Where To Get The Best Personal Loans In An Emergency

A personal loan can help you cover the cost of unexpected expenses such as home or auto repairs or help when you experience a temporary income drop. This type of loan typically has lower interest rates than credit cards and payday loans — particularly for borrowers with excellent credit. Not only that, but you can usually access the funds on or after the day you’re approved. 


According to Forbes, these are three of the best personal loans for emergencies. They come with straightforward applications, rapid approval, reasonable lending standards, and easily accessible funding. Check them out and keep them in the back of your mind in case you have to cover a surprise expense in 2021.



LightStream provides one of the highest loan maximums of any lender and repayment terms between two and seven years, making this lender a great choice for borrowers who need more manageable monthly payments.


If LightStream approved your application before 2:30 PM EST on a business day, you could access the funds that day. You have to complete a few administrative tasks to be eligible for this. Still, it’s no more than signing the agreement, submitting your funding preferences and bank details, and finishing the authentication process.


You must have good to excellent credit to be eligible for a loan and prove you can make monthly payments with your current income. This, plus the absence of a prequalification process, means LightStream is only ideal for those with excellent credit health. However, even if your credit could use some work, this lender does permit co-signers.


LightStream loans are flexible, so you can use them to cover various expenses, from emergencies to a new car to home renovations and more.


Rocket Loans

Rocket Loans is available in many regions in the US and is good for borrowers with weak credit. You can borrow a personal loan between $2,000 to $45,000. The downside is that these loans come with origination fees and repayment terms of three or five years. 


Even so, you can access your money the day you get approved. Eligibility criteria to meet same-day funding includes filing your application and signing the agreement before 1 PM EST on a business day. If you don’t meet the requirements, you must wait two to four business days.


The origination fee varies from 1% to 6% of the loan principal, while APRs are between 7.16% and 29.99%. Borrowers with high credit ratings or who can delay a personal loan might consider a different lender with more affordable options. 


To qualify for a Rocket Loans personal loan, you must meet the minimum requirements, which include:


  • A credit score of 580 or more
  • Credit history two years or older
  • An income of $24,000


Rocket Loans doesn’t permit co-signers, which can make it difficult for some to qualify. You can use your loan for surprise bills, travel, car repairs, and other high-dollar expenses. However, Rocket Loans does not permit loans for education expenses.



Avant personal loans are available everywhere in the US except Hawaii, Louisiana, Nevada, and South Carolina and are ideal for middle-class borrowers with fair to good credit. If you receive approval before 4:30 PM CST on a workday, you can access your funds the following business day. 


Avant offers reasonable minimum borrowing amounts starting at $2,000 and a maximum of $35,000. You can also enjoy flexible payment terms from two to five years, making Avant a good choice when you need emergency cash but don’t want to overborrow. 


There is a catch, however. Avant charges 4.75% of the loan principal for administrative fees and has an APR of 9.95% to 35.99%. You also receive no discount for setting up automatic payments. Even so, Forbes ranked Avant high on its list thanks to its easy fund availability.


You have to have a minimum credit score of 580 and earn at least $20,000 annually. You can’t use a co-signer, but Avant does count your household earnings and other forms of income other than employment. 


Similar to LightStream and Rocket Loans, a personal loan from Avant can you consolidate debt, cover medical bills, car repairs, home improvement, moving expenses, and much more. The only thing Avant does not permit is using funds for business expenses.


  • Treece, Kiah. “Best Personal Loans For Emergencies 2021.” Edited by Mike Cetera, Forbes, Forbes Magazine, 27 Nov. 2020, www.forbes.com/advisor/personal-loans/best-personal-loans-for-emergencies/.
Ian Schindler