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This page was last updated July 2018

Commentary is for informational purposes only. See legal disclaimers here.

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Fair Credit Lenders in Miami FL

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Miami Federal Credit Union
51 SW 1st Ave Ste 604, Miami, FL 33130
www.miamifcu.org
305.377.1017


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Dade County Federal Credit Union
172 W Flagler St, Miami, FL 33130
www.dcfcu.org
305.471.5080

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South Florida Educational FCU
1498 NE 2nd Ave, Miami, FL 33132
www.sfefcu.org
305.379.0621

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People's Alliance Federal Credit Union
5757 Blue Lagoon Dr #100, Miami, FL 33126
www.pafcu.org
305.261.1255

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United Police Federal Credit Union
400 NW 2nd Ave, Miami, FL 33128
www.unitedpolicefcu.com
305.329.1400

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Ocean Bank
780 NW 42nd Ave, Miami, FL 33126
www.oceanbank.com
305.442.2660

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Regions Bank
99 SW 12th Ave, Miami, FL 33130
www.regions.com
800.734.4667

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Brickell Bank
1395 Brickell Ave, Miami, FL 33131
brickellbankmiami.com
305.347.8300

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Chase Bank
6800 Biscayne Blvd, Miami, FL 33138
locatorchase.com
305.421.9969

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Apollo Bank
1150 S Miami Ave, Miami, FL 33130
www.apollobank.com
305.398.9000

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Bad Credit Loan Form for Miami FL

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

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Miami FL Lender Service Area Map

Miami FL 5x5 Loan App Volume

Top 5 Miami neighborhoods for loan application volume in the last 5 months. Source: WFL Lender Pool. Updated Monthly. See all Florida personal loan volume data.

  1. Little Havana
  2. North Coconut Grove
  3. Wynwood
  4. South Coconut Grove
  5. Allapattah

$150,000 Small Business Loan In Miami FL

John has been operating his beach clothing store in Miami for the past 5 years and he is ready to expand his store to include more space.

He gets a lot of walk in traffic during the season as well as doing a booming online business. He knows that if he can get people to come to his store, they often don’t leave without purchasing something. His merchandise is an eclectic mix of beach ware and other items for around the home or condo.

John needs $150,000 to add space, to add more computers and staff his online business. He is planning to offer coffee and pastries in the expanded space as a means of attracting customers to the store on a regular basis.

He is hoping that this approach will help to attract business, especially in the off season. Although John is bucking the trend of reducing store space, he feels confident about his business plans.

His problem has been convincing lenders that this is a good business proposition. Small business owners always have had difficulty in finding lenders willing to lend them money at reasonable rates.

They are afraid to take any risk and want high interest rates to cover their perceived risk. His business plan includes paying this $150,000 loan off after 8 years and an interest rate of 4%.

He is so confident about his proposal he is willing to put his home up as security which will also ensure a low interest rate. If he was not prepared to take this approach he probably would not be approved for a loan.

Although this is a really aggressive payment plan, John feels confident that he will be able to meet the requirements of the loan.

• Loan Amount (principal) = $150,000
• Interest Rate = 4%
• Term in Years = 8
• Monthly Payment =$1828.39
• Total Paid Back = $175,525.56
• Total Interest = $25,525.56

John was approved for his business loan and he is already doing better than his business plan that he presented to the lender. He understands the importance of meeting his loan terms and has in fact already made extra payments that will save him interest costs and allow him to repay the loan more quickly than planned.

Locals have learned about his addition and he has developed a group of regulars that come in to his store almost every day. During the off season, they like to come in, enjoy a coffee and a pastry.

His sales have increased as well since invariably both the regulars and tourists will spend time browsing in his store.
Although he has many years to repay this loan, he is hopeful that this trend will continue and he will be able to expand to another location in the Miami area.

His online business seems to be doing well. The increase in store size has not really affected online sales. He knows he needs to concentrate on this part of the business as well to ensure that his store is firing on all cylinders. You can never get too comfortable in the retail business.

If you live in Miami FL and you need a loan regardless of a bad credit rating we hope our website helps you in some way.

Sincerely,

Chris Somerset

Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.

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Employment & Education Advancement Opportunities in Miami FL

If you live in Miami and you're struggling with making ends meet, you may consider advancing your education and/or finding a higher paying job. We've provided some links here to help with that.

Job Upgrade: Indeed / Monster

Education Advancement: College / University

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Credit Counseling In Miami FL

Clearpoint Credit Counseling Solutions
7200 Corporate Center Dr #200, Miami, FL 33126
www.clearpoint.org
305.592.9298

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Premier Consumer
5201 Blue Lagoon Dr #800, Miami, FL 33126
www.premierconsumer.org
800.296.4950

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123 Credit Counselors
701 NW 62nd Ave, Miami, FL 33126
www.a123cc.com
305.269.9201

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Usury and Regs. Governing Miami FL

Summary of Florida Usury Law that applies to Miami / Legal: 10% Contract: 18% and above $500K @ 25% Judgment: 6% Corporate: No ceiling

For details regarding Miami's legal authority on lenders we encourage you to check out Florida State Legislature website on the Statute §687 and §516.031 page.

If you believe any Miami based lender isn't doing business in accordance with the law you can complain here:

Florida Office of Financial Regulation Division of Consumer Finance / Mailing Address: Florida Office of Financial Regulation / 200 E. Gaines Street, Tallahassee, FL 32399 / Physical Address: Florida Office of Financial Regulation / 101 E. Gaines Street Tallahassee, FL 32399 Phone: 850.487.9687 / Online complaint process

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WFL Loan Product Menu

  • Bad credit scores below FICO 650
  • 200+ lenders review your pre-application(s)
  • Applying does not worsen your credit score
  • Interest rates starting as low as 9% (cs)
  • Collateral not always required
  • Funding between 24 hours and 5 days
  • Terms from 6 months to 10 years
  • Borrow between $500 and $50,000
  • Loans for people with 650+ credit scores
  • 500+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Fast approvals and fast funding
  • Line of credit approvals with reasonable APR
  • Borrow between $500 and $150,000
  • Lenders who provide bad credit consolidation
  • Debt settlement or debt relief services
  • 300+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Seamless approval and funding process
  • Debt relief counseling available
  • Borrow form $5000 - $150,000

 

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