When you run out of funds mid-month, or a financial emergency pops up, you can find help in payday loans like Integra Credit’s same day loans. It is true, running short on cash can be disorienting, and it’s not the best feeling in the world. But unfortunately, it is a fact of life that you have to accept and navigate through sensibly.
Over the past couple of decades, payday loans have increased in popularity because many people (even those who meticulously plan personal and family budgets), run out of cash at some point in their life. Despite the increased demand and supply, not all payday loans are worth your time.
So, you’ve come across Integra Credit, and their web copy is so alluring. They sell you a picture of a savior and a loan without strict repercussions. You know it is too good to be true, and you want to know if they are worth the hype or you should disregard them altogether.
Right off the bat, we can tell you that Integra Credit is a legit same day loan company. However, you need to understand how it works and its T&Cs to determine if it is the right fit. Below is a comprehensive guide to help you decide on this.
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What is Integra Credit?
Simply put, Integra Credit is a short-term financing company available in the US. Before we continue, there’s a difference between a broker payday loan which is essentially a connection service and a direct lending company. Direct lenders offer loans and borrowers deal with the company in question directly when repaying the loan. On the other hand, payday broker companies simply connect you to direct lenders. Their leverage is offering borrowers a database of legit lenders through a single application, but once you receive the loan, you deal with the direct lender instead. This means the rules and T&Cs that apply are those of the direct lender and not the company offering the connection service.
Now, Integra was founded in 2014, and its headquarters are in Chicago. Currently, it serves borrowers across nine states including;
- New Mexico
- South Carolina
You can borrow loans ranging between $500 and $3,000.
Like the loan amount, the terms of the loan also depend on your state as well as your personal financial situation even though Integra Credit offers bad credit loans. And how long do the loans last? In the case of installment loans, Integra Credit gives between 6 and 24 months to repay the loan plus interest and additional fees.
How does Integra Credit Work?
As a direct lender, you will work directly with Integra Credit from application to repayment. The terms and conditions that apply are as indicated on the website.
To take a loan, you first have to apply for the loan (more on this in a later section). Integra Credit has an online form you can fill. Once you provide the requested information and submit, the company staff goes through the application to determine if you are eligible and can repay the loan amount requested. Since Integra Credit offers bad credit loans, you don’t expect them to run a hard credit check. Instead, they determine whether you are good for the loan through the information on the form, especially the earnings and expenditure questions. Therefore, it’s important to provide accurate information.
With payday loan applications, there are usually three responses to expect;
- Loan amount review
If you check all the boxes and have a stable income, it’s almost impossible to get your application rejected. Instead, direct lenders opt to review the loan amount to something they think you can repay without experiencing problems.
This review process doesn’t take long. If everything checks out and you are available on call for confirmation of some details, it takes less than 15 minutes. After this step, you progress to sign a loan contract which details the loan amount, how long you have to repay the loan, the interest and do’s and don’ts of the loan. Read through this piece before signing and present relevant documentation as soon as possible. Having your documents ready ensures the loan is processed within a business day.
Once you have the loan, Integra Credit expects you to start making repayments on your next payday. Unfortunately, they don’t give grace periods.
The amount you repay depends on several factors including the loan amount, the loan term, the state, and the APR.
|State||Loan amount||Loan term||APR|
|California||$2,600 to $5,000||12 to 36 months||99% to 299%|
|Delaware||$500 to $3,000||6 to 24 months||99% to 299%|
|Alabama||$2,000 to $3,000||6 to 24 months||99% to 299%|
|New Mexico||$500 to $3,000||6 to 24 months||99% to 175%|
|Idaho||$500 to $3,000||6 to 24 months||99% to 299%|
|Missouri||$500 to $3,000||6 to 24 months||99% to 299%|
|Utah||$500 to $3,000||6 to 24 months||99% to 299%|
|South Carolina||$700 to $3,000||6 to 24 months||99% to 299%|
|Wisconsin||$500 to $3,000||6 to 24 months||99% to 299%|
According to the table, it’s clear loan amounts vary between $500 and $5,000 and the loan terms between 6 and 36 months and the APR between 99% and 299%. Of the nine states, New Mexico’s payday loans are the cheapest.
