IntegraCredit Personal Loans Of Amounts Of $500 Up To $3,000 for Bad Credit
I want to tell you everything you need to know about IntegraCredit personal loans. Integra Credit claims that they launched their company in order to disrupt the subprime lending market. They were founded in Chicago in 2014, so they aren’t that old. They use a model where they are the brand, but the actual lending is done by either CCBank or TAB Bank.
The amounts, terms, and APRs of their loans depend on the state in which you live. So, the first thing to acknowledge is what states they operate in. They offer lending products in these 25 states. They largely stay out of the Atlantic northeast, but they also have smattering of states throughout the country where they do not lend.
In all of these states, their maximum personal loan amount is $3,000.
So, if you are looking for more money than that, Integra Credit is not a good option for you. If you are looking for just a little bit of money, their most common minimum loan amount is $500. These are the states that offer as little as $500. Indiana’s minimum is $700, New Mexico’s is $1,000, Minnesota’s is $1,500, and California’s is $2,600.
The term length of their loans is also dependent on the state in which you live.
The most common terms are between 12 and 21 months. Of course, you never want to take 12 months to pay back a loan as small as $500…or even $1,000. And frankly, you probably will never want to take any Integra Credit personal loan for nearly two years. I’ll discuss why, a little later. You will want to pay the loan back early. That means making extra principal payments in the first few months of the loan. The problem is that Integra Credit personal loans have bi-weekly payments. That means that if you make an extra payment, they will almost certainly default to paying your next regularly scheduled payment. This is because each statement is posted almost as soon as you make your last payment. You have to go to the trouble of calling them and making sure that any extra payments that you pay are going directly to principal.
The primary reason you won’t want to have an Integra Credit personal loan for more than a year is because they are very expensive. Once again, the APRs will depend on what state you live in. The most common minimum APR is 159%. The most common maximum APR is 224%, but you can see that they will go all the way up to 399%.
With APRs this high, you will find that for months your payments will be mostly going toward interest. You will feel like you are not making any progress paying off your loan…and you won’t for a while. That’s why it is so crucial that you make extra principal payments in the first few months.
Those APRs explain who they lend to. Integra Credit will lend to people with poor credit. I am guessing that the average APR of their borrowers is somewhere in the neighborhood of 580. Of course, they will look at more than just your credit score when deciding whether to lend you money. They will look at your payment history, your debt-to-income ratio, the amount and type of income, and other financial information. It is also not uncommon that they will pre-approve you only to deny you when they look more closely at your recent information.
Integra Credit will not charge you an origination fee on your loan, but they do charge late fees.
And, just like before, the amount of that fee will depend on the state in which you live. The most common late fee is $15…but it’s bad luck if you live in Utah where the late fee is twice that. A lot of lenders who cater to people with poor credit will not charge a late fee at all. I think they figure the high interest rate that will continue to accrue on your late amount is punishment enough. Integra Credit will not charge you until you are 10 days past due. But at that point, you are only 4 days away from your next payment. If you start to get behind, it can be a cascade of fees that could get really expensive.
Some lenders will give you an APR discount if you sign up for Autopay. Integra Credit is kind of the opposite. Their APRs default to assuming that you do sign up for their “electronic debit repayment option.” If you opt out of it, your APR will actually be higher.
What can you use an Integra Credit personal loan for?
Integra Credit does not restrict what you can use the money for. Installment loans like this are most often used to cover unavoidable financial emergencies. They are probably used to cover a sudden medical or dental bill, a car repair, or to cover a monthly short-fall. You would not want to use one of these loans to cover an expense that would take a significant amount of time to repay because the APRs are so high. Those high APRs are also the reason you would never want to use one of these loans to consolidate credit card debt. Credit card interest rates will definitely be cheaper. Also, don’t use one of these loans for discretionary spending like making an unnecessary purchase or going on vacation.
So, let’s summarize the personal loans from Integra Credit.
First off, they claim to be disrupting the market for subprime personal loans, but they aren’t doing anything that anyone else in this space isn’t doing. And, in fact, they fail to offer benefits or features that some of those more established companies do. They generally lend between $500 and $3000 for terms between 12 and 21 months. But you probably wouldn’t want to borrow any more money than you could easily pay back within 6 months because their APRs are very high. You will need to make payments every other week, and they do charge a late fee if you fail to make a payment within 10 days of the due date. All in all, I think Integra Credit is a fairly basic lender that charges high APRs and fails to deliver some of the benefit that other lenders offer.
If you have poor credit, need a personal loan, and have an offer from Integra Credit, you should shop around before you accept the loan. Lenders in this space all have different lending algorithms. The only way to know for sure whether one would approve you is to apply. At The Yukon Project, we’ve tried to make shopping around easy. If you go to our marketplace page, you can apply to any one of our featured lenders. Behind the scenes, we will check your rate with up to 40 other lenders. Our partners use a soft credit check, so applying won’t hurt your credit. We will present you will all of your approved offers so you can choose the loan that works best for you.
If you have any experience with Integra Credit, leave a comment below so others know what to expect. We are trying to build a community of people who can help each other know how to achieve their financial goals. If you found this information useful, please like this video and subscribe to our channel. It helps us out and we really appreciate it. Thanks for watching.
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