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10 Fast Emergency Personal Loan Options When You Need Cash Now

Emergency loans can provide you with access to funds on the same day, but may come with high interest rates and short terms.

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Updated July 24, 2025
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Edited by John Howard
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Written by Rachel Alulis
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Key takeaways

  • Emergency lenders can approve and fund loans the same or the next business day.
  • The best options when you have bad credit are often loans from credit unions, as they have competitive interest rates and flexible terms.
  • Payday and title loans can be tempting, but they should be avoided due to their steep fees and short repayment windows.

Financial emergencies seem to pop up when you’re least prepared for them. If you don’t have the cash on hand, you’ll need to look for outside assistance to get you through.

Many lenders offer quick cash loans, but not all are a good idea. Some have long repayment terms that keep your expenses low. While others charge excessive fees and short terms, making repayment difficult.

We’ve compiled a list of potential loans to explore, even with bad credit.

Jump to:

1. Online personal loan platforms

If you’re researching how to get a personal loan with bad credit, start by exploring online lending platforms. Many online personal loan platforms let you prequalify with multiple lenders at once with only a soft credit check.

You can then compare rates, terms, fees, and loan amounts in one place. Once you’ve found a lender you want to work with, submit a formal application. Since you’ve already prequalified, you know that you meet their basic criteria.

Pros:

  • Quick application

  • Same-day or next-day funding

  • Easily compare offers

  • Many lenders accept borrowers with poor credit

Cons:

  • Rates and fees can be high

  • Potential for scams

  • Lack of personalized service

2. Installment lenders with accelerated approval

Installment loans with accelerated approval provide a lump sum of cash, typically on the same or the next day. You repay the loan over several months or years in equal monthly payments. The fixed payment schedule makes them easier to manage than loans with lump-sum balloon payments.

Banks, credit unions, and online lenders offer installment loans. If you have good credit, you’ll likely secure a loan with a low annual percentage rate (APR) in the single digits. Interest rates for borrowers with poor credit can go up to 36%.

Many online lenders offer extremely bad credit loans. These loans typically come with higher interest rates and shorter repayment terms. Before you take one out, make sure that it is affordable.

Pros:

  • Fast approval

  • Fixed payments make repayment easier

  • Lower interest rates

  • Longer terms

  • Usually no collateral

Cons:

  • Interest rates can be high with bad credit

  • Shorter loan terms may result in higher monthly payments

  • Lenders may charge fees

3. Credit union emergency loans

Many credit unions offer emergency loans for bad credit to members facing unexpected expenses or financial hardships. These loans are typically installment loans with competitive interest rates and flexible terms.

You may be able to find small-dollar loans with minimal fees or hardship loans for bad credit. Hardship loans are specifically designed for members facing financial difficulties due to job loss, medical bills, or other unexpected events. They tend to be for small amounts, have low interest rates, and shorter repayment periods.

Credit union loans are an excellent choice because they often offer competitive interest rates and more lenient requirements. Federal credit unions cap the APRs on personal loans at 18%.

Pros:

  • Competitive interest rates and fees

  • Flexible repayment options

  • Personalized customer service

  • Fast approval

  • Work with members who have bad credit

  • May approve based on your relationship with the credit union

Cons:

  • Membership required

  • Approval and funding may take longer than online lenders

4. Payday alternative loans (PALs)

Payday alternative loans (PALs) are affordable, small-dollar loans offered by federally insured credit unions. They can help you cover emergencies without falling into a cycle of debt.

PALs loan amounts range from $200 to $2,000, with repayment terms of up to 12 months. The APR cannot exceed 28% and the maximum application fee is $20. Some credit unions conduct a hard inquiry, but most rely on members’ banking history and income for approval.

PALs are ideal for federal credit union members who need quick access to cash but want to avoid the triple-digit interest rates and balloon payments.

Pros:

  • Maximum 28% APR

  • Minamal fees

  • Installment loan

  • Can help build credit

  • Lenient requirements

Cons:

  • One-month membership required

  • Small loan amounts

5. Cash advances on credit cards

A cash advance allows you to borrow money against your credit card’s available limit, providing quick access to funds when you need them most. You can withdraw the money from an ATM or a bank without any application process.

