Integra Credit
Personal Loans

Exchange of cash from a personal loan

What is a Personal Loan?

Whether you need some extra cash to repair a vehicle, pay for moving expenses, fund a wedding, or consolidate some debt, a personal loan may be the answer. Unlike many loans that are conditioned on physical collateral, personal loans are unsecured. Below, learn more about how a personal loan works and how you can apply for a personal loan online.

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Check the rates on a personal loan today

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What is a Personal Loan?

A personal loan is a loan for a fixed amount, usually distributed as a single lump sum. Most personal loans are used for large purchases or to pay off, or consolidate, debt. Consolidating your debt with a personal loan can make it easier to manage your finances by allowing you to pay down your debt and leave you with one, ongoing payment, with a single interest rate.

Many loans are "secured"—guaranteed with collateral, like a vehicle or a home. But personal loans are unsecured, which provides you with far more flexibility when it comes to spending or using these funds.

Auto Loans

These are a type of secured loan that helps borrowers pay for a vehicle. You can receive an auto loan from the dealership where you purchase the vehicle, a bank, or other financial institution. It’s important to compare rates from different types of lenders to find the most affordable option.

Mortgages

A mortgage is another type of secured loan. These loans function as an agreement between a borrower and a lender that enables the purchase of a home, land, or other types of real estate. The lender can foreclose on the property if the borrower fails to repay the loan.
A woman applying for a personal loan online

How to Apply for a Personal Loan Online

Today, it's relatively simple to apply for a personal loan online. Many lenders offer an online application, which allows you to submit an application at any time of day, or night, from the comfort of your home. This application will request information like:

  • Your name, address, Social Security Number
  • Your income
  • Your checking account information

After you provide this information, the lender can decide whether it's willing to extend a personal loan to you. It's important to thoroughly understand all fees and interest charges before you sign a loan contract.

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How Long Does the Process Take?

Many online personal loans offer quick approval. If your online lender extends a personal loan to you, it will often deposit the funds directly to your bank account. You will then be able to spend these funds as you would with any other type of deposit.

Soon, you will be required to make your first payment. The lender may offer autopay, allowing you to have the payment withdrawn directly from your bank account to ensure it's not late. Autopay can be convenient, but make sure you will have adequate funds in your bank account before you agree to have a payment automatically withdrawn.

What Can a Personal Loan Be Used For?

Personal loans can be used for nearly any purpose. Below are several different ways you can use the proceeds from a personal loan:

Debt Consolidation

Having to make regular payments on multiple debts can be a difficult undertaking. A debt consolidation loan allows you to repay your debts with a single payment at a single interest rate, often increasing the progress that can be made with each payment.

Life Events

From births to deaths and everything in between, life events can come with some unexpected expenses. Whether you're paying for the expenses of a newborn child or funding their education, a personal loan can help bridge the financial gaps that come up over the course of one's life.

Emergency Loans

Emergencies happen, and they often require money to address. A personal loan can provide a near-instant cash infusion to take care of what needs to be taken care of.

Medical Loans

The average American spends more than $12,000 per year on health care. For many, these types of medical bills can require taking on short-term debt. A personal loan can pay off medical bills at a lower interest rate than many other payment options.

Moving

Local moves cost an average of around $1,250, while cross-country moves can be closer to $5,000. Personal loans can provide a source of moving funds without having to rely on the sale of a home or an advance on your paycheck.

Wedding Loans

Whether you are planning a small courthouse ceremony or a major blowout, an online personal loan can fund your wedding with minimal hassle.

Home Improvements

Covering a health insurance deductible can be pricey. A personal loan can help pay for these costs in exchange for recurring repayment amount.

Family Planning

Personal loans can be used for nearly any purpose. Below are several different ways you can use the proceeds from a personal loan:

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What Should I Look for in a Personal Lender?

When it comes to choosing a personal loan lender, there are a few factors to consider:

  • Speed
  • Affordability
  • Reputation

If you need a loan quickly, your lender's speed may be one of the most important factors. In other cases, you may prioritize the affordability of the loan or the lender's reputation.

Frequently Asked Personal Loan Questions

What benefits do personal loans have over other types of loans?

Personal loans can sometimes present more advantages than other types of loans. They tend to have more flexible requirements than secured loans like mortgages and auto loans. If you apply for a personal loan online, the funds could be in your account in less than a day after approval.

How can you track your credit score?

Your credit score can be key in predicting your interest rate. Here are a couple of ways to access your current score.
First, you can apply for a credit card that provides you with a monthly FICO statement or scorecard, giving you free access to your credit score. You could also sign up for a service like Credit Karma that will provide you with an estimate of your credit score. Knowing your score can give you a better idea of what type of loan will work best.
At Integra Credit, we pride ourselves on our fast and secure application process. Our advanced underwriting looks at more than just your credit score. If you are ready to learn more about our loan products, apply now and check your rates to get started.

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Apply quickly and securely

  • Complete a quick online application.
  • Receive approval instantly.
  • Review and sign the agreement.
  • Get cash directly into your bank account.

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  • Pay only the minimum amount due or choose to pay more to repay your balance faster.
  • No pre-payment penalties.
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