What is an Emergency Loan?

An emergency loan is a personal loan that offers a smart and effective way to cover unplanned and completely unpredictable costs and expenses. After all, you can’t budget for everything — and no matter how much you work to expect the unexpected, sometimes there’s simply no way to know what’s ahead. 

This type of loan can give you the peace of mind that matters when a financial shock would otherwise leave you struggling and stressed out. Eloan emergency loans come with quick approval times, low interest rates, no annual or origination fees, and a simply flexible loan payment schedule.

 

What can You use Emergency Loan for?

  • A natural disaster event
  • A major car repair
  • A school fee for students
  • An unexpected trip to the hospital or doctor
  • A big appliance replacement 

 

How Does an Emergency Loan Work?

An emergency loan is an unsecured personal loan that gives you the power to pay for unforeseen expenses immediately. If approved, you’ll get the money in your account as soon as the next business day1 .

Then, instead of using a credit card to cover costs and juggling multiple credit card minimums with high interest rates, you just make simple fixed-rate repayments based on the terms you choose.

Personal loans tend to come with lower rates than credit cards and no annual fees, so while you’ll still need to pay back the money you borrowed, you can do it in a smarter, more affordable way.

 

Why is an Emergency Loan2 a Good Idea?

One simple payment - that won’t change. One simple payment - that won’t change. It’s easy to manage — and it’s always the same
Low, fixed interest ratesLow, fixed interest ratesSave the cash you would have spent paying off high-interest rate credit cards
Fast funds. No origination fees.Fast funds. No origination fees.Watch the money come into your account as fast as the next business day1, so you can pay for your emergency or settle your debts ASAP

How Much Can I Save with an Emergency Loan2 from Eloan?

What if you suddenly couldn’t afford your rent?  Or your car’s transmission suddenly packed up? Say you needed $3000 - and fast. 

Here’s how much you could save by taking out a simple emergency loan for this unexpected expense rather than using a credit card with an APR above 22%.

Eloan Debt Consolidation Loan
Loan Amount: $3,000
Interest Rate: 11.49%3
Time to Pay Off: 2 years
Total Monthly Payment: $140
Combined Bill and Credit Card Debt
Owed Amount: $3,000
Interest Rate: 22%
Time to Pay Off: 2 years
Total Montly Payment: $155

Reduce your payment by $15 and save a total of $363 on interest payments*

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Checking your rates will not affect your credit score.

 

* Interest rate and savings estimates based on an applicant with very good credit.
3 Base interest rate starting from  7.99% APR to 19.49% APR. The APR is determined based on your credit score and history. Available terms from 24 to 60 months, depending on the loan amount.
Example: An unsecured personal loan of $3,000 with an 11.49% APR for 24 months would pay $140 monthly. Other terms and conditions available.

What’s the Best Emergency Loan Lender?

Eloan has been on a mission to make online banking services simpler and smarter.

That’s why we take our promise to provide fast and easy access to funding super seriously, and it’s also why we try to make applying online for the emergency money you need a seamless, stress-free experience.

Did we mention we’ve also committed to zero annual fees, no origination fees, low interest rates, and superior customer service.

 EloanMarcusLending ClubDiscover
Flexible Loan Payment Schedule4        
1-Hour Credit Decision5
       
Next Business Day Funding1
       
No Origination Fees        
Pioneer in Online Lending (Since 1998)        

*Information as of May 2019

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Checking your rates will not affect your credit score.

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FAQs

Many lenders consider your credit history to make credit decisions, so your chances of getting a lower rate on a loan, among others can be impacted by your credit history. If you think you need to work on your credit score, here’s more information on how you can improve your credit score so you can get approved for all kinds of financing, from personal loans to mortgages.
You can get an emergency loan online as fast as the next business day1 with Eloan. Thanks to our easy online application, it takes just a few minutes to get pre-qualified and apply. We also pride ourselves on our fast approval process, so if all goes smoothly, you could have the loan amount in your bank account as soon as the next business day1.
Each of these loan types comes with fast approval times and quick access to emergency money. Key differences lie in eligibility requirements, repayment terms, rates, and fees. It’s important to remember that the emergency loan type that’s best for one person might not be best for another person: that’s because everyone’s financial situation is different.

Payday Loans: These are typically loans for smaller amounts, like $500 or less, that come with very high interest rates and short repayment periods (often you must pay them back as soon as you receive your next paycheck). The money is sometimes automatically deducted from your account. These loans tend not to evaluate credit score.

Personal Loans: These loans are typically for larger amounts than payday loans and small installment loans, and they come with longer repayment periods, lower interest rates, and stricter qualification requirements. As opposed to payday loans, the monthly repayments tend to be more affordable and less burdensome on borrowers.

Get fast access to emergency money as soon as the next business day1!

Apply online and pre-qualify for an emergency loan of up $35,000

Check Your Rates

Checking your rates will not affect your credit score.

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