Integra Credit, like most payday lenders, it uses APR to illustrate the cost of the loan. Some use flat rates, for instance; a $100 loan will attract an interest of $15 which means you repay $115. But this doesn’t give a clear representation of the loan cost because it fails to factor in hidden fees including lateness fees, and origination fees.
How to calculate APR
To calculate the true APR, you will need to know;
- The loan amount, e.g. $350
- The cost of the loan, e.g. $50
- The term of the loan, e.g. 14 days
- The first step is dividing the loan cost by the loan amount, i.e. $350/$50 = 0.142857
- Second, multiply your answer by 365 i.e. 0.142857 x 365 = 52.142857
- Third, divide the answer by the loan term (14 days) i.e. 52.142857 / 14 = 3.724489.
- Multiply by 100% to get 372.45% as the APR.
If you know the cost of $100 and want to convert the cost to a true APR, below is the process to follow;
You will need to have the loan amount ($500), the cost of the loan per $100 ($20) and the loan term (14 days).
- Divide the loan amount by 100 i.e. $500/100 = 5.
- Multiply the answer by loan cost for every $100 i.e. 5 x 20 = $100.
- Divide the total loan cost with the loan amount, i.e. $100/$500 = 0.2.
- Multiply the answer by 365 i.e. 0.2 x 365 = 73
- Divide the answer by the loan term i.e. 73/14 = 5.214285.
- Multiply by 100 to get 521.43% as the APR.
Why is the APR so high?
You have to understand that Integra Credit offers a helping hand that other traditional finance options will not through bad credit loans. But this doesn’t mean they are a charity. They need to make money and earn a reward for undertaking a risk, which is offering a loan with minimal guarantee of your ability to repay.
How to make a repayment
Like any online payday lender, Integra Credit requests for your bank account during the application process. They will send money to the account you provide and also deduct the loan amount during the due dates. Don’t worry, they will inform you the loan amount is due several days before it is due.
This method keeps you from forgetting to repay the loan. But on the flip side, if you don’t have enough money, it means you’ll be left paying overdraft fees.
What if you cannot afford to repay a loan?
If you cannot afford to repay the loan, Integra Credit advice that you reach out to them and explain your situation before the deadline. If you anticipate falling behind for a single month, you can ask for an extension. The extension will be granted but after paying the interest for the month and any extra fees. But if you anticipate a financial shortage even in the coming months, then you should negotiate a new payment plan and installments.
You should not worry about Integra Credit reporting you to finance bureaus and ruining your credit score. Though it wants to be seen as a strict company, Integra Credit understands times are tough and tries to work with you to ensure you meet your payments.
In light of this, Integra Credit will provide you with a 10-day grace period before they charge you a lateness fee. The exact amount the company charges depends on the state laws.
Types of Loans Does Integra Credit Offers
Many of the loans it offers are personal installment loans. With these loans, you repay a specific amount of money within a fixed period. But aside from these, Integra Credit has six personal payday loans, which it offers through a similar application process.
This is the primary loan product. It has fixed due dates and payments and doesn’t include origination fees. These loans can be used to:
- Cover emergency expenses including hospital and car repairs
- Consolidate debt or pay off a credit card debt
- Cover a one-time expense including the likes of a car down-payment or even fund a home improvement project
This loan type is similar to an installment loan. Integra Credit assesses the personal loan application using the information on your application. It conveniently lets your credit score rating slide and in the process encourages borrowers with bad credit scores to apply.
Integra Credit funds payday loans fast – usually within a business day (depending on the time you apply and whether you have relevant documentation ready). Some of the information you should have to ensure the loan application is approved fast include:
- An email address
- Your ID or Driver’s license
- Social security number
- Current address
- Bank account number
Bad Credit Loan
Integra Credit grants bad credit borrowers loans. However, you always start with the least loan amount and work your way to the top. Also, to help borrowers improve their credit scores and gain access to traditional loans, Integra Credit helps to rebuild your credit score, but this is only possible if you are faithful with your payments and take multiple loans from the company.
