Newark DE
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This page was last updated February 2020

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Best Bad Credit Loans for 2020

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Fair Credit Lenders in Newark DE

Lenders: contact us for listing removal.

Louviers Federal Credit Union
185 S Main St, Newark, DE 19711
www.louviers.com
302.733.0426

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American Spirit FCU
1110 Elkton Rd, Newark, DE 19711
www.americanspirit.org
302.738.4515

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Newark Del-One FCU
141B E Main St, Newark, DE 19711
www.del-one.org
302.739.4496

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DEXSTA Federal Credit Union
1 Possum Park Mall, Newark, DE 19711
www.dexsta.com
302.998.0665

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Newark City Employees FCU
220 Elkton Rd, Newark, DE 19711
302.366.7149

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Community Powered FCU
401 Eagle Run Rd, Newark, DE 19702
www.cpwrfcu.org
302.368.2396

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Everest Cash Advance
300 Creek View Rd, Newark, DE 19711
www.needcashinstantly.com
866.794.3244

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Newark Cash Advance Plus
320 College Square, Newark, DE 19711
www.cash-advance-loans.co
800.380.2274

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Newark Minute Loan Center
1150 Capitol Trail Unit #3, Newark, DE 19711
www.minuteloancenter.com
302.607.2202

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Newark Integrity Advance
300 Creek View Rd, Newark, DE 19711
integrityadvance.net
800.505.6073

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Bad Credit Loans in Newark DE

Fast Loan Pre-App Method
Accessing Bad Credit Lender Pool (?)

Learn about GAP (Gift Angel Program)

 

Newark DE Lender Area Map

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Newark DE Loan App Volume

Top 5 Newark neighborhood loan app volume

  1. Meadowbrook
  2. Fairway Falls
  3. Choate
  4. Roseville Park
  5. Meadowood

Newark Delaware: Source

Newark Bad Credit Loan Example

Daniel wasn't very happy that day. He went down to his local branch to see a loan officer about a consolidation loan and was denied.

He was told that his credit score was too low for approval. The loan officer was very kind though. She was very helpful. She went out of her way to show Daniel his credit score problem, and recommended ways he could go forward.

She said he could improve his FICO rating by first getting rid of some credit cards. Then she suggested he keep just on credit cards and start making a monthly budget to slowly work away at the rest of his debt.

Although Daniel was grateful for her help, he still wanted to see if he could consolidate his total debt of $17000 dollars. This list shows his different debts at the time before his approval.

$2300 Visa card #1
$1700 Visa card #2
$2000 Visa card #3
$3200 Visa card #4
$2800 Amex card #1
$3000 Amex card #2
$500 cash advance store #1
$500 cash advance store #2
$500 payday loan store #1
$500 payday loan store #2

Say what?! That looks pretty bad doesn't it? Well it's really not the craziest number of balances we've seen. The most extreme case was had submitted was 37 different credit cards. There isn't really a limit on the number of cards you can have. For example there is this fella know as Mr. Plastic Fantastic with almost 1500 credit cards.

In Daniel's example he didn't have really bad problem with his cash loans coming to just $1000, but the APR on those was over 260%. Perhaps one day those kinds of financial products will be forever banned.

No here is Daniel's math on his loan. His credit score was pretty bad so his rate is far from ideal. However, he did manage to get approved using the WFL lender pool.

He's just happy that he has only one monthly payment, even if the rate is at 12.64%. That was was best he could with his damaged score.

• Debt Consolidation Amount = $17000
• Interest Rate = 12.64%
• Term Length = 3
• Monthly Payment = $569.85
• Total Paid Back = $20,514.74
• Total Interest = $3,514.74

Daniel wanted to extend the term to 10 years but that was out of the question. The longest term he could get was for three years. But that's still not too bad if you look at the raw interest (not including fees mind you).

Paying $3500 in interest over three years is not the end of world if you're making a decent salary. Daniels makes fairly good money working as a sanitation engineer.

These are the offers Daniel got using our pre-app process.

Nation wide lender #1 @ 13.11%
Nation wide lender #2 @ 14.37%
DE State lender #1 @ 13.88%
DE State lender #2 @ 14.09 %

All four offers carried a high interest rate because of his credit scored and his creditor history. He was still lower than any of his prior rates, so it was an obvious go for him.

If you're living in Newark Delaware like Daniel, and need a loan regardless of your credit rating, we may be able to help you find a willing lender.

Sincerely,

Andy Somerset

Andy Somerset is a writer for the WFL Project.

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Upgrades Nearest Newark DE

Job/Income Upgrades: Indeed / Career Builder

Education Upgrades: College / University

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Newark Credit Counseling

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Counselors contact us for listing removal or info change.

Newark Credit Advisors Council
200 Continental Dr Suite 401, Newark, DE 19713
www.creditadvisorscouncil.com
302.455.2277

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Newark Credit Repair Solutions
715 Christiana Mall, Newark, DE 19702
www.REMOVE.com
302.212.0223

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Newark Debt Help
1 Washington St, Newark, DE 19711
www.REMOVE.com
302.273.0417

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Newark Non-Profit Services

Food Bank: Food Bank of Delaware / Address: 222 Lake Drive, Newark, DE 19702 / Phone: 302.292.1305

Hot/Cold Meals: Friendship House of Newark / Address: 69 East Main Street, Newark, DE 19711 / Phone: 302.544.0165

Shelter In Case of Eviction: Friendship House of Newark / Address: 69 East Main Street, Newark, DE 19711 / Phone: 302.544.0165

Social Services: Social Services Division / Address: 501 Ogletown Road, Newark, DE 19711 / Phone: 302.453.2800

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Usury Law Governing Newark DE

Summary of Delaware Usury Law(s) / Quote: Legal: 5.5% Contract: 5.5% plus surcharge; any rate over $100,000 not secured by mortgage or residence / Judgment: 5.5% / Corporate: No rate specified (read more on Delaware lending laws)

Complaint process for Newark residents:

Delaware Office of the State Bank Commissioner / Physical Address: 555 E. Loockerman Street, Suite 210, Newark, DE 19901 / Phone: (302) 739-4235 or (302) 577-6722 / Fax: (302) 739-2356 / Email: bankcommissioner@state.de.us / Delaware Office of the State Bank Commissioner / Delaware Complaint Process

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WFL Loan Products

Newark residents struggling with bad credit can learn about our bad credit loan service, or if their credit is borderline they can learn about fair credit loan service. If you're deep in debt you can learn about our debt consolidation loan service.

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