How do emergency loans work?
Emergency loans are a type of borrowing designed to help cover unexpected expenses that cannot wait, such as urgent medical bills, car repairs, or a sudden loss of income.
An emergency loan needs to offer speed and flexibility. Unlike some loans that may take days or weeks to approve, emergency loans are usually processed quickly, and many lenders can offer same-day or next-day funding.
Repayment is usually structured over a fixed period in installments, making it easier to budget for. Interest rates and terms can vary based on the lender, your credit report, and the type of emergency loan you choose.
When to use an emergency loan
Emergency loans are designed to help you cover urgent, unexpected expenses that can’t wait.
They shouldn’t be used for everyday spending or long-term borrowing, but they can be a lifeline when a sudden cost comes out of the blue. Here are a few scenarios when an emergency loan could be a good option:
- Unexpected medical costs not covered by insurance
- Essential home repairs, like broken plumbing or heating
- Urgenct vehicle repairs, especially if you rely on your car for work
- Covering income gaps and you have household bills to pay
- Last-minute travel expenses if you have an emergency trip
Everyone’s definition of an emergency will be different, but the important thing is to use an emergency loan only when the expense is urgent and can’t be postponed without serious consequences.
How to get an emergency loan
Applying for an emergency loan with Integra Credit is quick and easy; here’s how it works:
- Apply online in minutes: Complete a short online application with some basic personal, employment, and financial information.
- Get an instant decision: We’ll review your application and immediately inform you if you’re approved.
- Sign your agreement electronically: If approved, you can review your loan terms and sign your agreement digitally.
- Receive your funds fast: Once everything’s signed, we’ll deposit your funds directly into your bank account, often as soon as the next business day*.
Emergency loans from Integra Credit are available even if you have less-than-perfect credit. We look at more than just your credit score in our lending decisions to help you get the money you need.
Why choose Integra Credit to apply for an emergency loan
At Integra Credit, we make getting an emergency loan easy because we look beyond just your credit score.
Personal loans through Integra Credit are easy to understand, and our knowledgeable representatives can help you with any questions.
You can easily choose how much you want to borrow, complete a simple and quick online application and get a decision almost instantly.
If you’re approved, you can get the funds as soon as the following business day*.
Emergency loans FAQs
How long will it take to receive my money?
Funds for Integra Credit loan agreements fully executed by 8 pm CT on weekdays and Saturdays and 3:30 pm CT on Sundays are typically sent the next business day. Check with your financial institution’s funds availability policy to learn when it will provide you with access to the funds.
Can I get an emergency loan with bad credit?
Some lenders can offer emergency loans to borrowers with bad credit. Rather than focusing just on your credit score, they may look at your income and ability to repay when assessing your application.
However, you may face higher interest rates or smaller loan amounts, and your options may be more limited.
Is an emergency loan the same as a payday loan?
No, emergency loans and payday loans are different. Payday loans typically need to be paid back in full by the next paycheck and often have very high interest rates.
Emergency loans can offer longer terms and fixed monthly repayments, making them easier to manage.
How much can I borrow?
Integra Credit Loans have a maximum amount of $3,000, depending on your state’s laws. For more information on the maximum loan amount by state, please refer to our Rates and Terms page.
What is the Annual Percentage Rate (APR)?
Annual Percentage Rate, or APR, is a standardized measure used to express the cost of a loan for a whole year. This rate takes into consideration interest owed and any fees a customer will pay as a result of taking out the loan.
What are the minimum qualifications to apply?
The minimum qualifications to apply for an Integra Credit loan are that you must be at least the minimum legal age to contract in your state of residence, have a valid bank account, have a valid email address, and be a resident of a state in which we offer loans. Please see our Rates and Terms page for more information on which states we service.
What happens if I miss a repayment on an emergency loan?
Missing a repayment could lead to late fees, damage to your credit score, and added interest. If you think you might miss a payment, contact your lender as soon as possible to discuss your options.
