Best Emergency Loans Of February 2022 – Forbes Advisor

While you can get an emergency loan from your credit card issuer or a payday loan lender, we recommend getting a traditional unsecured personal loan from a bank, credit union or online lender.

Banks

If you have a traditional bank account at a brick-and-mortar institution, you may have luck getting a personal loan from there as well.

Banks have different processing methods compared to other lenders. For instance, many banks have higher credit score or income requirements before you qualify for a personal loan. And you may not get the money as fast as you need it, so check how long it takes for funds to get deposited into your account before applying.

Credit Unions

If you have a credit union account instead of a bank account, you can get an emergency loan from a credit union. Credit unions are community-based and are more friendly toward borrowers with fair and poor credit.

Credit union emergency loans vary in amount, but many offer payday alternative loans between $200 and $1,000. Keep in mind, though, that some credit unions only lend to their members—or to people who have been members for a certain amount of time. If you don’t meet those requirements or need to borrow more, you may want to explore other options.

Online Lenders

Online lenders offer a wide variety of emergency loans and most don’t require you to be a member or current account holder. What’s more, many offer prequalification options so you can see if you’re qualified to borrow an emergency loan before actually applying for one. This can help you avoid a hard credit check that can negatively impact your credit.

While you might not feel comfortable taking out a personal loan from an online lender, keep in mind that many traditional banks also offer online applications and processing. Just be sure that it’s a reputable online lender with a secure website and a strong offering.

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