What is an Installment Loan?
Installment loans are extremely common; in fact, you may already have one. Simply put, an installment loan is a way for consumers to borrow money they need in one lump sum and repay the loan over a fixed number of payments. Many Americans do not have all the cash they need to make large life purchases, such as the purchase of a car or a home, all at one time. A student loan or a mortgage are perfect examples of installment loans.
What’s the Difference Between Installment Loans and a Line of Credit?
Installment loans and line of credit (i.e., credit cards or home equity lines of credit) differ in that with an installment loan, consumers receive the funds they need upfront and all at one time. A line of credit allows the borrower to access funds within the account’s credit limit. The borrower can continue to request more funds as the balance is repaid if the outstanding principal is less than the credit limit. With installment loans, on the other hand, a new application is typically required for another lump sum disbursement of funds. Personal installment loans are typically unsecured, meaning there is no collateral requirement.
What’s the Difference Between Installment Loans and Payday Loans?
Installment loans are not payday loans. Payday loans have a much shorter repayment term than installment loans. With a payday loan, the borrower is typically required to pay back the entire loan immediately following their next pay dates. However, installment loans give consumers the flexibility to pay back the loan over a longer period of time. Interest rates for installment loans are often far lower than payday loans. Payday loans also often offer consumers smaller loan amounts than personal installment loans.
What is a Personal Installment Loan?
Personal installment loans can be used for a wide range of personal reasons. Whether you run into an unexpected expense, like a car repair or a hospital bill, need money for the holidays or a well-deserved vacation, or you are simply consolidating existing debt, personal installment loans are a convenient financial product for the modern consumer.
Like any installment loan, personal installment loans are a type of closed end credit, meaning you receive the money you need right away, and you repay the loan over a specified period of time. Personal installment loans may vary in amount from a few hundred to thousands of dollars, and repayment periods can vary from months to years, depending on your needs and qualifications.
Can You Get an Online Installment Loan with Bad Credit?
Yes, you can get an online installment loan with “fair” or even “poor” credit. As mentioned above, lenders can take many factors into consideration when determining the loan amount, repayment length, and interest rate they can provide to a borrower. The minimum qualifications to apply for an online installment loan are that you must be at least the minimum legal age to contract in your state of residence, have a valid bank account, provide a valid email address, and be a resident of the United States.
Some lender’s online installment loan application process provides a decision instantly. Many consumers find the online installment loan application process to be far easier than requesting a loan in-person from a bank, where they might have to spend time waiting for a decision, and ultimately, risk being turned down.
Advantages of Installment Loans
Installment loans can be an attractive option for consumers to meet their financial needs without facing the high-interest rates of a payday loan. The payment amount remains the same throughout the loan term. The predictability of installment loans makes it easy for borrowers to budget in advance and make payments.
Your Customer-First Installment Lender
Are you considering an installment loan? You can complete a quick online application in minutes and receive a decision instantly. Most customers receive their a decision within seconds and if they are approved receive funds on the next business day*.
More Information on Installment Loans
What can you use an installment loan for?
Installment loans are most often used to cover unexpected expenses. For example, car repairs or hospital bills. Installment loans can also be used to consolidate debt or pay off credit card debt. In addition, they can be used to cover a one time expense, like a down payment for a car or home improvement project.
What is 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.
How is my personal information protected?
At Integra Credit, protecting your privacy is of our highest concern. Please see our privacy policy for more information.
How long will it take to receive my money?
Funds for loan agreements fully executed by 8pm CT on business days and 3:30pm 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.
What are the minimum qualifications to apply?
The minimum qualifications to apply 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 the United States. For more information on which states we service, please see our Rates and Terms page.
How much can I borrow?
Integra Credit Installment Loans have a maximum amount of $3,000 depending on the laws within a state. For more information on the maximum loan amount by state, please refer to our Rates and Terms page.
