What are small loans?
Small loans are a type of loan designed to help you borrow a modest amount of money, typically to cover unexpected expenses, short-term gaps in income, or essential purchases.
They are often used when you need funds quickly but don’t want to borrow more than necessary. You’ll usually receive a lump sum upfront and repay it over time through fixed monthly installments.
How do small loans work?
Small loans generally range from $100 to $5,000, although the exact amount you can borrow will depend on your income, financial history, and the lender’s criteria. At Integra Credit, we offer and service loans between $500 and $3,000.
They usually come with set repayment terms, which can help you spread the cost over time to fit your budget. Most small loans are unsecured, meaning you don’t need to offer collateral like a car or home to qualify.
Types of small loans
Several different types of small loans are available, and the right option for you will depend on how you want to use the funds, how quickly you need them, and your financial situation.
Personal loans
Personal loans are one of the most common options for borrowing a small sum. You borrow a fixed amount and repay it over a set term through scheduled monthly installments.
The interest rate and payment amount are usually fixed for the loan term, making it easier to manage and budget. These loans are typically unsecured, so you don’t need to put up collateral to qualify.
Bad credit loans
Bad credit loans are aimed at borrowers who may have struggled with credit in the past. These loans are typically unsecured and can be used for various purposes, including emergencies or unexpected bills.
Lenders who offer bad credit loans often look beyond your credit score, considering your income, employment, and ability to repay the loan. Rates may be higher to reflect the added risk, but these loans can be a lifeline if you have limited borrowing options.
Quick loans
Quick loans are designed for speed and convenience. They are small personal loans with a fast online application, instant decisions, and fast access to funds, sometimes within 24 hours of approval.
They’re especially useful in emergencies, such as when an urgent bill is due or your car breaks down. The application process should be simple without the need for lots of paperwork or in-person meetings.
Online loans
Online loans can describe any loan that is available entirely online, from checking your options to signing your agreement and receiving your funds.
They can be used for a range of expenses, and many lenders, like Integra Credit, make it easy to apply anytime through a quick online process. Online loans are especially useful if you need funds quickly and want to avoid the hassle of visiting an in-person lender or sending paperwork by mail.
Can you get a small loan with bad credit?
You can still get a small loan even with a poor credit score. Many lenders, including Integra Credit, offer loans to borrowers with bad credit by looking at other factors, including:
- Income
- Debt-to-income ratio
- Employment status
- Banking and payment history
Lenders can use this information when assessing your application to decide whether you can repay the loan.
How to qualify for a small loan
To be eligible to apply for a small loan through Integra Credit, 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
- Residing in a state in which Integra Credit offers loans
For more information on the qualifying criteria in your state, please refer to our Rates and Terms page.
When determining how much you can borrow, the interest rate, and repayment terms, lenders may also consider things like:
- Your credit reports
- Your current individual and household income
- Your bank account transactions
- Late or missed payments
- Bankruptcies or foreclosures
- The number of your recent credit inquiries
- The amount and requested length of your loan
By assessing these factors, they can understand how much you could afford to borrow. They can also determine the level of risk, which can influence the interest rate they will charge.
Alternatives to small loans
A personal loan can be an ideal solution when you need to borrow a small amount; however, there are other options available. Here are some small loan alternatives you can consider:
- Credit cards: If you already have a credit card, using it for an urgent expense can be quicker than applying for a new loan. Just be aware of interest rates, especially if you can’t repay the balance quickly.
- Personal lines of credit: A personal line of credit gives you access to funds up to a set limit, which you can draw from as needed. You only pay interest on what you use, making it a flexible option.
- Friends or family: Asking someone you trust for help can help avoid interest and fees. Be clear about repayment terms up front to help prevent misunderstandings.
- Cash advance apps: Apps like Dave, Earnin, and Brigit let you borrow small amounts of money before your next payday. They often don’t charge interest but may request a tip or subscription fee.
Why choose Integra Credit for a small loan?
At Integra Credit, applying for a small loan is simple, fast, and designed to fit your needs. We offer a quick and secure online process that makes it easy to get the loan you need.
Our loans come with clear terms and no hidden fees, and our support team is always on hand to answer any questions you may have.
You can check your loan options in just a few minutes, choose the amount that suits your situation, and complete a secure application online.
Most customers receive a decision within seconds, and if approved, the funds are typically sent to your bank account by the next business day.*
Small loan FAQs
Are small personal loans the same as payday loans?
Small personal loans and payday loans are not the same. Small personal loans are typically repaid in fixed monthly installments over a longer period, usually several months.
They often have lower interest rates and more manageable repayment terms. On the other hand, payday loans are short-term loans that must be repaid in full by your next payday.
Payday loans often have high interest rates and fees; personal loans are generally considered more affordable and flexible, especially if you want to spread the cost over time.
How much can I borrow with a small loan?
Online loans with Integra Credit are available from $500 up to a maximum amount of $3,000, depending on your state’s laws. For more information on the maximum loan amount by state, please refer to our Rates and Terms page.
Can I get a small loan with no credit check?
Some lenders offer small loans without performing a check on your credit report or looking at your FICO score when assessing your application.
Instead, they will look at things like your income and employment to decide whether they can offer you a loan.
However, no-credit-check quick loans can have higher interest rates because they represent a higher risk for the lender.
How quickly can I get a small loan?
Funds for Integra Credit loan agreements fully executed by 8pm CT on weekdays and Saturdays 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 for an Integra Credit loan 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 a state in which we offer loans.
For more information on which states we service, please see our Rates and Terms page.
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.
