Emergencies happen when you least expect them. All of a sudden, your car breaks down, your dog needs emergency surgery, your lights blow up, and now we have COVID-19 which caught the whole world by surprise. Needless to say, these situations can be very stressful, especially if you do not have a rainy day fund.

Fortunately, you do not need to wallow in your misery. You can apply for a fast personal loan to sort yourself out. So, what are the options out there for quick cash without selling your soul?

For starters, we recommend using a tool like Crediful to try and find the best financing options that are lending during this COVID-19 crisis. Other than that, you can consider the following five best lenders for quick cash, even if your credit doesn’t look particularly impressive.

Lightstream

Lightstream is easily the most convenient fast loan service available for Americans today. The company offers very low-interest rates, charge little to no fees, give same day funding, and have a rate discount for autopay.

So what’s the catch? Well, for you to get a loan with them, you need to have a strong credit history. Another thing, they do not offer pre-qualification on their website. As such, if you inquire about a loan, you will have a hard pull on your credit report.

• Estimated APR: 5.49% to 20.49 %
• Loan amount: $5,000 to $100,000
• Repayment terms: 2 to 7 years
• Minimum credit score:660

CashUSA

CashUSA is an online lending marketplace that links borrowers with its extensive network of lenders. 

To qualify for a loan here, you must be 18 years or older, be a US citizen or permanent resident, have a valid phone number and email address, have a checking account in your name and earn $1000 per month after taxes.

The first step to getting your loan entails filling out a loan request form on their website upon which you will start receiving offers from different lenders. You can then take your pick and finalize the process with your chosen lender.

The main advantage you get dealing with Cash USA is that they cater to people who have bad credit. On the downside, however, your interest rates will be higher depending on how bad your score looks.

• Estimated APR: 5.99% and 35.99%.
• Loan amount: $500 to $10000
• Repayment terms: 90 days to 6 years

Upstart 

Upstart is an online platform that partners with lenders who offer loans to borrowers with short credit histories. The only requirement is that the borrower needs to have regular income and a promising high earning potential. Its target market, therefore, comprises young applicants with good education and profitable mainstream careers.

To review loan applications, they use machine learning models. Here, they analyze if the applicant has a college degree, their field of study and employment history, among other factors.

Once your loan has been approved, they give next day funding. You will however need to pay origination fees while there’s no-secured or cosign option.

• Estimated APR: 6.18 – 35.99%
• Loan amount: $1,000 – $50,000
• Repayment terms: 90 days to 6 years
• Minimum credit score: 580

Rocket Loans

Rocket Loans offers unsecured fast personal loans to fair-credit borrowers with a credit score of between 630 and 689. But that’s not all; you need to have a credit history spanning at least two years while they also take into consideration your debt-to-income ratio.

The company gives you next business day funding, autopay discount, a soft credit check with pre-qualification, and only has a hard credit pull if you proceed with the loan and get a final rate. Furthermore, the estimated interest rate applicants receive during pre-qualification rarely changes.

• Estimated APR: 7.16%- 29.99%
• Loan amount: $2,000 – $45,000
• Repayment terms: 36 or 60 months
• Minimum credit score: 580

Avant

Avant offers personal loans to the typical middle-class American consumer looking to meet unexpected expenses. Though it lends to borrowers with low credit scores, their borrowers need to have a score of 600-700. It also has some flexibility options and refinancing options.

Avant charges an administrative fee of 4.75%, late fee of $25 after the 10-day grace period, and an unsuccessful payment fee of $15. The downside with this using this service is that it does not have options for cosigning or a secured loan option. Moreover, it does not offer direct payment to creditors for debt consolidation loans.

• Estimated APR: 9.95%-35.99%
• Loan amount: $2,000-$35,000
• Repayment terms: 24-60 months
• Minimum credit score: 580

Have you used any of these lenders during these hard economic times? What was your experience? We’d love to hear your feedback.