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This page was last updated July 2018

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Fair Credit Lenders in Des Moines IA

Lenders: contact us for listing removal.

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Greater Iowa Credit Union
600 E 30th St Des Moines
IA 50317 - www.gicu.org
800.296.9064

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Des Moines Metro Credit Union
100 University Ave, Des Moines
IA 50314 - www.dmmcu.org
515.283.4195

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Iowa Credit Union Foundation
PO Box 10409, Des Moines
IA 50306 - 515.221.3001
iowacreditunionfoundation.org

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First Class Community Credit Union
303 Euclid Ave, Des Moines
IA 50313 - www.gofirstclass.org
800.392.7122

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Cornerstone Community Credit Union
414 61st St, Des Moines
IA 50312 - 515.274.2343
www.cornerstonecreditunion.com

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Veridian Credit Union
3221 SE 14th St, Des Moines
IA 50320 - www.veridiancu.org
800.235.3228

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Community Choice Credit Union
700 Lyon St, Des Moines
IA 50309 - 515.334.8100
www.comchoicecu.org

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Affinity Credit Union
475 NW Hoffman Ln, Des Moines
IA 50313 - www.affinitycuia.org
515.288.7225

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Tradesmen Community Credit Union
2930 SE 14th St, Des Moines
IA 50320 - www.tradesmenccu.org
515.282.3606

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Financial Plus Credit Union
4303 Fleur Drive Des Moines
IA 50321 - 515.256.7955
secure.financialpluscu.com

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Bad Credit Loans in Des Moines IA

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Des Moines IA Lender Area Map

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Des Moines IA Loan App Volume

Top 5 Des Moines neighborhood loan app volume

  1. Hickman Highlands
  2. Ernhurst Woods
  3. Fiscel Heights
  4. Cheatom Park
  5. