Integra Credit Rates and Terms in Ohio
Actual rates and terms vary based on loan amount, discount usage, information provided in your application and a number of other factors. Please carefully review your loan agreement for the annual percentage rate (APR) and other terms applicable to your loan.
Loan Amount
$500 to $3000
Loan Details (APR)
159% to 249%
Loan Duration
12 to 21 Months
For example, a $1,700 loan that is repayable in 19 monthly payments of $294.04 will have an APR of 187.4216%.
If a payment is not paid in full within ten (10) days after its scheduled due date, you will be charged a late fee of $15.
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Ohio snapshot
Below are key figures highlighting Ohio’s demographics and financial trends, based on recent U.S. Census Bureau data:
- Population: 11.9 million
- Median age: 39.6 years
- Median household income: $69,680
- Homeownership rate: 67%
- Poverty rate: 13.4%
How do personal loans work in Ohio?
Ohio residents can access various personal loan options to meet different financial needs. Personal loans available in the state are, at times, unsecured, which means you don’t need to provide collateral to qualify.
These loans come with fixed interest rates, so your monthly payments stay the same for the duration of the loan. You can apply through online lenders, local banks, credit unions, or state-licensed consumer finance companies.
Personal loans can be used for various purposes, like covering unexpected expenses, consolidating high-interest debt, funding home repairs, or financing larger purchases.
Ohio lending laws permit licensed lenders to offer a range of loan products. However, the rates and terms you’re offered will depend on the lender’s policies and your financial circumstances.
Types of personal loans
If you’re looking to borrow money, you have several different personal loan options. To determine which loan is right for you, consider your financial situation and the purpose for which you need the funds.
Here are the main personal loan options you can choose from in Ohio:
Unsecured loans
Unsecured personal loans in Ohio allow you to borrow money without collateral, so your assets, like a car or property, aren’t at risk if you’re approved.
When reviewing your application, lenders will consider factors such as your credit score, employment status, income level, and overall financial history.
As no collateral is required, these loans can come with higher interest rates than secured loans.
Personal loans are a flexible option as they can be used for almost any reason, allowing you to spread the cost over time.
Online loans
Online loans in Ohio offer a convenient way to access funds without the need to visit a bank or storefront lender. The entire process can be completed digitally, from applying to receiving your money.
Most online lenders provide fast decisions. This makes them an attractive option if you need money in an emergency.
Online loans are typically set up as installment loans, meaning you repay the borrowed amount in regular payments over time.
Bad credit loans
Bad credit loans are designed for borrowers with lower credit scores, typically defined as any FICO score below 580. These loans provide an option if you don’t qualify for traditional credit due to previous financial challenges.
Lenders offering bad credit loans in Ohio often consider more than just your credit score. They may take into account your income, employment stability, and financial obligations when assessing your application.
Due to the higher risk involved for the lender, bad credit loans typically carry higher interest rates. However, they can be a valuable lifeline if you need access to funds.
Installment loans
Installment loans are a popular way of borrowing money, allowing you to repay the loan amount, plus interest, in set payments over time.
Installment loans in Ohio can range in size depending on your needs and the lender’s terms.
They’re often used for large or unexpected expenses, such as home renovations or medical costs, where spreading the cost makes them more manageable.
Most installment loans come with a fixed interest rate, so your payments stay consistent throughout the loan term.
Personal line of credit
A personal line of credit provides a flexible way to borrow money when you need it, without applying for a new loan each time you need more funds.
They work in a similar way to credit cards; you’re approved for a set credit limit and can draw from it as needed. When you pay back what you’ve used, those funds become available again.
This type of credit is beneficial for managing variable or ongoing expenses, giving you access to funds when your financial needs change.
Personal loans in Ohio FAQs
What is the maximum loan amount I can get in Ohio?
In Ohio, the maximum personal loan amount you can borrow can vary significantly depending on the lender. Limits can typically range from a few hundred dollars to tens of thousands, or even higher for secured loan.
Can you get a loan in Ohio with bad credit?
Yes, even if your credit score is less than perfect, you can still qualify for a personal loan in Ohio. Many lenders consider factors other than your credit history, such as your income, current employment situation, and overall financial stability.
While a lower credit score might impact what options are available to you, it shouldn’t prevent you from being approved for a loan.
Lenders often evaluate your complete financial picture when reviewing your application, increasing your chances of obtaining the funds you need.
Can I get a personal loan with no credit check in Ohio?
Most lenders in Ohio perform a credit check as part of their personal loan application process to assess your financial history and reliability.
However, some lenders may carry out a soft credit check, which doesn’t impact your credit score. This check allows you to see your potential loan terms.
How long does it take to get approved for a personal loan?
Loan approval times vary depending on the lender, the type of loan, and how quickly you provide the required information.
Many online lenders can provide a decision within minutes, while banks and credit unions may take one to three business days. Once approved, funds are often deposited within one to five business days.
Is there a limit on the number of loans I can have in Ohio?
Ohio doesn’t have specific laws limiting the number of personal loans you can have at one time.
However, lenders will evaluate your financial commitments when deciding whether to approve your application.
Having multiple active loans can negatively impact your credit score and increase your debt-to-income ratio, potentially hindering your ability to qualify for additional credit in the future.
Are there credit unions in Ohio for personal loans?
Yes, there are more than 250 credit unions in Ohio that offer personal loans to their members.
To apply, you must be a member of the credit union, which may require meeting specific eligibility criteria based on your location or employment status.
