How to Get an Emergency Loan With Bad Credit, Fast

A car repair, a medical bill or a short rent payment can't wait for your credit score to recover. The good news is that a low score doesn't automatically rule out an emergency loan. Here's how to get one quickly and keep the cost down.

Can you get an emergency loan with bad credit?

Yes. Many lenders, including Fast Loan Advance, consider applicants with credit scores below 580 or no credit history. Instead of relying on your score alone, they look at your income, employment and how you manage your bank account. Expect a higher rate than someone with good credit, and possibly a smaller first loan.

Typical rates by credit score

These are typical ranges, not guarantees. Your actual APR appears in your loan agreement before you sign.

What you need to apply

• Age 18 or older (19 in Alabama and Nebraska, 21 in Mississippi)
• U.S. citizenship or permanent residency
• Steady income from a job, self-employment or benefits
• An active checking account, ideally with direct deposit
• A government-issued photo ID and your Social Security number

5 steps to get approved faster

1. Borrow only what you need. A $1,000 request is easier to approve than $5,000, and costs less.
2. Have documents ready. A recent pay stub or bank statement can speed up verification.
3. Apply early on a business day. Requests completed in the morning are more likely to fund the next business day.
4. Check your information. A typo in your bank routing number or address can delay funding.
5. Choose a term you can afford. A slightly longer term lowers your payment, which can improve approval odds.

How fast can you get the money?

With Fast Loan Advance, most approved borrowers receive funds as soon as the next business day after signing. Some banks take an extra one to two days to post the deposit. Weekends and holidays add time, so if your emergency hits on a Friday, apply right away.

A real example

A borrower with a 560 credit score needs $1,500 for a transmission repair. At 33.99% APR over 12 months, the payment is about $150 a month, and total interest is roughly $290. Compare that with the cost of losing a job because the car isn't running, and the loan can be the right call. Try your own numbers in our loan calculator.

Options to compare first

• Payment plans. Hospitals, mechanics and utilities often offer interest-free payment plans if you ask.
• Credit union loans. Federal credit unions offer payday alternative loans (PALs) with APRs capped at 28%, usually for existing members.
• Employer advances. Some employers advance part of your paycheck at no cost.
• Local assistance. Call 211 to find emergency help with rent, utilities and food.

How to rebuild your credit after an emergency loan

An emergency loan can become a stepping stone to better rates next time. Set up automatic payments so you never miss a due date, since payment history is the biggest factor in most credit scores. Keep credit card balances below 30% of your limits, check your free credit reports at AnnualCreditReport.com for errors, and avoid applying for several new accounts at once. Six to twelve months of on-time payments can make a noticeable difference.

Avoid these traps

• Any lender that asks for a fee before you're funded
• "Guaranteed approval" with no review of your income
• Loans due in one lump sum on your next payday
• Taking a new loan to pay off an old one

Ready to see what you qualify for? Learn about our emergency loans or start your request. It takes about two minutes and won't affect your credit score.

Frequently asked questions