Products like emergency loans and payday loans may be appealing if you don't have other ways to cover unexpected expenses.

These options often have higher interest rates and shorter repayment timelines than a standard personal loan.

Payday loans and some no-credit-check loans can have fees that translate to triple-digit interest rates, meaning they should only be used as a last resort.

The easiest personal loans to get have simple-to-meet qualification requirements, quick approvals and fast funding — some as soon as the same day. That's what makes emergency personal loans, bad credit loans, no-credit-check loans and payday loans a popular choice in a time of need.

But borrower, beware. These easy loans often come with rates that are much higher than average personal loan interest rates. This is especially true of no-credit-check and payday loans, which should be avoided whenever possible. Weigh the long-term costs — borrowing a high-interest loan can worsen financial strain, making no-credit-check and payday loans a last resort only after you explore other alternatives.

If used carefully, some nontraditional personal loans can help meet urgent financial needs in tough situations. They can also be the easiest loans to get, especially when you have trouble qualifying for financing from a bank. But it's important to consider the long-term financial risks of high-interest debt.

Know your credit score

If you don't have a good credit score (at least 670) and a solid income, your loan may come with high rates and fees. Look for a loan with an interest rate below 36%.

An emergency loan helps you cover unexpected expenses, such as medical bills or car repair costs, when you've run out of other ways to pay. Personal loans can serve as a safer, more predictable type of emergency loan than high-interest payday loans or risky title loans.

These loans typically range from $1,000 to $50,000, and many online lenders can deposit funds the same day you're approved. While emergency personal loan rates from online lenders may reach up to 36%, they are a cheaper alternative than payday loans, which can carry rates of 300% or higher.

Fixed interest rates and predictable monthly payments mean you have a consistent repayment plan.

Many online lenders issue payment within the next business day.

With most APRs maxing out at 36%, personal loans are usually less expensive than payday loans.

Some lenders charge origination fees — sometimes 10% or more — of the loan amount, which can eat into the total funds you receive.

Adding a new monthly payment to an already tight budget can create a debt cycle and the potential of missed payments.

Lenders that offer the most competitive rates and lowest fees generally require a strong credit history and a low debt-to-income ratio.

To find the right fit for your budget, compare emergency loan lenders side by side to evaluate their minimum credit requirements, funding speeds, and estimated borrowing costs.

Lender

APR range

Loan amounts

Funding timeline

Minimum credit score

Best Egg

6.99%-35.99%

$2,000–$50,000

As soon as the next business day

600

SoFi

6.99%-35.49% (with autopay)

$5,000–$100,000

As soon as the same day

LendingPoint

7.99%-35.99%

$1,000–$36,500

As soon as the next business day

600

Upgrade

7.74%-35.99%

$1,000–$50,000

As soon as one day

600

A bad credit loan is a personal loan for borrowers with less-than-stellar credit or minimal credit history. Although bad credit loan requirements vary by lender, you'll typically need a credit score above 500. Taking on this high-cost debt can quickly strain your budget. Failure to make on-time payments will further damage your credit, but keeping up with payments should help you improve your credit score.

Since lenders view lower credit scores as a higher default risk, you will likely face capped loan amounts and shorter repayment terms, which can drive up your monthly obligation. More importantly, bad credit loans carry much higher interest rates, often reaching up to 36%, and frequently include upfront origination fees. 

To avoid overpaying due to higher interest rates and origination fees, it is essential to compare your options and look for lenders that offer competitive rates, transparent fee structures, and manageable repayment terms.

Lender

APR range

Loan amounts

Funding timeline

Minimum credit score

Avant

9.95%-35.99%

$2,000–$35,000

As soon as the next business day

550

Upstart

6.20%-35.99%

$1,000–$75,000

As soon as the next business day

No Requirement

OneMain Financial

11.99%-35.99%

$1,500–$30,000

As soon as the same day

Not specified

If you need to borrow money but you don't have great credit, consider Bankrate's picks for the best bad credit loans.

Learn more

If you don't meet a personal loan lender's minimum credit score requirement, a no-credit-check loan, like a payday loan or car title loan, may be an alternative option. However, no-credit-check loans should be treated as a last resort due to the extremely high rates and fees. In addition to the substantial costs, no-credit-check loans often have short repayment periods that make them difficult to manage and may require you to put an asset at risk.

