Why get a personal loan?
Whether you need extra cash to repair your car, cover moving costs, fund a wedding, or consolidate debt, a personal loan could be the answer.
Personal loans can be either secured or unsecured; secured loans require collateral, such as a vehicle or savings account, while unsecured loans do not. Learn more about how personal loans work and how you can apply online.
Why choose Integra Credit for a personal loan
At Integra Credit, we make the process of applying for a personal loan simple, fast, and accessible. We can help you get the funds you need with a straightforward application and quick decisions.
Personal loans through Integra Credit have transparent terms, and no hidden fees, and our dedicated support team is available to assist with any questions you may have.
You can check your loan options in minutes, select the amount you need, and complete a secure online application.
Most applicants receive an instant conditional decision; if approved, funds are typically deposited as soon as the next business day.*
What is a personal loan?
A personal loan is money you can borrow from a bank, online lender or credit union. You receive the loan in one lump sum and repay what you owe in ongoing, routine payments over a fixed length of time.
Most personal loans are unsecured, which means you don’t need any collateral to be approved. The interest rate is usually fixed, which means your scheduled payments won’t change over the course of repaying your loan.
Personal loans can be used for virtually any purpose, including home improvements, debt consolidation, large purchases, and unexpected expenses.
Types of personal loans
There are several different types of personal loans available. The right option will depend on your financial situation and how you plan to use the funds.
- Installment loans: Installment loans are simply personal loans that you pay in regular payments. They are typically repaid monthly and have a fixed interest rate, so what you pay remains the same.
- Bad credit loans: These are personal loans available to borrowers with poor credit. The lender looks beyond your credit score when assessing your application.
- Quick loans: A quick loan is a term for any loan that offers fast approval and release of funds. It can include payday loans, title loans, and pawnshop loans.
- Cosigner or joint loans: Cosigner loans are taken out by more than one person. Each borrower is responsible for making the repayments, which spreads the risk for the lender.
- 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 car, a bank, or other financial institution.
What Can A Bad Credit Personal Loan Be Used For?
Personal loans can be used for nearly any purpose. Here are several different ways you can use the proceeds from a personal loan:
Debt consolidation
Using a personal loan to consolidate your debts, usually called a debt consolidation loan, allows you to repay what you owe with a single payment at a single interest rate.
This can make your debt much easier to manage and, provided your new loan has a lower interest rate than your existing debt, it will also save you money.
Emergencies
Emergencies can happen anytime, and unexpected costs often need to be paid quickly.
If your car breaks down, your roof is damaged, or you need to fix a leak, an emergency personal loan can provide the money you need in a matter of hours.
Medical bills
Medical bills can quickly become expensive, especially if your insurance doesn’t cover the full cost.
A personal loan can cover your medical bills, whether for emergency treatment, cosmetic work, an unexpected illness, or a high deductible.
Moving
Moving isn’t cheap. Local moves cost an average of around $1,700, while cross-country moves can be closer to $6,000.
Personal loans can help you cover moving costs without relying on the sale of a home or an advance on your paycheck.
Home improvements
Home repairs and renovations can be expensive but can also add value to your property.
Whether you’re redecorating, upgrading your kitchen, or adding an extension, a personal loan can provide the funds needed to complete the work without delay.
Life events
Significant life events can come with unexpected expenses, from births to deaths and everything in between.
Whether you’re paying for the expenses of a newborn child or covering funeral costs , a personal loan can help bridge the financial gaps that come up throughout one’s life.
How to apply for a personal loan with bad credit
Applying for a personal loan with Integra Credit is quick, simple, and entirely online.
To get started, you’ll need to provide some basic information, including:
- Your name, address, and Social Security Number
- Your income details
- Your checking account information
Once your application is submitted, you can receive a preliminary decision instantly. If approved, you’ll receive a clear breakdown of your loan terms, including interest rates and repayment details, so that you can make an informed decision.
You can check your loan options without impacting your credit score, and once you’ve reviewed and signed your agreement, the loan can be sent directly to your bank account.
Bad credit personal loan FAQs
What benefits do personal loans have over other types of loans?
Personal loans offer flexibility and convenience compared to other types of loans. They typically have fixed interest rates and predictable monthly payments, making budgeting easier.
Personal loans can also be used for various purposes, from debt consolidation and emergency expenses to home improvements and major purchases.
Many lenders, including Integra Credit, offer fast online applications and quick funding so you can access the money you need without lengthy approval processes.
Will a personal loan affect my credit score?
A personal loan can impact your credit score in both positive and negative ways. When you apply, lenders may perform a hard credit inquiry, which can cause a temporary dip in your score.
However, making on-time payments and managing the loan responsibly can help improve your credit over time. A personal loan can also lower your credit utilization if you use it to consolidate high-interest debt, which may further boost your score.
On the other hand, missed or late payments can negatively affect your credit. Choosing a lender with clear repayment terms can help you stay on track and maintain a healthy credit profile.
How long does the process take?
Many online personal loans, including Integra Credit, offer quick decisions. If your online lender extends a personal loan to you, it will often deposit the funds directly into your bank account within the next working day.
The lender may offer autopay, which means your payments will be withdrawn directly from your bank account to prevent late payments. Autopay can be convenient, but make sure you have adequate funds in your bank account before you agree to have a payment automatically withdrawn.
Can I use a personal loan to consolidate credit card debt?
A personal loan can be an effective way to consolidate credit card debt. By using a single loan to pay off multiple balances, you can simplify your finances and potentially reduce the amount of interest you pay over time.
Unlike credit cards, which often have variable rates that can fluctuate, a personal loan provides predictable monthly payments, making it easier to budget. If you qualify for a lower interest rate than what you currently pay on your credit cards, consolidating with a personal loan would save you money.
How can I track my credit score?
Your credit score can be key in determining your interest rate. Here are a couple of ways to access your current score.
By law, you can get free access to your credit score using AnnualCreditReport.com. This service allows you to request free weekly online credit reports from Equifac, Experian, and TransUnion.
Alternatively, you could sign up for a service like Credit Karma that will provide you with an estimate of your credit score.
At Integra Credit, we provide a fast and secure application process that uses advanced underwriting to look at more than just your credit score.
Can I get a personal loan for bad credit with instant approval?
Many lenders offer fast decisions on personal loan applications, even for those with bad credit. Most applicants receive a decision within seconds after submitting their application.
At Integra Credit, we use a flexible underwriting process that looks beyond just your credit score to assess your eligibility. If approved, funds can be deposited as soon as the next business day*, helping you access the money you need quickly.
