualified borrowers. Minimum loan terms start higher than other lenders at three years and extend up to five years, which can lower monthly payment amounts.

Pros and cons

Pros

Offers prequalification with a soft credit check.
Considers more than just your credit history for loan approval.
Funds are often available one business day after signing.

Cons

Only offers two repayment terms.
Charges an origination fee as well as fees for late and returned payments.
No rate discounts.

More details

Online application: Yes.
Interest rates: 5.2% to 35.99%.
Loan amounts: $1,000 to $50,000.
Min. credit score: 300.
Loan terms: 3 or 5 years.
Discounts and perks: No prepayment fees or penalties.
Fees: Origination fee (0% to 10%), late fee ($15 or 5% of past-due amount, whichever is greater) and returned payment fee ($15).
Time to fund: As soon as the next business day.

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Another fintech company, LendingPoint, made the list because of its fast funding and flexible repayment terms (two to six years). LendingPoint makes credit decisions based on proprietary algorithms. The loan amount and terms borrowers qualify for depend on several factors, including individual credit profile, current debt-to-income ratio and payment-to-income ratio.

Borrowers can access personal loans from $2,000 to $36,500, and money may be available as soon as the next business day after approval. The lender offers personal loans in 48 states and Washington, D.C., but loans are unavailable in Nevada or West Virginia.

Pros and cons

Pros

Initial loan offers available in seconds.
Funds available the next business day.
Can be used for any legal personal expense or purchase.

Cons

Not available in Nevada or West Virginia.
No joint or co-signed loans.
Origination fee ranges from 0% to 8%.

More details

Online application: Yes.
Interest rates: 7.99% to 35.99%.
Loan amounts: $2,000 to $36,500.
Min. credit score: Does not disclose.
Loan terms: 2 to 6 years.
Discounts and perks: No prepayment penalties.
Fees: Origination fee (0% to 8%).
Time to fund: As soon as the next business day.

Compare the best emergency loans

	Interest rates	Loan amounts	Time to fund
LightStream	7.99% to 25.99%	$5,000 to $100,000	Same day
LendingClub	9.57% to 35.99%	$1,000 to $40,000	One day after approval
Upgrade	8.49% to 35.99%	$1,000 to $50,000	One business day after verification
Avant	9.95% to 35.99%	$2,000 to $35,000	One business day after approval
Prosper	6.99% to 35.99%	$2,000 to $50,000	One business day after offer acceptance
Upstart	5.2% to 35.99%	$1,000 to $50,000	One business day after offer acceptance
LendingPoint	7.99% to 35.99%	$2,000 to $36,500	One business day after approval
All rates include discounts where noted by the lender and are current as of November 6, 2023.

Methodology

Our expert writers and editors have reviewed and researched 29 popular lenders to help you find the best debt consolidation loan. Out of all the lenders considered, the seven that made our list excelled in areas across the following categories (with weightings): loan cost (10%), loan details (15%), eligibility and accessibility (25%), customer experience (15%) and application process (35%).

Within each major category, we considered several characteristics, including APR ranges, time to fund, online application availability, maximum loan amounts and terms, minimum credit score requirements and co-signer acceptance. We also evaluated each provider’s customer support options and customer reviews.

Why some lenders didn’t make the cut

Of the 29 personal loan lenders that we reviewed, only a fraction made the cut. The lenders that didn’t have high enough scores to be included, received lower ratings due to having higher interest rates, longer funding time, limited customer service options and bad customer reviews as well as not allowing co-signers.

What loans can you get the same day?

Many loans take several days to receive funds, but some lenders offer same-day or next-day funding. Fast funding speeds are more common with online lenders than with traditional banks and credit unions.

That said, the time it takes to receive loan funds can ultimately depend on several factors, including how long it takes to apply for a personal loan and how long it takes the borrower’s bank to process the deposit.

Frequently asked questions (FAQs)

Taking out a loan can be time-consuming, but there are a few options to consider if you need emergency money quickly. First, an online personal loan may fit the bill if the lender offers fast approval times and same- or next-day funding. These loans generally have lower interest rates than other forms of financing, such as payday loans or cash advances. Still, they may require more paperwork and time for approval than some options.

If you have poor credit and can’t qualify for a loan, consider borrowing from friends and family. This is often the quickest way to access funds as long as you know someone who can help. You might also be eligible for an advance on your paycheck from your employer if it allows you access to some of your earned wages before your next check comes in.

The easiest loan to get approved for may depend on your financial situation and credit history. Generally, online personal loans from lenders with easy application processes may be easier to qualify for than traditional bank loans as long as you meet the lender’s eligibility requirements.

Some payday loans, pawn shop loans and car title loans also come with quick funding options and have lower qualification standards than personal loan eligibility requirements. However, these loans come with extremely high interest rates and other fees that are often considered predatory. These costs, combined with abbreviated repayment terms, make payday loans difficult to repay and can lead to a cycle of debt.