Due to their predatory nature, Bankrate does not provide lender recommendations for no-credit-check loans.

No-credit-check loan risks

You risk incurring triple-digit interest rates and high fees with a no-credit-check loan. Failing to repay could trap you in growing debt or cause you to lose your car or other asset.

On the surface, personal loans can all look the same. But once you start looking at the fine print, you will find meaningful differences that can significantly affect how much you ultimately pay. 

When comparing personal loans, focus on more than just the advertised interest rate and take time to evaluate the full cost, repayment terms and lender features that could affect your financial flexibility.

APR: Since the APR (annual percentage rate) reflects the true yearly cost of borrowing, it may be the most important number to consider when comparing personal loans. 

Loan term: A longer term lowers your monthly payment, but usually increases the total interest you'll pay.

Loan amount: Make sure the monthly payment fits within your budget without squeezing out other financial priorities. 

Fixed or variable rate: A fixed rate keeps your payment consistent for the life of the loan, while a variable rate can fluctuate over time, potentially increasing your monthly costs.

Fees: Origination fees, late fees and prepayment penalties can add to your borrowing costs. 

Funding speed: Some lenders can deposit funds within a day, while others may take several business days.

Flexibility and perks: Benefits like autopay discounts, hardship programs or payment date adjustments can add real value over time. 

Bankrate insight

Alternative or short-term loans can quickly derail your cash flow. Unlike standard monthly bills, many of these options require payments every two weeks, pulling cash from every paycheck — especially if you layer them with buy now, pay later plans. To avoid a budget shortfall and the risk of missed payments, use these products sparingly and only if you have a strict repayment plan in place.

Overspending, missing payments and regretting a purchase are among the most common issues. The study suggests that people can use BNPL strategically, but only when paired with good financial habits.

Learn more

If you want to avoid the potential borrowing costs associated with the riskier loan options above, here are some alternatives to consider.

Select federal credit unions offer unsecured payday alternative loans (PALs). Although the interest rate is based on your credit score, rates are capped at just 28%. These loans are easier to get approved for than traditional loans, but only come with maximum amounts of $2,000. To borrow a PAL, you must be a member of a credit union that offers this product.

Your income level may qualify you for federal or state rental or food assistance programs. Check with your local Chamber of Commerce or library, or dial 211 to see if grants are available in your area. And if you need help paying for rent, the U.S. Department of Housing and Urban Development may offer a rental assistance program in your area.

Can't afford to pay for a medical bill or utility bill in full? Ask the company if you can establish a payment plan. Although the company may charge interest or an additional fee, it may cost less than getting a medical loan. While you won't have to undergo a credit check, you may still have to apply and be approved.

If you need to pay for an expense immediately but don't get paid until next week, ask your employer for a paycheck advance. You'll be borrowing money from yourself, which prevents you from racking up debt and having to repay interest and fees to a lender. But, of course, it means your next paycheck will be smaller, potentially impacting your budget.

If your employer doesn't offer advances, consider using a third-party payday advance app, which allows you to borrow a portion of your paycheck early for a small fee. However, you'll likely need to repay the borrowed amount from your next paycheck. And be careful not to use these advances to support a pattern of overspending. The Center for Responsible Lending found that 27% of app users take out more than 25 advances a year.

If you need more money than you could get with a paycheck advance, consider asking for a 401(k) loan or hardship assistance. There's no credit check, and you can access the funds quickly in most cases.

You can expect to pay interest on the loan amount even though you're borrowing from yourself, but rates are reasonably low. Any interest you pay is deposited back into your retirement account, but on a post-tax basis. But if you lose or leave your job while carrying a balance, you'll need to repay it by the following tax day.

Before you take out an easy loan, make sure you explore all of your borrowing options. When considering the easiest personal loans, do your research and weigh each alternative's benefits and drawbacks to decide which makes the most financial sense. Before turning to a payday loan or similar option, try prequalifying for bad credit personal loans with several lenders to compare potential rates.

Regardless of your choice, assess your spending plan and only borrow what you can afford to pay back promptly.