Which comes first: repaying your loans or saving up an emergency fund?

emergency jar

It’s basically the less-fun reprisal of the chicken-and-egg riddle.

But no matter where you stand with your savings, sometimes, life gets the better of you. Even those of us lucky enough to build up substantial cushions have found ourselves in a crunch every one in a while.

Couple an unexpected (and unfun) financial scenario with less-than-stellar credit, and you’re looking at an even more stressful experience. After all, the creditworthiness you need to obtain those emergency loans is dependent on your ability to repay the debts you already owe. And if you’re having trouble making ends meet, it can quickly become a downward spiral.

Fortunately, though, there are emergency loans online for borrowers with poor credit; especially if you’re in need of a relatively small amount of money to cover a financial emergency. The options below have much better interest rates than you will find with payday loans.

Installment Loans for Bad Credit

Installment loans are a type of personal loan wherein you borrow a set amount of money to be repaid at regular intervals — usually monthly — over a course of up to five years. Most installment loans offer fixed interest rates, but the actual APR will vary depending on your creditworthiness.

However, today’s lenders understand that not everybody has a perfect credit history, which means you can find installment loans even if your credit leaves something to be desired. What’s more, repaying these loans on time and in full can boost your score, making for better terms the next time you’re seeking a credit line.

Best Bad Credit Loans of 2019

Whether you need a quick $500 or a more substantial, five-figure sum, here are some of the best emergency loans for borrowers with bad credit.

1. MoneyMutual

MoneyMutual is a contemporary lending firm that understands that your financial needs move “at the speed of life.” That’s why they connect their customers with lenders offering emergency loans of up to $2,500 — which funds can hit your bank account in as little as one business day.

  • Loan Amount: Up to $2,500
  • APR: Variable
  • Term: Variable

Read our full review of MoneyMutual

2. CashUSA

No matter what kind of financial emergency has you reaching for a loan, CashUSA can supply it — and quickly. The service matches borrowers with lenders offering up to $10,000, and you can see the money in your bank account as soon as the next business day.

  • Loan Amount: $500 to $10,000
  • APR: 5.99% to 35.99%
  • Term: 3 to 72 months

Read our full review of CashUSA

3. BadCreditLoans

If you’re worried about having your application approved, well, just look at the name of this lender: BadCreditLoans. It’s literally directed specifically towards borrowers with bad credit. The company understands that nobody plans to have a financial emergency (or a less-than-perfect credit score, for that matter) and does everything in its power to get you the money you need to rectify your situation.

  • Loan Amount: $500 to $5,000
  • APR: 5.99% to 35.99%
  • Term: 3 to 60 months

Read our full review of BadCreditLoans

4. Cash Advance

Trusted by customers since 1997, Cash Advance is a great place to turn if you’re just in need of a small financial boost to get ahead in the short term. They connect borrowers with lenders offering up to $1,000, and work with institutions that can get you the emergency loan you need even if you have less-than-perfect credit.

  • Loan Amount: $100 to $1,000
  • APR: Variable
  • Term: Variable

5. Upgrade

Yet another big-spender lender, Upgrade offers personal loans of up to $50,000 with interest rates starting as low as 7.99%. You’ll have up to five years to pay off your debt in regular monthly payments — and checking to see your approval rate won’t impact your credit score.

  • Loan Amount: $1,000 to $50,000
  • APR: 7.99% to 35.89%
  • Term: 36 to 60 months

Read our full review of Upgrade

6. OneMain

OneMain offers personal loans from $1,500 to $30,000, making it a good choice if you’re in need of a more substantial windfall. In fact, taking out a sizable personal loan is a great way to consolidate your debt , which could put you in a more strategic position the next time you’ve got a financial emergency.

Although OneMain’s easy application process starts online, you will have to meet with a loan specialist at a branch to verify your approval. That said, it’s well worth a short drive and a half-hour meeting if the loan can secure you your financial freedom in the long run!

  • Loan Amount: $1,500 to $30,000
  • APR: 16.05% to 35.99%
  • Term: 24, 36, 48 or 60 months

Read our full review of OneMain

7. LendingClub

Another company offering substantial installment loans, Lending Club could cut you a check for up to $40,000 — and give you up to five full years to repay it. Depending on your creditworthiness, you may even be able to get an interest rate of less than 10% APR!

  • Loan Amount Range: Up to $40,000
  • APR Range: 6.95% to 35.89%
  • Term Lengths: 36 to 60 months

Read our full review of LendingClub

No matter what kind of financial emergency you’re having, we hope you find the help you need to get back on your feet and to build that credit history for tomorrow. Your future self will thank you!