Online Loans for Emergencies
Emergencies happen to everyone, and rainy day funds aren’t always as much of an umbrella as you’d hope.
You can budget down to the penny, even setting aside a little each month to save. You can cook every meal at home and save money by not eating out. You can take public transportation or walk everywhere so you never have to worry about a car payment or maintenance.
But even with all this preparation and careful living, you could still be caught short when an emergency expense arises—and it’s more common than you might realize. According to the Atlantic, almost half of all people in the United States would find it difficult to come up with $400 to cover the unexpected.
Emergencies happen when you least expect them
The problem is that most emergencies don’t come with a warning. You don’t always have time to prepare for an extra expense. For example, let’s say you are doing great on your budgeting, then one day your car breaks down on the way to work. You need it towed to a repair shop and you need money for a rental car, but you still have to get to work! It could cost hundreds of dollars more than you have squirreled away to pay for everything.
An emergency loan can bridge the gap
Emergency loans can also help out when you need a little extra between paydays or your paycheck is late. You can use this type of loan to pay for a higher than average utility bill, a rent increase, moving costs, job search expenses, and more.
Emergency loans for bad credit
Even if you have bad credit, emergency loans are often still an option. Unlike more traditional bank loans, these loans are not based on how much collateral you can put up, how much money you make, or your credit score. They’re designed to help people cover their expenses when the unforeseeable happens. Even if you have no job, you can still apply for an emergency loan and get cash quick if approved.
Where can I get an emergency loan?
If you have a good credit score or an asset you can use as collateral, you might be able to get an emergency loan from your bank. If you have a long relationship with a financial institution, many will give you a small personal loan based on your credit score and payment history.
Unfortunately, that’s not an option for many people and the process often takes some time to complete. Short-term loans like LendUp are typically much faster. Plus, you can still apply with bad credit and, if approved, you can receive your money in as little as one business day.
How to apply for an emergency loan with LendUp
If you need an emergency loan, we may be able to help. The application process is fast and simple. Just create an account, let us know how much money you need to borrow (up to $250), and complete your application. We’ll let you know the fee for your loan upfront so there are no surprises.
Preparing for the future
LendUp can help you with your emergency today, but we can also help you down the road. If you successfully complete and timely pay off your LendUp loans, you may be eligible to borrow more money (up to $300 per loan, varies by State, loan type, and your account history), often with less interest. In time, you may even qualify for our credit building products that may help you get on the path to a more secure financial future. You can learn more by exploring the LendUp Ladder (where available).
LendUp Short Term Loans - FAQs
Q. Who should take out a loan from LendUp?
Anyone who has an emergency and needs financial assistance is eligible to apply for a loan from LendUp. Below are just some of the reasons a person may need emergency funds:
- Car repairs
- Short term unemployment or under-employment
- Help with paying bills (home or medical)
- Temporary rent assistance
- Need for extra income until payday (if one considers a payday loan)
Q. How difficult is the application process?
Unlike many traditional brick-and-mortar lenders, we do not require a physical application. Our application process is very fast and can be completed online in as little as 5 minutes. You’re likely to find out the status of your application the same day you apply and, because LendUp is a direct lender, you can have the money in your bank account in as little as one business day (it might take a little longer during weekends or holidays)
Q. Will applying for a LendUp loan affect my credit?
No. When assessing applicants, we perform no hard credit check with the traditional consumer reporting agencies.That means your FICO credit score will not be affected because of the application process.
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What is LendUp?
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