The problem with cash advances is that they come with high fees. Your card issuer will charge an advance fee of 3% to 5% the amount or a flat fee of $10-$15, whichever is higher. The ATM will likely charge a fee of $2 to $5 per transaction. You will also incur interest at a higher rate than for regular purchases, and the interest begins accumulating immediately.

Credit card cash advances can be helpful in a pinch, but use them sparingly and repay the money as soon as possible.

Pros:

  • Instant access to cash

  • Withdraw money from any ATM

  • No application necessary

  • No additional credit check

Cons:

  • High rates and fees

  • Interest starts accruing immediately

  • The borrowing amount is limited

6. Title loans

Car title loans are secured short-term loans that use your vehicle’s title as collateral. You give the lender the title, and they provide you with a loan that’s 25% to 50% of your car’s current market value. You can often receive cash the same day without a credit check.

While initially appealing, auto title loans are expensive. Lenders often charge fees equivalent to a 300% APR and require repayment within 15 to 30 days. If you are unable to pay on time, the lender may repossess your vehicle.

Title loans are a last resort, and they may not be available in your state.

Pros:

  • Same

  • No credit check

  • Easy to qualify for

  • You can continue driving your car during repayment

Cons:

  • You risk losing your car if you default

  • High interest rates and fees

  • Must own your vehicle

7. Payday loans

Payday loans are instant loans up to $500 that you repay with your next paycheck. Typically, all you need is a checking account and proof of income. Many lenders offer 1-hour payday loans with no credit check, which can be tempting in an emergency.

A $500 payday loan with guaranteed approval may sound appealing, but it comes with high fees equivalent to a triple-digit APR. Most lenders require balloon payments (the entire loan amount and fees at once) after only two weeks. The short repayment period and high costs make them one of the most expensive borrowing options available. Many borrowers end up in a cycle of debt.

Avoid payday loans since most borrowers end up in a cycle of debt.

Pros:

  • Fast access to cash

  • No credit check required

  • High approval odds

Cons:

  • Extremely high fees

  • A short repayment window

8. Employer salary advances

Salary advances are when your employer sends you money you’ve earned but haven’t received yet. Advances are typically fee-free or low-cost. Payroll will automatically deduct the amount from your next paycheck.

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If your employer doesn’t offer salary advances, you can use a third-party app. Paycheck advance apps send you small amounts of cash that you repay on your next payday. They charge fees, especially if you need the money instantly, but there’s no interest or credit check.

Paycheck advances are an example of modern income-based loans. They tend to be affordable, but be sure to budget for a smaller payday to avoid a cycle of borrowing.

Pros:

  • No interest

  • Minimal fees

  • No credit check

  • Repayment is automatic

Cons:

  • Availability depends on your employer’s policy

  • Next paycheck will be smaller

  • Short repayment period

9. Peer-to-peer (P2P) lending sites

Peer-to-peer (P2P) lending platforms connect you directly with individual investors. These investors may have more lenient requirements and accept borrowers with fair or poor credit. In return for taking on more risk, the interest rates and fees may be higher.

The application process is typically online and fast. Approval and funding may take a few days, depending on the investor’s approval process.

P2P sites are a good choice if traditional lenders have turned you down or offered loans with too high rates.

Pros:

  • Competitive interest rates

  • Flexible qualification criteria

  • Online applications with relatively quick decisions

  • May offer better terms

Cons:

  • Approval and funding may take longer

  • Fees and rates vary widely

10. Borrowing from family or friends

When you need to get 100 dollars now, turning to a trusted friend or relative can be the most affordable solution. You will likely be able to borrow without interest, fees, or a credit check.

Before you borrow, write down how and when you will repay the money. Having clear terms will prevent misunderstandings that can strain personal relationships.

A loan from a loved one can help you get back on your feet without incurring significant costs.

Pros:

  • No credit check, fees, or interest

  • Funds can be available immediately

  • Flexible repayment based on mutual agreement

Cons:

  • Can strain or damage personal relationships

  • Borrowing may feel awkward

How to choose the best emergency loan

The right emergency same-day loan depends on how quickly you need the money, how much you need to borrow, and your credit score. While all these options are available for borrowers with bad credit, you will receive better rates if you can improve your score. Another tip is to join a credit union proactively to qualify for personal loans or PALs with competitive rates.

