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Please Note: Credit Union of Southern California does not offer Membership or loans to non-California residents (other than former CA residents who were already Members or Preferred Partner Members working in out of state locations).

Emergency Loans for Bad Credit

Emergencies happen. Cars break down, homes need major repairs, and health insurance doesn’t always cover all of your medical expenses.
If you find yourself in need of emergency funds, credit unions and banks can provide quick access to the money you need to deal with life’s disasters.
The Credit Union of Southern California (CU SoCal) is Southern California’s fastest growing credit union, and we’re proud to provide emergency loans for people with poor credit to those who work, worship, or attend school in Los Angeles County, Orange County, San Bernardino County, and Riverside County. Please note we do not offer Membership or loans to non-California residents (other than former CA residents who were already Members or Preferred Partner Members working in out of state locations).
The CU SoCal emergency loan features include: $10,000 maximum per household, 3.25% fixed rate, and no payment due for 90 days.
Call CU SoCal at 866-287-6225 to schedule a no-obligation loan consultation, or apply online today!

Get Started on Emergency Loans!

What's an Emergency Loan?

An emergency loan can be funded quickly, sometimes on the same day but usually within one to two days. This type of loan is “unsecured,” meaning the borrower doesn’t need to put money or collateral down as security to receive funds.
For more details, please check out our article on emergency loans.

What Can I Use an Emergency Loan For?

An emergency loan is designed to provide quick access to money for any expenses you choose, including:
  • Medical Bills: Pay for services that aren’t covered by you health insurance policy.
  • Rent and Mortgage Payments: These are payments that you definitely don’t want to miss, as doing so can ruin your credit score and lead to possible eviction or foreclosure.
  • Utilities: Your water, electric, sewer and other utility bills can be paid with emergency loan funds.
  • Funeral Expenses: Funerals can be costly. An emergency loan can relieve financial pressure during this difficult time.
  • Home or Car Repairs: Whether you have roof leaks or your car needs a new transmission, an emergency loan provides the money you need to make essential repairs to your home or car.

Where Can You Get an Emergency Loan with Bad Credit?

Financial institutions, such as banks, credit unions, and online lenders all offer emergency loans with different interest rates and payment terms. However, if you find yourself in sudden financial need, your first call should be to the bank or credit union where you already have an account. As a current client you could have access to a wider range of options.
Banks: Traditional banks tend to have higher credit score or income requirements than credit unions, so emergency loans for people with bad credit may be more difficult to get. Banks may not release funds, so be sure to ask how long the approval and funding process will take before you apply.
Credit Unions: As not-for-profit organizations, credit unions reinvest profits back into the organization, so members benefit from lower interest rates loans. If you need an emergency loan for poor credit, CU SoCal can help!
Online Lenders: While numerous online lenders offer emergency loans, they can’t offer the personalized customer service of a credit union or local bank. They may also have higher interest rates. Be sure to compare rates and fully understand the terms of the loan.

Emergency Loans for People with Bad Credit

While your credit score is the major factor lenders will look at in considering loan eligibility, credit unions tend to have more lending flexibility when it comes to helping their members get an emergency loan with bad credit or an emergency loan with no credit.
At CU SoCal, we know you’re more than a credit score and will do everything we can to help our Members get a quick, easy loan approval.
If getting an emergency loan with poor credit or emergency loan with no credit just isn’t possible, here are some alternative options for getting the help you need:
  • Contact Your Creditors: When a financial emergency strikes, leaving you unable to pay rent, mortgage, car and utility payments, contact your lenders, creditors and banks to let them know your situation. Most lenders have flexible payment options for people experiencing financial hardship.
  • Nonprofits, Charities and Religious Organizations: Community and religion-based organizations offer resources including food banks, clothing, and emergency housing options. Many can help with work opportunities and financial assistance.
  • Explore Options to Pay-off Bills: It could be a good time to consider debt consolidation to pay off or pay-down your bills, especially if you have large outstanding balances. Your credit union or bank can provide you with options, so even though payments still must be made, they will be at a lower interest rate, freeing up money to use on other expenses.
  • Paycheck/Payroll Advances: Check with your employer to see if the company has a policy that would let them pay you in advance of your usual payday. If this option is available, be sure to ask if there are fees associated with it.
  • Family and Friends: Borrowing money from a family member or friend can be a quick way to get the money you need if you have poor credit and don’t qualify for a bank loan. While borrowing from family or friends can be tempting, it’s important to create a document stating the conditions and duration of the loan and whether or not you are expected to pay interest, and if so, at what rate. Both the lender and borrower should agree to the terms and sign the document. Loans from family and friends have emotional attachments that could negatively impact your relationships.
All local county agencies and the federal government also offer financial guidance and assistance programs. Check out these tips and resources from on Personal Finance and Consumer Protection - Steps for Quicker Financial Relief, from U.S. Department of the Treasury.

Building an Emergency Fund

After your emergency has passed and you feel confident you can start to financially recover, follow these tips to re-build your emergency fund:
  1. Set a Goal: Look at your monthly expenses and determine a dollar amount you can afford to put aside each month. Most financial experts recommend having between three months and six months of basic living expenses in savings.
  2. Set Up Automatic Transfers: Your credit union or bank can help you set up automatic transfers between your accounts, so your money accumulates and grows. It’s the easiest way to ensure that you’re saving money each month.
  3. Monitor Progress: Are you able to live comfortably without the money you’re depositing each month into your savings account, or are you coming up short? It’s ok to adjust the amount you set aside each month, as long as you always put some money away for the unexpected.
  4. Stick to the Plan: The most important part of a plan is to stick to it. As difficult as that may seem at times, your perseverance will pay off when you see how much your money has grown.

Apply For A CU SoCal Emergency Loan Today!

Peace of mind is so important, especially when an emergency happens. At CU SoCal, we know you’re more than a credit score. We’re here to help you with emergency loans for bad credit.
For over 60 years, the Credit Union of Southern California has been proudly serving Orange County, San Bernardino County, and Riverside County. CU SoCal is Southern California's fastest growing credit union.

Please note CU SoCal does not offer personal loans to individuals with FICO scores below 600, nor to non-California residents (other than former CA residents who were already Members or Preferred Partner Members working in out of state locations).
Please give us a call today at 866.287.6225 for an expert, no-obligation consultation or apply for a CU SoCal emergency loan today!

Get Started on Emergency Loans!

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Credit Union of Southern California (CU SoCal) is a leading financial institution empowering those who live, work, worship, or attend school in Orange County, Los Angeles County, Riverside County, and San Bernardino County to reach their goals and build strong financial futures. CU SoCal provides access to convenient money management services and offers competitive rates and flexible terms on auto loans, mortgages, and VISA credit cards—turning wishing and waiting into achieving and doing.


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