Major medical bills or other emergency expenses can really throw a curveball into your life. If you don’t have the cash on hand or an emergency fund to dip into, a personal loan could be your best option.
Check out this list of lenders who offer $4,000 loans with varying APRs and credit requirements.
| Lender | Min credit score | APR | Loan term | Finder rating | |
|---|---|---|---|---|---|
| Best Egg | 600 | 8.99% to 35.99% | 3 to 5 years | ★★★★★ | |
| Upstart | 300 | 7.80% to 35.99% | 36 or 60 months | ★★★★★ | |
| Smart Advances | All credit types | 5.99% to 35.99% | 2 to 72 months | ★★★★★ | |
| Achieve | 620 | 8.99% to 35.99% | 2 to 5 years | ★★★★★ | |
| Prosper | 640 | 8.99% to 35.99% | 3 or 5 years | ★★★★★ | |
| LendingClub | 600 | 9.57% to 35.99% | 3 to 5 years | ★★★★★ | |
| Upgrade | 620 | 8.49% to 35.99% | 2 to 7 years | ★★★★★ | |
| Wells Fargo | Varies | 7.49% to 23.24% | 12 to 84 months | ★★★★★ | |
| Avant | 580 | 9.95% to 35.99% | 12 to 60 months | ★★★★★ | |
| OneMain Financial | Not specified | 18% to 35.99% | 24, 36, 48 or 60 months | ★★★★★ |
Interest fees for a $4,000 loan may run anywhere from 6% to about 36%, and the rate you qualify for depends on your credit score, income and other criteria. Keep in mind the very best interest rates are typically reserved for high-dollar loan amounts.
You may also be charged an origination fee of up to 10% of the loan amount, which is generally deducted from the loan amount. However, some lenders don’t charge an origination fee.
Watch out for late payment penalties or fees for insufficient funds. While you can easily avoid these charges, it’s a good idea to know what they are.
It’s important to figure out how much you can afford monthly to repay your $4,000 loan. Use our calculator to compare monthly loan payments based on different interest rates and loan terms.
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In many cases, you can receive your loan funds the next business day after your loan is approved, with online lenders generally being the fastest. In fact, if you apply in the morning, you might get the money the same day.
Brick-and-mortar banks and credit unions could take up to a week or more to obtain the funds if you’re not an existing customer or member.
Be prepared. Delays in loan funding may occur if there are any errors or issues with your loan application. For example, if you own a business or are a contract worker, the lender may need further documentation, such as 1099s or bank statements, to verify your income.
If you can swing it, it’s best to pay off your loan as efficiently as possible. Here are a few tips:
Requirements vary by lender, but you’ll typically need to meet the following criteria.
You can do a few things to increase your loan approval odds.
Consider other options than getting a $4,000 loan.
Even if your credit score isn’t up to par, some lenders specialize in loans for people with bad (or no) credit. However, you may have to pay a high interest rate or put up collateral to secure the loan.
If a lender advertises “no credit check” loans, research if it’s reputable. Also, loans that don’t require credit checks may have higher income requirements, ask for collateral and have high interest rates.
If you fail to repay, you’ll default on your loan and will likely be reported to the three major credit bureaus — Experian, TransUnion and Equifax — which can result in a lower credit score. If you don’t work out an arrangement with your lender, it might also take you to court and have a judgment filed against you. A judgment can stay on your credit report for up to seven years, which can hurt your chances of getting a new loan or credit in the future.
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Emergency payday loans can give you quick and easy access to funds. Compare your options and find a lender to help see you through.