Yes, hardship loans are real types of personal loans that are used to bridge the gap between income and expenses. Just as with other types of personal loans, you’ll need to meet lender requirements and make on-time payments.
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| Lender | User ratings | Best for… | APR range | Loan terms | Loan amounts | Minimum credit score |
|---|---|---|---|---|---|---|
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User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Short-term hardship loans | 9.95% to 35.95% | 12 to 60 months | $2,000 - $35,000 | 580 |
 | Secured hardship loans | 18.00% to 35.99% | 24 to 60 months | $1,500 - $20,000 | Not specified | |
 | Hardship loans to consolidate debt | 11.69% to 35.99% | 36 or 60 months | $1,000 - $50,000 | 560 | |
 | Hardship loans with flexible repayment terms | 8.49% to 35.99% (with autopay) | 24 to 84 months | $1,000 - $50,000 | 580 | |
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User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Hardship loans for bad credit | 6.40% to 35.99% | 36 and 60 months | $1,000 - $50,000 | 300 |
| APR range | 9.95% to 35.95% |
| Loan amounts | $2,000 - $35,000 |
| Loan terms | 12 to 60 months |
| Origination fee | Up to 9.99% |
| Minimum credit score | 580 |
| Pros | Cons |
|---|---|
Funding within one business day Allows for bad-credit borrowers Offers short repayment terms | Charges an administrative fee Small maximum loan amount Not available in all 50 states |
Unfortunately, Avant loans do come with an origination fee of up to 9.99%, and you can’t borrow more than $35,000. To learn more, read our full Avant personal loan review.
| APR range | 18.00% to 35.99% |
| Loan amounts | $1,500 - $20,000 |
| Loan terms | 24 to 60 months |
| Origination fee | 1.00% - 10.00% |
| Minimum credit score | Not specified |
| Pros | Cons |
|---|---|
Offers secured and unsecured loans Bad-credit borrowers may be able to qualify Borrowers can get small loans | You can find lower APRs with other lenders Charges an origination fee Doesn’t offer large loan amounts |
Still, if you compare personal loan rates, you can see that OneMain Financial has a much higher starting APR than other lenders. As such, if you have good or excellent credit, you may qualify for much lower rates elsewhere. To learn more, read our full OneMain Financial personal loan review.
| APR range | 11.69% to 35.99% |
| Loan amounts | $1,000 - $50,000 |
| Loan terms | 36 or 60 months |
| Origination fee | 5.25% - 9.99% |
| Minimum credit score | 560 |
| Pros | Cons |
|---|---|
Pays old creditors off directly Allows for co-applicants Funding within one business day | High maximum APRs Charges an origination fee Charges late fees |
Bear in mind that Universal Credit charges a 5.25% - 9.99% origination fee — plus, if you don’t have good credit, you could pay as much as 35.99% APR. To learn more, read our full Universal Credit personal loan review.
| APR range | 8.49% to 35.99% (with autopay) |
| Loan amounts | $1,000 - $50,000 |
| Loan terms | 24 to 84 months |
| Origination fee | 1.85% - 9.99% |
| Minimum credit score | 580 |
| Pros | Cons |
|---|---|
Offers flexible repayment terms Allows for joint applications Funding within one business day | High maximum APR Charges an origination fee Charges late fees |
But if you don’t have good credit and a second person you can add to your personal loan application, you could see APRs as high as 35.99%. Upgrade hardship loans also come with origination and late fees. To learn more, read our full Upgrade personal loan review.
| APR range | 6.40% to 35.99% |
| Loan amounts | $1,000 - $50,000 |
| Loan terms | 36 and 60 months |
| Origination fee | 0.00% - 12.00% |
| Minimum credit score | 300 |
| Pros | Cons |
|---|---|
Bad-credit borrowers can qualify Funding within one business day Can change your due date as long as you meet Upstart's criteria | Limited to just two repayment terms Charges an origination fee No option for co-applicants |
However, Upstart customers are limited to just two repayment terms, and the company may charge you a 0.00% - 12.00% origination fee. To learn more, read our full Upstart personal loan review.
A hardship loan is a type of personal loan that you can use if you find yourself in dire financial straits. Similar to emergency loans, hardship loans can cover the cost of living or unexpected costs.
Breaking up your day-to-day expenses with a hardship loan can ease the burden on your budget, helping to bridge the gap while you get back on your feet. However, since hardship loans can come with interest rates and fees, they can also put you in a worse financial position — especially if you’re stuck with a high cost of borrowing.
Yes, hardship loans are real types of personal loans that are used to bridge the gap between income and expenses. Just as with other types of personal loans, you’ll need to meet lender requirements and make on-time payments.
You’ll have to pay back a hardship loan just as you would with any other type of debt. If you’re unable to repay it, defaulting on a loan can have a negative, heavy affect on your credit score and can impact future borrowing opportunities.
A financial hardship is considered when a person isn’t able to or just barely able to keep up with their everyday needs. If you can’t pay your bills, you’ll need to budget which expenses will need to be paid first and which ones can wait.