Emergency Personal Loan
Financial support when you need it most
If the unexpected happens and you’re short on funds, an emergency personal loan could help cover last-minute expenses. Find out how it works.
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What is an emergency personal loan?
An emergency loan is a personal loan used to cover urgent, unexpected expenses—like medical bills, car repairs, or sudden job loss. It gives you fast access to funds when you need them most, with the structure and stability of fixed monthly payments. If you’re facing a financial crisis and don’t have enough in your emergency fund or savings account to cover it, an emergency personal loan could be your ticket to fast funding. Most emergency loans are unsecured loans. That means the lender determines your eligibility based on your credit history rather than requiring you to supply collateral.
Because emergency loans are installment loans, you’ll receive the loan amount in a single lump sum and then pay it back over a series of monthly payments, or “installments.” These payments will have any origination fees and interest charges built in.
Unlike credit card cash advances, title loans, or payday loans, personal loans tend to have lower interest rates and more flexible repayment terms. However, they also tend to have a more rigorous application process.
What can I use an emergency personal loan for?
Borrowers can use emergency loans for a wide variety of purposes. These include:
Urgent home or car repairs
Rent or essential bills during a temporary hardship
Unexpected medical bills
Life-saving medical expenses
How quickly can I get a personal loan for an emergency?
Emergency loan lenders are set up to dispense cash quickly in times of financial emergency. Some online lenders will review your loan application, perform a credit check, and transfer the funds to your bank account all within the same day. Many others promise loan approval and funding as soon as the next business day.
Is an emergency loan right for you?
Financial emergencies can’t always wait. An emergency loan might make sense if:
You need cash quickly and don’t have enough in savings
You want to avoid high-interest payday loans or credit card debt
You can manage monthly payments but need help with upfront costs
You’re facing a short-term gap and need a bridge to stability
It's important to borrow responsibly—only what you need and can repay.
Emergency borrowing tips
Only borrow what you truly need
Prioritize urgent essentials—like housing, health, and safety
Avoid stacking debt across multiple sources
Create a short-term repayment plan to stay in control
Consider using Earnest’s free debt management tool to map out your next steps
FAQs about emergency personal loans
Have more questions? Visit the Help Center.
What credit score do I need to get a personal loan?
Most banks, credit unions, and other lenders require a minimum credit score of at least 600 to issue a personal loan. However, even with a fair credit score, you might have to pay high interest rates. With a good credit score, you’ll qualify for lower annual percentage rates, as well as more favorable loan terms and higher loan amounts. And if you have excellent credit—usually close to 800—you’ll qualify for some of the best emergency loans on the market. Eligibility requirements vary by lender, and you don’t need perfect credit to benefit. Even if you don’t qualify for the lowest rates, you could still save money if your new loan’s interest rate is lower than what you would be paying by charging your credit card.
Even with bad credit, you can still qualify for some emergency loans, especially if you have a co-borrower or cosigner. If not, you may have to consider a secured loan. With this type of emergency loan, you’ll need to provide some form of collateral—like a home or car—to reassure the lender that you’re good for your debt.
How to get an emergency personal loan?
You can get an emergency personal loan by comparing lenders, checking your rate, and applying online or through a bank. Most lenders require good credit, proof of income, and basic documents. Once approved, you’ll sign your agreement and receive funds—often within a few days.
1 24 hour funding is not guaranteed and is subject to the availability of funds which includes but is not limited to the time of loan approval, verification requirements, and bank processing times.
Loan proceeds may not be used for postsecondary educational expenses, including refinancing federal or private student loans.