Integra Credit Personal Loans Of Amounts Of $500 Up To $3,000 for Bad Credit
Learn all about Personal Loans from Integra Credit. Are they the right fit for you?
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Video Timeline: Integra Credit Personal Loans Of Amounts Of $500 Up To $3,000 for Bad Credit
00:00 - Is Integra Credit legit?
00:23 - Which states does Integra Credit lend in?
00:44 - How much can I borrow from Integra Credit?
01:17 - How long is an Integra Credit personal loan?
01:48 - Integra Credit has bi-weekly payments
02:19 - What are the APRs of an Integra Credit personal loan?
03:04 - Is it hard to get approved for an Integra Credit personal loan?
03:23 - How does Integra Credit decide whether to approve me?
03:40 - What fees does Integra Credit charge?
04:49 - What can you use an Integra Credit personal loan for?
05:41 - Summary of Integra Credit personal loans
06:53 - Where to shop around for the best personal loan
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I want to tell you everything you need to know about Integra Credit 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 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 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.
