Lenders: contact
us for listing removal.
San Francisco FCU (California St.
Branch)
311 California St, San Francisco, CA 94111
www.sanfranciscofcu.com
415.775.5377
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San Francisco FCU (Gate Avenue Branch)
770 Golden Gate Ave, San Francisco, CA 94102
www.sanfranciscofcu.com
415.775.5377
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San Francisco FCU (Geary Blvd Branch)
4375 Geary Blvd San Francisco
CA 94118 - www.sanfranciscofcu.com
415.775.5377
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SF Fire Credit Union
3201 California St, San Francisco
CA 94118 - www.sffirecu.org
415.674.4800
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Provident Credit Union of San Francisco
450 Golden Gate Ave #2-0558, San Francisco
CA 94102 - www.providentcu.org
800.632.4600
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Union Bank
3473 California St, San Francisco
CA 94118 - blw.unionbank.com
415.379.5000
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New Resource Bank
255 California St #600, San Francisco
CA 94111 - www.newresourcebank.com
415.995.8100
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Federal Reserve Bank of San Francisco
101 Market St, San Francisco
CA 94105 - www.frbsf.org
415.974.2000
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Wells Fargo Bank
1 Montgomery St, San Francisco
CA 94104 - www.wellsfargo.com
415.396.7152
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Bank of San Francisco
575 Market Street, Suite 900
San Fran - isco, CA 94105
www.bankofsf.com
415.744.6700
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Bad Credit
Loan Form for San Francisco
San Francisco CA Lender Area Map
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San Francisco
5x5 Loan App Volume
Top 5 San Francisco neighborhoods
for loan application volume in the last 5
months.
Source: WFL
Lender Pool. Updated
Monthly.
$40K Business Loan In San Francisco
Shayla grew up in Frisco and her parents had their
own business in the Castro District since the 1950s. Being from an entrepreneurial
background she always knew she was never going to be an employee.
She was going to own her own business one day.
Well that day arrived just two years ago. She had her
business plan and she was ready to go. She found some investors who
were willing to back her but she had to come up with $40000 to make
the deal happen.
But there was a problem with that. She didn't have any
savings and she didn't have any assets she could sell to raise the money.
Her credit score wasn't exactly horrible, but it wasn't exactly wonderful
either.
She had an Experian credit score of 620, a Equifax score
of 603, and a Transunion score of 640. She tried getting approved with
her bank branch on Market street in San Francisco but she was denied
due to lack of collateral.
Unfortunately for Shayla, her parents had cut her off
from family money long ago, and that was due to her choice of husband
and religion. She knew she wasn't going to get any help any time soon.
When she tried getting an unsecured loan with sub-prime
lenders using our WFL lender pool and that lender offered a rate of
12.12%. She could prove her payment history on her existing credit cards,
and she still had a solid part time income from her day job as a paralegal.
A $40000 loan with a five-year
term and 12.12% interest rate for Shayla look like the calculation below:
• Loan Amount (principal) = $40000
• Interest Rate = 12.12%
• Term Length = 5 year
• Monthly Payment = $892.21
• Total Paid Back = $53,532.32
• Total Interest = $13,532.32
Notice how an interest rate over 12
percent really adds up over a 5 year term. Over $13000 in interest is
paid out, and that doesn't include any other possible fees that may
be involved in the loan agreement.
Once Shayla's husband saw the offer
he decided to step into play. He simply gave her $20000 so all she had
to raise was $20000 herself, so she changed her loan request. Below
you can see the new offers she got from a different lender willing to
give her an unsecured loan.
• Loan Amount (principal)
= $20000
• Interest Rate = 13.56%
• Term Length = 3 year
• Monthly Payment = $679.29
• Total Paid Back = $24,454.31
• Total Interest = $4454.31
Even though Shayla's rate is even higher
at 13.56 percent, the overall cost of the loan is less than half of
her first offer with a $40000 principal.
The great new is that her new business
is now launched and she's on her way. She reported that she was doing
fine and that she was getting ready to hire another employee. Her business
is a food truck and her expertise is marketing and management.
Her first employee was her cook, who
makes "out of this world soup" (her words), and her clientele
grew exponentially from the first day she opened. She found some perfect
locations and the word grew quickly that if you wanted some fantastic
soup, her truck was the place to visit.
Credit Counseling
In San Francisco
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for larger interactive map.
American Consumer Credit Counseling
71 Stevenson St #400 San Francisco
CA 94105 - www.consumercredit.com
415.655.6731
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Consumer Credit Counseling Services
15, 595 Market St
San Francisco, CA 94105
www.cccssf.org
800.777.7526
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Federal Resources
FTC
Budget PDF / USA.GOV
Debt Info
San Francisco Non-Profit Services
Food Bank: San Francisco
Food Bank / Address: 900 Pennsylvania Avenue, San Francisco, CA 94107
/ Phone: 415.282.1900
Hot/Cold Meals: Martin
de Porres House of Hospitality / Address: 225 Potrero Avenue, San
Francisco, CA 94103 / Phone: 415.552.0240
Shelter In Case of Eviction:
The Sanctuary / Address: 201 8th Street, San Francisco, CA 94103 /
Phone: 415.487.3300
Social Assistance Programs:
Human Services Agency of San Francisco / Address:
1440 Harrison Street, San Francisco, CA 94103 / Phone: 855.355.5757
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