Loan typeKey featuresGood for
Online lending platformsConnect with multiple lenders
Compare offers		Ideal for borrowers who want to compare multiple offers quickly, especially those with bad credit.
Installment loanLump-sum loans
Fixed monthly payments
Longer repayment terms.		Good fit for people who need fast cash and prefer predictable monthly payments.
Credit union loanLower interest rates
Flexible terms.		For members with limited credit who need small, affordable loans.
Payday alternative loanSmall installment loans
APR capped at 28%
Repay in 1-12 months		Best for federal credit union members seeking a safer, low-cost option to cover short-term expenses.
Credit card cash advanceWithdraw cash from ATM
High fees and APR		A good fit for people who have a credit card and can repay the advance immediately.
Title loanPercentage of car’s value
Car is collateral
Risk losing your car		For people with poor credit who own their vehicle outright and need quick access to cash.
Payday loanShort-term loan
No credit check
Triple-digit APR		A solution for consumers who have no credit, need fast cash, and can repay it within a short time frame.
Employer salary advanceEarly access to earned wages Minimal fees
No credit check		Best for employees who need a small, interest-free advance on wages they’ve already earned.
Peer-to-peer loanLoan from an individual investor Competitive rate
Flexible criteria		A good choice for borrowers with fair credit looking for competitive rates outside traditional banks.
Friend or family loanLow cost
May strain relationships		A smart choice for consumers who have friends or family they can rely on.

Frequently asked questions

1. What is the best way to borrow money in an emergency?

The best way to borrow money in an emergency is often through credit unions. Many offer personal loans or hardship loans that give emergency cash immediately to borrowers with bad credit.

2. Which loan can lend me money instantly?

Payday loans, credit card cash advances, and paycheck advances can send you money the same day, often instantly. These options require minimal paperwork and do not require a credit check. Read the terms since many instant loans come with high fees and short repayment periods.

3. What to do when you need money desperately?

If you need money now but can’t get a loan, look into local assistance programs or ask for a paycheck advance from your employer. You might also consider gig apps or borrowing from trusted friends or family. These options can provide quick relief without the risk of high-interest debt or loan denial.

4. What app will let me borrow money immediately?

Some of the best cash advance apps that allow you to borrow money immediately include EarnIn, Empower, and Current. These apps connect to your bank account to offer instant advances with no credit check and low fees. While they help cover small expenses before payday, you need to adjust your spending for a smaller paycheck.

5. What’s the best and easiest way to get a $5,000 emergency loan?

The best and easiest way to get a $5,000 emergency loan is through online lending platforms that prequalify you with a soft pull. If you have steady income, even with fair credit, you may qualify quickly. Always compare rates and terms to avoid high interest rates and short repayment terms.

Bottom line

Borrowing cash fast with bad credit is entirely possible, but the better route is to save money. Most experts recommend having three to six months of expenses saved, so that when financial emergencies arise, you are prepared.

Make an effort to put aside any extra money in a savings account. Even a small emergency savings of $1,000 can help you avoid taking on debt. The less you have to borrow, the more money you’ll save overall.

As you save, work on your credit score. The higher your score, the easier it will be to secure loans with favorable interest rates. A good score can save you thousands next time you need an urgent loan.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.
2. Paycheck Advance is an earned wage access service and is not a loan or credit product.
3. Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and/or Cross River Bank, Member FDIC. The Current Visa® Debit Card, which may be issued by Choice Financial Group and/or Cross River Bank, and the Current Visa® secured charge card, which is issued by Cross River Bank, are all issued pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. A Current debit account is required to apply for the Current Visa® secured charge card. Independent approval required.
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23. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
24. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
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28. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
29. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
30. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.
31. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
32. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
33. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
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41. MyPay is only offered in select states
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43. Not affiliated with Empower Annuity Insurance Company of America (www.empower.com).                              Not everyone will qualify. Offers range from $10-$300 for first-time customers; $10-$400 for all others. Offers are based on our eligibility requirements and can go up with on-time payments. In Feb 2025, the average offer was $95 for first-time customers; $187 for all others. Instant delivery is optional—see fees in Empower’s Terms.                              Empower offers a 14-day trial for first-time customers followed by an auto-recurring $8/month subscription fee. Cancel anytime.
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About the author

Author Rachel Alulis Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor's credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor's degree in journalism and an MBA.

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