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A hardship loan is a loan to cover an unexpected financial shortfall, either because your expenses went up or your income went down. Hardship loans are not like other loans that are designed to meet an expected or planned need (like a car loan or a business expansion loan).

Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan.

Secured loans tend to have less stringent requirements and more favorable terms because the lender can take your collateral if you miss your loan payments. Some of the easiest loans to get in this category include auto title loans and pawnshop loans, but these also tend to be relatively expensive loans.

Lenders want to see that you are responsible with money and that you are capable of making regular payments on time. If they don't feel like you will be able to handle it, then they might refuse your application. Your credit score is also one of the factors that lenders consider when assessing your loan application.

What Are My Options for Bad Credit Loans? Peer-to-Peer Lending. ... Car Title Loans. ... Borrow Money From a Friend or Family Member. ... Pawnshop Loans. ... Payday Loans. ... Credit Card Cash Advance.

Emergency loans come in the form of personal loans, credit card cash advances, payday loans, pawn shop loans and title loans. Depending on which of these options you choose, you may be able to get the money immediately or within a business day or two of approval.