The top 8 quick loans for emergencies

An emergency loan is a short-term loan, usually for smaller amounts of money, that you can obtain quickly to cover unexpected expenses such as medical bills, car repairs, home improvements or other urgent costs. These loans typically have higher interest rates than longer-term ones due to their shorter duration and convenience. They are often described as “payday loans” or “cash advances” and are widely available online and in stores. 

When considering any loan, it is essential to weigh up all the pros and cons before making a decision. Below we have listed our top 8 quick loans for emergencies which may be suitable depending on your financial situation. 

Short-term loans

Short-term loans are similar to payday loans, but the repayment period is longer. These types of loans usually have a term length of three months or less and can be used for any purpose. Short-term loans typically require proof of income and are more accessible than traditional bank loans. However, they also tend to come with higher interest rates and might only be suitable for some. 

Credit lines

Credit lines provide a revolving line of credit that you can use when needed and pay back over time within the agreed-upon terms. The advantage of this type of loan is that you only pay interest on what you borrow, so it’s ideal if your emergency requires ongoing payments over time. 

Emergency loans from family or friends

Ask family or friends to lend you money in emergencies. While borrowing money from loved ones is a sensitive subject, it can be a great solution if all parties cooperate and agree upon repayment terms that everyone feels comfortable with. 

Merchant cash advances (MCA)

Merchant cash advances provide quick capital to business owners in exchange for a portion of future sales. This type of loan usually requires no collateral and is fast and easy to obtain, making them ideal for businesses needing urgent funding. On the other hand, MCAs also come with higher interest rates, so be sure to do your homework and understand the repayment terms before signing up for this type of loan. 

Personal loans

Personal loans are unsecured, meaning they don’t require collateral. This type of loan usually offers more flexible repayment terms than other faster financing solutions and is available from banks, credit unions, and online lenders. Personal loans typically have lower interest rates compared to payday or short-term loans. 


With Sofi, you can qualify for up to $100,000 and pay just 10% of the loan amount upfront. The interest rates are competitive with other lenders, ranging from 5.99% to 20%. There are no penalties for late payments. Plus, you can build your credit score by making on-time payments. 


Upstart offers a unique way to borrow money that differs from most traditional loan options. It considers factors such as your education and employment history when assessing the risk of lending you money. As a result, borrowers who wouldn’t traditionally qualify for loans may receive more favourable terms than elsewhere. Interest rates range from 6% to 35.99%, and you can borrow up to $50,000 with no origination fee or prepayment penalty.


Earnest provides personal loans of up to $75,000 with interest rates ranging from 7% to 17%. The unique thing about Earnest is that they offer an Interest Rate Reduction program where borrowers with a track record of making on-time payments may qualify for lower interest rates. There are also no origination fees or late payment fees. Additionally, if your financial situation changes and you need more time to repay the loan, you can change your repayment term without additional fees. 

We also recommend that you avoid taking out multiple loans at once, as this will increase the risk of falling into debt. When used responsibly, however, these quick loans can help you get through a complex financial emergency. 

What are the risks associated with quick loans?

When taking out quick loans, you should be aware of their risks. These include higher interest rates, shorter repayment terms, and a greater likelihood of defaulting on the loan if not appropriately managed. Some lenders may also charge high fees or penalty rates if you fail to make payments on time or don’t meet other conditions they set. 

These loans can quickly spiral out of control if the borrower is not careful. To mitigate these risks, borrowers should thoroughly research their options before committing to anything and ensure they can repay the loan within the agreed-upon timeframe. Borrowers should also avoid taking out multiple loans at once, as this increases their risk exposure further. 

Quick loans can provide a lifesaver in times of financial need. However, it would help if you always used them with caution and understanding of the risks involved. 

The bottom line

Finally, remember that it is always best to consult a financial advisor or a credit counselling organisation if you need help managing your debt or are unsure of the best course of action. They can provide valuable advice and support to help you decide which loan option is best for your current situation. With the proper knowledge, simple fast loans can be a valuable tool during difficult times.