Our team researched the best emergency loan rates available so you can compare lenders in one place.
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Here's a deep dive into the lenders we picked, why each is the best in its category and which borrowers would benefit most from borrowing from the lender.
Borrowers with little or no credit looking to cover small and large emergencies alike. The lender’s competitive starting rate may also be a good match for borrowers with good credit.
Borrowers with bad credit who may have a hard time qualifying for loans elsewhere. By applying for a secured loan, lower-credit borrowers have a higher chance of getting approved and securing a lower rate than they would if they applied for a traditional unsecured loan.
Borrowers with fair credit or better. Avant’s minimum credit score requirement is just 550 — much lower than most of its competitors. This lower score requirement makes securing a more competitive rate easier for those with fair credit or higher. It also offers an alternative to payday loans.
Borrowers with fair credit or better might qualify for a lower rate, thanks to the Best Egg's secured and unsecured loan options. It may also benefit those who need to pay off credit cards used for something urgent.
Borrowers with fair credit or better who need quick cash to spread the payment longer on a major expense, like an unexpected home repair. Upgrade’s loans may also be good for consolidating debt before an emergency to take advantage of additional discounts and direct payment to creditors.
Fair credit borrowers who can qualify for the amount they need on their own, or have a qualified co-borrower. If you’re not having luck at an individual lender, Prosper’s unique peer lending system puts more eyes on your application.
Borrowers with good credit, as they could secure a lower-than-average every day of the week. Many lenders do not offer weekend customer service. An added bonus is you won’t pay any origination fees. Good credit borrowers who need fast funding may also benefit from applying since Discover offers next-day funding.
Use Bankrate's calculator to find the perfect emergency loan repayment plan for you. Enter different loan amounts, terms and interest rates to compare estimated monthly payments and see how much you'll pay in total interest.
Remember: A shorter term has a higher monthly payment but costs you less overall interest. A long repayment term has lower monthly costs but costs more over the life of the loan.
When it comes to comparing personal loan offers for an emergency, you may want to prioritize speed over anything. However, if you have some time before you need the funds, the following steps are worth knowing.
The author’s expert insight
"As someone who used to broker loans for a living, I know that the lowest rate lenders are not always the best choice for your circumstances. Those low rates may come with extra fees, short terms, and requirements that don’t fit your financial needs or that you can’t qualify for. A lender that offers slightly higher rates but longer terms may give your budget more breathing room than a lender that offers super low rates on loan balances you have to pay off quickly at a high monthly payment."
The interest rate you're offered will depend on several factors, including your credit score, your income, your current debts, the Federal Reserve's actions, the type of loan you're interested in and the repayment term you choose.
Average rates as of July 30, 2025
| Personal loans | 12.64% |
To get an up-to-date picture of industry rates, Bankrate's Market Analysis team conducts the weekly Bankrate Monitor survey. The rate we share is the average offered by America's largest banks and thrifts to customers with a 700 FICO score, $5,000 loan amount and three-year repayment plan.
What this means if you're shopping for the best rates:
Average personal loan interest rates vary significantly based on borrowers’ credit scores. Lenders offer borrowers with fair or bad credit higher rates because they see them as more likely to default.
Borrowers with good or excellent credit are more eligible for the lender's most competitive rates and terms. Lenders often also charge lower rates for shorter terms, higher loan amounts and may offer discounts for automatic payment set up. Other factors beyond your control also influence lender rates, including the Federal Reserve's actions.
Check your credit score to calculate your potential interest rate.
An emergency loan is a type of personal loan that's used for emergency situations, like medical bills, vehicle repairs or household appliance repairs. Most borrowers seek out these loans for quick access to cash — which many lenders can deposit directly into your account within one business day of approval after verifying your income and credit score.
Emergency loans are typically installment loans, meaning you receive all your funds in a lump sum and repay the balance in fixed payments. Repayment periods are generally between one and seven years. Unlike credit cards, emergency personal loans feature fixed rates, giving you a predictable payment for the life of the loan.
Bankrate insight
Many standard personal loans are branded as “emergency loans.” Always check the advertised funding times — some lenders offer same-day funding which may come in handy if you need cash faster than the one to two business days most lenders take to fund an emergency loan. Consider starting or beefing up your emergency savings fund to avoid borrowing for unexpected issues in the future.
There are many ways to get funds in an emergency. Some carry more benefits than others. A few of the most common types of emergency loans include the following.
Personal loans are a good option for emergencies because you can get money quickly sometimes the same day you’re approved. Many credit cards have interest rates of 20 percent or more, while the average personal loan interest rate hovers just above 12 percent, making them a cheaper emergency funding choice. People with excellent credit and a strong income can score rates below 8 percent.
In terms of risk, personal loans are often unsecured. This means you won't lose any collateral if you default.
Financial health check
Borrowing money to pay for an emergency is a sign that your savings health may need a checkup. Bankrate’s 2025 Annual Emergency Savings Report found that 19 percent of U.S. adults have no emergency savings as of March 2025. Consider automating your savings, even if it's a small amount, to build a fund to pay cash for the unexpected rather than racking up interest charges with an emergency loan.
Emergency loans' pros may outweigh their cons if you're in a pinch, but you should know both to make the right choice for your urgent circumstances.
Getting an emergency loan is similar to getting a regular personal loan, but you'll need to pay close attention to each lender's funding timeline. Have the necessary documentation on hand before beginning the process.
Try some of these tips to improve your odds if you get denied on the first couple of attempts:
You can get an emergency loan from any lender that provides personal loans. Some of the most common sources include banks, credit unions, online lenders and comparison sites.
Unemployment, an urgent medical procedure, emergency repairs and sudden death or disability can easily put your finances under pressure. While you can't completely prepare for unexpected hardship, you can at least build yourself a buffer.
An emergency fund is a separate account that ideally should house between three to six months' worth of expenses. Putting aside even a little bit of money at a time into a dedicated savings account can help you prepare for any setbacks.
Mark Kantrowitz
Bankrate Expert Contributor, Student Loans
An emergency fund provides money to cover the cost of unforeseen expenses, such as car repairs or unemployment. You should save half a year’s salary in an emergency fund in case you need it. A loan, on the other hand, is borrowed money that must be repaid. The difference is with an emergency fund, you save in advance, while with a loan, you pay afterwards. But, you may not always be able to get a loan in an emergency, and a loan costs more than an emergency fund.
Everything you need to know about emergency loans
Learn the ins and outs of emergency loans before you’re in a crisis.
5 types of emergency loans and their uses
Picking the right type of emergency loan can save you a bundle in interest and fees — the wrong one could create a financial emergency.
Can you get an emergency loan with no job?
Some lenders offer emergency loans to unemployed borrowers, but the costs generally outweigh the benefits.
The true cost of an emergency loan in 2025
Knowing the costs of emergency loans in advance could help you avoid taking one out that hurts your budget.
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To select the best personal loans, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main categories:
