How to Get a Massive Emergency Loan With Bad Credit

(April 2024)

How to Get a Massive Emergency Loan With Bad Credit

In This Article

Trying to secure a $5,000 or more emergency loan—and worried that your poor credit score is getting in the way?

If you answered “yes” to both questions, this article is for you!

Cash is tight at the moment, right?

You have unforeseen expenses like car repairs or medical bills threatening to push you deeper in financial straits, at a moment when you’re trying to make ends meet.

Well, don’t sweat it!
Although lenders are more cautious if you have poor credit, this article tells you how you can get the funds you need even if your FICO score is under 579.

To get a massive emergency loan with bad credit:

  • Check Your Credit Report
  • Dispute Any Inaccurate Items on Your Credit Report
  • Determine Your Eligibility
  • Research and Compare Lenders
  • Check to See if You Prequalify
  • Complete the Application
  • Secure Your Funds

Also, take steps to:

  • Budget for Future Emergencies
  • Improve Your Credit Score

Ready to learn more? Let’s begin!

1. Check Your Credit Report

To secure a massive emergency loan with bad credit, check your credit report from Experian, Equifax or TransUnion. Go to, complete the request form, and choose which credit bureau you want the report from.

2. Dispute Any Inaccurate Items on Your Credit Report

To get a large emergency loan with poor credit, dispute any inaccuracies on your credit report.

Identity, balance, or account status errors on your report can damage your credit score.

If your creditor is at fault, contact their company to address the issue.
If one of the credit bureaus is at fault, send a dispute letter with relevant documents like receipts or online payments.

Resolve the errors so your credit score doesn’t get affected further.

3. Determine Your Eligibility

To get a large emergency loan with a low FICO score, make sure you’re eligible to get such a loan in the first place.

Eligibility simply means you’re at least 18 years old (or 21 years old, depending on your state of residence) and have verifiable income and an active bank account. Also, you must be a U.S. citizen or permanent resident.

4. Research and Compare Lenders

To get a large emergency loan with bad credit, compare different lenders.

Most lenders are more comfortable extending loans to applicants with a 620+ FICO score, so look at your credit score and research thoroughly.

Decide what type of loan you need and your ability to repay it.

Installment loans

Need funds you can repay over time at an affordable interest rate? Consider an installment loan. Depending on your situation, you can obtain up to $50,000 from lenders like Upgrade and CashUSA.

Your APR runs as high as 36%, but you aren’t stuck with the high APRs that accompany other options like payday loans. You repay your installment loan monthly, up to five years.

Short-term cash advance loans

Don’t qualify for an installment loan? Consider a short-term cash advance loan. You can get $5,000 or more from lenders like Money Mutual or Credit Loan.

Note that you have a high APR with this loan type. You repay the loan within a few weeks to a year.

Payday loans

Need emergency money right away? Consider a payday loan from lenders such as Bad Credit Loans or Cash Advance.

However, proceed carefully. You’re often dealing with APRs as a high as 400%. You also repay the loan quickly—sometimes within 14 days. 

Think through your loan priorities and choose accordingly.

5. Check to See if You Prequalify

To secure a massive emergency loan with bad credit, see if you prequalify.

Complete the lender’s prequalification request. Give your personal information, financial details, and how much you want to borrow and why.

Wait while the lender reviews your request and does a “soft pull” on your credit history. Your credit score doesn’t change during this step.

Review your lender’s preliminary offer, including the estimated interest rate, loan amount and repayment terms.

While you aren’t guaranteed approval when you prequalify, you do get a snapshot of your chances at getting the loan.

6. Complete the Application

To get a large emergency loan approved with a credit score under 579, complete the formal application process online, by phone or in person.

Give your personal and financial information, including your:

  • Name, address, and birth date
  • Social Security number
  • U.S. citizenship or proof of permanent residency
  • Employer’s name and address
  • Monthly income and tax information

Your lender now does a hard credit inquiry. This appears on your credit report and affects your credit score. However, your lender also reviews other factors in your situation, such as your monthly income.

Read your loan contract carefully before signing it.

7. Secure Your Funds

To get a large emergency loan with poor credit, secure your funds after loan approval—either through direct deposit or a check.

You get these funds within a few hours or a week.


Now you have your emergency funds. However, don’t forget the following steps:

Budget for Future Emergencies

Start saving for future unexpected costs. While you can never be 100% prepared for an emergency, you can get as ready as possible.

Even if money is tight, offset the consequences of extra stress—and potential debt—by budgeting consistently. Save at least three months’ worth of living expenses.

Improve Your Credit Score

Improve your credit score to secure better loan options in the future.

Pay your obligations on time and keep your credit card balances low. When you reduce your credit balance, you lower your debt-to-available credit ratio, which improves your credit score.


To obtain a large emergency loan, check your credit report and dispute any inaccurate items.

Determine your loan eligibility and compare lenders. Make sure to prequalify so you can complete the application and get your funds.

Finally, continue saving for emergencies and improving your credit score.

Take the steps you need to navigate your emergency and get back on track financially.

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