Emergency Loans

How to Get a Personal Loan Fast

How much do you need?

What Is an Emergency Loan?

An emergency loan is an unsecured personal loan that can help cover unexpected expenses when you don’t have a financial cushion or can’t come up with the cash on your own right away. While there are different forms of emergency loans (e.g., payday, pawn shop, auto title, or high-rate installment loans), an unsecured personal loan for emergencies is often a better option as it can offer lower interest rates, fast funding, and affordable monthly payments made over a set period of time.

Eligibility is based on your creditworthiness and no collateral is required.

Why Get an Emergency Loan?

Lock in a Fixed Rate
With an affordable fixed rate, your monthly payment never increases.
Protect Your Savings
Avoid dipping into savings or retirement and keep your finances on track.
Save money!
Save Money
Many balance transfer members receive lower rates and can save money over the course of their loan.

Emergency loans often offer flexibility, allowing you to use the money
to address a variety of emergency expenses, and use the funds to help
pay for more than one emergency:

  • Home and vehicle repairs

  • Out-of-pocket medical expenses

  • Family emergencies

  • Unexpected expenses and bills

  • Housing, utilities, and food

If you’re taking out a personal loan for emergencies, you can often begin by checking your rate online with a lender who pre-qualifies you using a soft credit check. This allows you to see if you’re likely to get approved and review your loan offers without impacting your credit score.

If you select an offer and continue applying for a loan, this usually results in a “hard pull,” or inquiry on your credit report. The lender will review your application, credit history, and debt-to-income ratio and you may be asked to provide supporting documentation like a pay stub.

If you meet the qualification limits, the lender will approve your loan and provide you with a disclosure. Be sure to read everything carefully before you sign. Even in an emergency, you should know your terms, rates, and fees before you enter into a loan agreement.

  • Loan amounts: Make sure the minimum and maximum loan amounts align with your needs.

  • Repayment terms: A longer loan term can lower your monthly payment, but a shorter term will cost you less overall.

  • Interest rate ranges: The lower your interest rate, the less your loan will cost overall.

  • Eligibility requirements: Loan approval usually is based on your credit score, payment history, and income, among other factors.

  • Fees: Application costs, origination fees, and
    prepayment penalties vary by lender and may impact your total cost.
    Compare APR’s across a couple different lenders to understand the true
    cost of each loan offer.

  • Joint applications: If you think you might not qualify
    on your own based on your credit history, work with a lender that
    accepts co-borrowers and apply together for a joint personal loan.

Personal Loans vs. Credit Cards Comparison

Personal Loans

  1. Installment loans can help you pay down debt and take control of your budget
  2. Single, fixed rate monthly payment is easy to manage
  3. Fixed monthly payment and payoff date saves you money over time
  4. Lower average APRs

Credit Cards

  1. Revolving credit accounts can lead to overspending
  2. Managing multiple credit cards with variable due dates, limits, and terms is time consuming and stressful
  3. Low minimum monthly payments and revolving compound interest can trap you in a cycle of debt
  4. Higher average APRs are an expensive way to pay for large purchases

What Our Members Say

I had a medical emergency where I was hospitalized. Thanks to the way LendingClub handled the whole process, getting the money I needed was one thing I didn’t need to worry about. It put my mind at ease so that I could just concentrate on getting better.

Randy, a member from CA 2

Read More Reviews

How it Works

  • HIW homepage apply in minutes image
  • HIW template choose a loan offer image
  • HIW template get funded image

How it Works

Check Your Rate
Frequently Asked Questions

Banks, credit unions, and online lending marketplaces, and other lenders may offer emergency loans. Generally, be wary of high-interest loans or lenders that only promise fast funding, especially without a credit check. A reputable online lender that lets you check your rate without it impacting your credit score is a good option.

Some lenders let you check your loan offers with a soft credit check, the type that doesn’t impact your credit scores. If you decide to apply for a loan after reviewing your offers, you will need to agree to a hard credit check, which may or may not affect your scores, depending on your credit profile.

You can use a personal loan for emergency expenses and bills. Typical uses include home repairs, fixing a broken-down vehicle, medical bills, and household expenses. LendingClub Bank doesn’t offer loans for expenses related to education after high school, making investments (including buying cryptocurrencies), or anything illegal.

You can get an emergency loan even if you have bad credit, but you may have fewer options and wind up paying more in interest and fees. In some cases, using a credit card or asking your creditors for a hardship plan may be better than taking out a payday loan or high-rate emergency loan.

Lenders may have minimum and maximum emergency loan amounts. LendingClub Bank offers unsecured personal loans for up to $40,000. The minimum starts at $1,000, but minimum amounts can vary based on state laws.

Our process makes it easy for you to check your rate and apply in minutes. To avoid delays, you can check your to-do list and quickly submit all the required documents and information. Once we verify your information and your loan is funded, we will send the money directly to your bank account.

  1. This is one person's experience. Individual results may vary. Based on reviews collected and authenticated by Bazaarvoice. All such reviews can be accessed at https://www.lendingclub.com/company/reviews

Savings are not guaranteed and depend upon various factors, including but not limited to interest rates, fees, term length, and making payments as agreed. 

A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $19,854 for a term of 36 months, with an interest rate of 10.29% and a 6.00% origination fee of $1,191, for an APR of 14.60%. In this example, the borrower will receive $18,663 and will make 36 monthly payments of $643. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states. 

For Personal Loans, APR ranges from 9.57% to 35.99% and origination fee ranges from 3.00% to 8.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of July 11, 2023 and are subject to change without notice. 

Checking a rate through us generates a soft credit inquiry on a person’s credit report, which is visible only to that person. A hard credit inquiry, which is visible to that person and others, and which may affect that person’s credit score, only appears on the person’s credit report if and when a loan is issued to the person. Credit eligibility is not guaranteed. APR and other credit terms depend upon credit score and other key financing characteristics, including but not limited to the amount financed, loan term length, and credit usage and history. 

Unless otherwise specified, all credit and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Credit products are subject to credit approval and may be subject to sufficient investor commitment. Credit union membership may be required. Deposit accounts are subject to approval. Deposit products are FDIC-insured up to $250,000 per depositor, per ownership category.

"LendingClub" and the "LC" symbol are trademarks of LendingClub Bank.

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