Line of credit
Getting a personal line of credit through Integra Credit offers more flexibility that other borrowing platforms. You can always borrow up to your approved credit limit. With every successful repayment, the available credit increases. With a line of credit, you do not incur a penalty for paying off the loan early.
Are you eligible for the loan?
Before you complete the loan application form, you should first determine if you qualify for the loan. The criteria you need to meet before you apply for the loan includes;
- You should be a US citizen and live in the states Integra Credit operates in
- You should be 18 + years old (in Alabama, the minimum age is 19 years)
- You should have a verified email address and bank account
How does one apply for the loan?
At the start of this guide, we mentioned that the first step to securing a payday loan is by completing a loan. Below is the process you need to follow to complete the application form.
- Visit the official Integra Credit website and check the loan options available
- Sign up by providing your full name, phone number, and email address
- Select the state you live in and the loan amount you need
- Read through the terms and conditions of the loan and click on ‘Get Started.’
- Complete the form with personal details including your bank account and your income
- Click on ‘check my loan options’ to submit the form.
To get the application approved on the same day, you should complete the form in good time. If your loan is approved by 6pm, you should have the money in your bank account by the following business day. If not, it might take about two days for the money to hit your account.
How Good is Integra Credit’s Customer Support?
The lender has done its best to simplify the entire lending process. However, it would be naïve to think that no borrower would ever get stuck. When you get stuck, you can reach the customer support team through:
- Email – [email protected]
- Phone – 855-345-5550
- Fax – 312-229-8877
The customer service team is available from Monday to Friday between 7am and 9pm CT. on Saturday, they work between 9am and 5:30pm CT.
What are people saying about Integra Credit?
Integra Credit has an A+ rating from BBB. Moreover, it has positive reviews on Trustpilot with a 4.5-star rating. Most borrowers say the platform is excellent and great to use.
The pros and cons of Integra Credit
So far, we have answered the question on legitimacy. You can apply for a loan without the worry of being scammed or being treated unfairly. Integra Credit follows both federal and state laws. It’s because of these rules that the loan amount and APR vary.
Overall, the company is great and does a good job of helping to keep borrowers from ending up in a debt cycle.
Does Integra Credit Charge lateness fees?
Yes, it does. However, unlike other direct lenders, Integra Credit is lenient when enforcing the fee. It gives a ten-day grace period before charging the lateness fees.
What happens when I prepay my loan?
If you are worried you will attract a penalty when you repay the loan before its due date; you can rest easy – Integra doesn’t charge prepayment fees.
What do I need to qualify for the Integra Credit personal loan?
Applicants who have a credit score between 500 and 630 are eligible for the personal loan. Moreover, you need to be above 18 years to access the loan. As for the income, Integra Credit requires that you have a minimum annual income of $24,000 or even higher. Because of these regulations, Integra Credit only considers employed borrowers meeting the minimum requirements.
How long will it take before I get the loan?
Quite frankly, the length of time depends on several things including when you complete the application and if you have the relevant documentation ready when needed. But all factors held constant; the approval process takes between an hour and one business day.
Does Integra Credit charge an origination fee?
No, it doesn’t. This is a fee for underwriting, funding or processing a loan. It usually ranges between 0.5% and 5% of your loan amount. It’s always advisable to choose a lender that doesn’t charge an origination fee because it increases the cost of the loan.
Are there restrictions to what I can use the Integra Credit personal loan for?
No, Integra Credit doesn’t concern itself with how you use the loan. However, it expects you to use the cash to solve a financial emergency and have a way to repay the loan faithfully. In some states, Integra Credit is limited to the percentage of installment it can ask from you as loan repayment.
What are the due dates for payment?
Integra Credit, like most emergency loan lenders, tries to have the due dates immediately after your payday. This ensures that you can repay the loan without problems.