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An emergency loan is a type of personal loan that offers fast funding when you need a quick infusion of cash to cover an unexpected expense. Common reasons to consider one of the best emergency loans include car breakdowns or home repairs that must be fixed immediately.

Although borrowing money always comes with a cost of interest, emergency loans, a type of personal loan, could be a less expensive option than alternatives. The key is to research to find a reputable lender with loan rates and terms that fit your needs.

Learn more about how to get an emergency loan, how they work, and how to compare offers to find the best one for you.

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Emergency loans are a type of personal loan for people who find themselves in an unexpected situation and need cash fast. In general, they provide a lump sum of cash, and then borrowers pay off the loan at a fixed interest rate for a specific term.

Banks, credit unions, and online lenders may offer emergency loans. Eligibility and the cost to you will depend on creditworthiness, and there are even specific emergency loans for bad credit borrowers. Typically, emergency loans have a lower maximum loan amount than some other types of lending products.

Learn more about how emergency loans work, how to qualify, and the pros and cons of using this type of loan.

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The Pew Charitable Trusts today released a report detailing fraudulent and abusive practices associated with payday loans offered online. The study found that Internet loans are more expensive than those offered through storefronts; that they are designed to promote renewals and long-term indebtedness; that many online borrowers report being threatened by lenders or debt collectors; and that the vast majority of payday borrower complaints are about online loans. Pew calls on federal regulators to address these problems by establishing strong, clear, and consistent consumer protections for the small-dollar lending market as a whole.

The report, Fraud and Abuse Online: Harmful Practices in Internet Payday Lending, is the fourth in the “Payday Lending in America” series produced by Pew’s small-dollar loans project. Problems in the online payday loan market have been chronicled anecdotally, but Pew’s report is the first formal analysis to use surveys and focus groups, consumer complaints, company filings, and lenders’ spending on advertising and prospective-borrower leads.

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If faced with a cash shortfall and payday loans were unavailable, 81 percent of borrowers say they would cut back on expenses. Many also would delay paying some bills, rely on friends and family, or sell personal possessions. 

When presented with a hypothetical situation in which payday loans were unavailable, storefront borrowers would utilize a variety of other options. Eighty-one percent of those who have used a storefront payday loan would cut back on expenses such as food and clothing. Majorities also would delay paying bills, borrow from family or friends, or sell or pawn possessions. The options selected the most often are those that do not involve a financial institution. Forty-four percent report they would take a loan from a bank or credit union, and even fewer would use a credit card (37 percent) or borrow from an employer (17 percent).

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Twelve million American adults use payday loans annually. On average, a borrower takes out eight loans of $375 each per year and spends $520 on interest. 

Pew's survey found 5.5 percent of adults nationwide have used a payday loan in the past five years, with three-quarters of borrowers using storefront lenders and almost one-quarter borrowing online. State regulatory data show that borrowers take out eight payday loans a year, spending about $520 on interest with an average loan size of $375. Overall, 12 million Americans used a storefront or online payday loan in 2010, the most recent year for which substantial data are available.

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Lower fees: Although some personal loans come with an origination fee, usually around 1 percent to 5 percent of the loan amount, they are often cheaper than the fees charged on payday loans. Longer repayment terms: Repayment terms often range from 12 to 60 months compared to payday loans, which usually must be repaid on your next payday or typically within two to four weeks. Predictable monthly payments: You’ll make one monthly payment until you repay the consolidation loan in full. The interest rate will be fixed, meaning your payment remains the same throughout the life of the loan. Improved credit: The payments you make towards your payday debt consolidation loan will be reported to credit bureaus. If you make on-time payments, this can help improve your credit score. No rollovers: Once you’ve paid back the full amount of the money you borrowed, you’re done and your account is closed.You would have to apply for a new loan if you need more mon

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Payday loans are generally short-term loans for small amounts of money in which the payment is due on your next payday. In the U.S. 37 states regulate payday loans. Legal maximums, in states that enforce them, typically range from $500 to $1,000.

Payday loans are marketed as a bridge between paychecks. But they come with high fees that translate to ultra-high annual percentage rates (APRs) which can create an endless cycle of borrowing and repayment, making them challenging to get rid of.

However, payday debt relief is available. Payday loan consolidation allows you to take out a loan that has a lower interest rate that you can pay off over a longer period.

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One explanation for repeat use, Bennett said, is the fact that the loans are being used to pay for basic expenses. Pew says that as many as 58% of borrowers struggle to meet their basic monthly expenses, so, in reality, payday loans are often used for necessities like rent and utilities.

Another reason for repeat use is that an average loan requires a $430 payment on the next payday (per Pew) and most borrowers are not able to pay that and have to renew or re-borrow the loan. So, people need the loans but can’t afford them.

This leads to people getting caught in a cycle of debt: Each new loan leads to more fees, which can match or exceed the initial loan amount.

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The cost of a payday loan varies based on a number of factors, such as the payday loan company’s rates, fees, and state laws. Some states have a cap on the maximum amount of fees a payday loan company can charge. These fees typically range from $10 to $30 for every $100 you borrow. A fee of $15 per every $100 borrowed equates to an annual percentage rate of nearly 400%, according to the Consumer Financial Protection Bureau (CFPB).

Payday lending is more expensive than personal loans, or even credit cards. The average credit card APR was 16.17% as of February 2022, while a 24-month personal loan had an average APR of 9.41%, according to Federal Reserve data.

Payday loans can be problematic for people with little income because it’s easy to accrue additional debt. If you don’t pay off your original amount, you’re charged interest and a loan fee to renew the debt. You can easily double or triple the amount you have to repay over several months, which can add up to more than the original amount you borrowed.

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What you need to know about a Spotloan personal loan

Spotloan is an online loan company owned by BlueChip Financial, a tribal lender that offers short-term personal loans with fixed payments.

Spotloan offers loan amounts that range from $300 to $800 with repayment terms of up to 10 months. Potential for high interest payments

If you apply for a short-term loan from Spotloan, you’ll want to consider that the loan’s annual percentage rate, or APR, may be much higher than what you’ll find with other personal loan lenders.

Depending on your terms, your APR with Spotloan could be as high as 490%, which is more in line with the APR you’d see from traditional payday lenders.

Keep in mind that the National Consumer Law Center recommends 36% as the upper limit of an affordable interest rate. So before you apply for any loan, read over the terms and make sure the payments will fit in your budget.