6 Best Small Personal Loans For Emergency Expenses
When unexpected expenses arise, it can be challenging to come up with the necessary funds to cover them. That’s where personal loans come in handy, providing individuals with the financial support they need to handle emergency expenses. However, with so many options available, it can be overwhelming to choose the best one. In this article, we’ll take a look at the six best small personal loans for emergency expenses, helping you make an informed decision and get the support you need when you need it most. So, let’s dive in!
- Credit Karma
- Upstart
- LendingClub
- Payoff
- Avant
- Peerform
Each of these lenders offers competitive interest rates and flexible repayment terms, making them ideal for those who need a small loan quickly. Be sure to compare your options carefully to find the best fit for your needs and budget.
6 Best Small Personal Loans for Emergency Expenses
1. LendingClub
Why We Like It: LendingClub offers quick approval and funding, with no hidden fees or prepayment penalties.
Who Should Get It: Those with fair to good credit who need quick access to funds for emergency expenses.
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2. Upgrade
Why We Like It: Upgrade offers flexible loan options and allows co-signers, which can help borrowers with lower credit scores qualify for better rates.
Who Should Get It: Those with fair to good credit who need flexibility in loan terms and may benefit from having a co-signer.
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3. SoFi
Why We Like It: SoFi offers competitive rates and a variety of loan options, including unemployment protection and career coaching.
Who Should Get It: Those with good to excellent credit who may benefit from additional loan features like unemployment protection and career coaching.
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4. Avant
Why We Like It: Avant offers personal loans to those with lower credit scores and provides access to funds as soon as the next business day.
Who Should Get It: Those with fair to poor credit who need quick access to funds.
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5. Prosper
Why We Like It: Prosper offers competitive rates and a simple application process, with no prepayment penalties.
Who Should Get It: Those with fair to excellent credit who want a streamlined loan application process.
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6. OneMain Financial
Why We Like It: OneMain Financial offers personal loans to those with poor credit and allows borrowers to apply in person or online.
Who Should Get It: Those with poor credit who prefer to apply for a loan in person.
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Frequently Asked Questions
Here are some frequently asked questions about the 6 best small personal loans for emergency expenses:
What are small personal loans?
Small personal loans are loans that are typically under $5,000 and are designed to help you cover unexpected expenses or emergencies. These loans can be used for a variety of purposes, such as medical bills, car repairs, or home improvements. They are typically unsecured loans, which means you don’t need to provide collateral to secure the loan.
When you apply for a small personal loan, the lender will review your credit score and financial history to determine your eligibility. If you’re approved, you’ll receive the loan funds in a lump sum and will be required to make regular payments over a set period of time.
What are the best small personal loans for emergency expenses?
The six best small personal loans for emergency expenses are:
- Upstart
- Avant
- LendingClub
- OneMain Financial
- PenFed Credit Union
- Upgrade
Each of these lenders offers competitive interest rates, flexible repayment terms, and fast funding options. They also have high customer satisfaction ratings and positive reviews from borrowers.
How do I apply for a small personal loan?
To apply for a small personal loan, you’ll need to gather some basic information and documentation, such as your social security number, proof of income, and employment history. You’ll also need to provide information about the loan amount you’re seeking and the purpose of the loan.
You can typically apply online or in person through the lender’s website or a local branch. The application process typically takes less than 30 minutes, and you’ll receive a decision within a few business days.
What are the eligibility requirements for small personal loans?
The eligibility requirements for small personal loans vary by lender, but generally include:
- A minimum credit score of 580
- A minimum income of $20,000 per year
- A valid social security number
- A verifiable source of income and employment
Keep in mind that meeting these requirements doesn’t guarantee that you’ll be approved for a loan. The lender will also review your credit history, debt-to-income ratio, and other factors when making a lending decision.
What should I consider when choosing a small personal loan?
When choosing a small personal loan, it’s important to consider factors such as:
- Interest rates and fees
- Repayment terms and options
- Funding speed
- Customer service and support
- Loan amount and eligibility requirements
By comparing these factors across multiple lenders, you can find the loan that best fits your needs and budget.
When it comes to unexpected expenses, having access to quick cash can be a lifesaver. Personal loans can be an excellent option for those who need to cover emergency expenses, but don’t have the savings to do so. However, with so many lenders out there, it can be tough to know where to start. That’s why we’ve compiled a list of the six best small personal loans for emergency expenses.
First on our list is Avant, which offers loans ranging from $2,000 to $35,000. With a maximum APR of 35.99%, Avant is a great option for those with less-than-perfect credit. Next is LendingClub, which offers loans up to $40,000 with an APR as low as 6.95%. This lender is a good choice for those with good to excellent credit.
If you’re looking for a lender with a fast application process, consider PersonalLoans.com. This lender offers loans up to $35,000 with a maximum APR of 35.99%. Another great option is Upstart, which uses artificial intelligence to evaluate borrowers’ creditworthiness. Loans range from $1,000 to $50,000, with an APR between 6.27% and 35.99%.
Penultimate on our list is Prosper, which offers loans up to $40,000 with an APR as low as 6.95%. Finally, we have OneMain Financial, which offers loans up to $20,000 with an APR between 18.00% and 35.99%. This lender is a good option for those with lower credit scores.
In conclusion, when it comes to emergency expenses, personal loans can be a great option. With so many lenders out there, it’s important to do your research and find a lender that suits your needs. Whether you’re looking for a fast application process, low APRs, or high loan amounts, the six lenders we’ve highlighted are a great place to start.
