Why choose Integra Credit for an installment loan
We make the process easy if you’re looking for an installment loan. We look at more than your credit report alone to help you get the loan you need, even if you don’t have a strong credit score.
Loans through Integra Credit are easy to understand. You can complete a quick online application in minutes and receive a preliminary decision instantly.
Most customers receive a conditional decision within seconds, and if approved, they receive funds the next business day*.
What is an installment loan?
Installment loans are one of the most common ways to borrow money. When approved for an installment loan, you receive the money in one lump-sum payment sent directly to your bank account.
You repay the loan over a fixed number of payments, or ‘installments’. The payments are typically the same size, making them easier to budget for each month.
Installment loans can be a useful option when you need to cover an emergency expense or to help make ends meet.
Advantages of installment loans
Installment loans can be an attractive option if you need to borrow money. Here are a few of their main advantages:
- You receive the full amount upfront and, depending on your lender, can generally use the funds for a variety of purposes
- The payment amount remains the same throughout the loan term
- The predictability of installment loans makes it easy to budget in advance and make payments
Types of installment loans
Personal loans
Personal loans can be used for virtually any purpose, including unexpected expenses like car repairs or hospital bills, holidays, and consolidating existing debt.
Personal installment loans can 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 eligibility.
Bad credit loans
Bad credit loans are designed for borrowers with low credit scores who may struggle to qualify for traditional finance products.
Many lenders have minimum credit score requirements because borrowers with low credit scores are considered a higher risk. This increased risk for the lender also means bad credit loans are generally more expensive with higher interest rates.
Auto loans
Auto loans, or car loans, are used to buy a new or used car and are paid back in regular installments. The loan is secured against the vehicle, which means it could be repossessed if you default.
You can get a car loan from a dealership, a bank, or other financial institutions like a credit union.
Student loans
Student loans are designed to cover educational expenses like tuition, accommodation, and books.
Federal and private student loans are repaid in regular installments and do not need to be backed by collateral.
Mortgages
Mortgages are home loans usually borrowed over a longer period of time, often up to 30 years.
The loan is secured against the property you’re buying, and it is typically repaid in fixed monthly payments. Defaulting on a mortgage can result in the lender foreclosing on your home.
Installment loan alternatives
Lines of credit
Lines of credit (like credit cards or home equity lines of credit) differ from installment loans as you don’t get a lump sum. Instead, you can access funds as and when you need them up to an agreed limit, only paying interest on what you use.
You can continue requesting more funds as the balance is repaid if you don’t exceed the credit limit. With installment loans, you would need to make a new application in order to access more funds.
Payday loans
Payday loans are not a type of installment loan and have a much shorter repayment term. You are typically required to repay the entire loan immediately following your next pay date.
However, installment loans give you the flexibility to repay the loan over a longer period. Interest rates for installment loans are also often much lower than payday loans, though the total cost of the loan could be more expensive with an installment loan because you’re repaying the loan over a longer period of time.
Installment loan with bad credit eligibility
To be eligible to apply for an online installment loan, 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
- Be a resident of the United States
Lenders use the following factors to determine how much they can lend you and what interest rate and repayment period they can provide:
- Your credit reports
- Your current individual and household income
- Your bank account transactions
- Your accounts in collections
- Late or missed payments
- Unpaid liens and other financial obligations
- Bankruptcies or foreclosures
- The number of your recent credit inquiries
- The amount and requested length of your loan
By evaluating these factors, lenders can offer you loan terms that match your financial situation, even if your credit score is not perfect.
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*.
Installment loans for bad credit FAQs
What can I use an installment loan for?
Installment loans can be used for a wide range of financial needs. They are often used to cover unexpected expenses, such as car repairs or medical bills, consolidate existing debt, or make one-off purchases, like home improvements or a down payment.
Because installment loans offer structured repayment terms, they can be a practical option for managing both short-term and long-term expenses.
Will an installment loan hurt my credit score?
How an installment loan affects your credit score depends on how well you manage it. Making on-time payments can help improve your credit over time, but missing payments or defaulting on the loan can negatively affect your score.
It’s also worth noting that when you apply, the lender may perform a hard credit check, which can cause a temporary dip in your score.
Can I pay back an installment loan early?
Many lenders allow early repayment of an installment loan. However, some may charge a prepayment penalty or fee for paying off the loan ahead of schedule.
Before making an early payment, check with your lender to understand any potential costs or benefits.
How much can I borrow with an installment loan?
This varies by lender. Installment Loans through Integra Credit have a maximum amount of $3,000 depending on the laws within your state. For more information on the maximum loan amount by state, please refer to our Rates and Terms page.
What are the minimum qualifications to apply for an installment loan?
The minimum qualifications differ by lender. The minimum qualifications to apply through Integra Credit 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.
Can I get an installment loan for bad credit with instant approval?
Many lenders offer fast decisions on installment loan applications, even if you have bad credit. Most applicants receive a decision within seconds after submitting their application.
At Integra Credit, we use a flexible underwriting process that assesses your eligibility beyond your credit score. If approved, funds can be deposited as soon as the next business day*; helping you access the money you need quickly.
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 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.
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.
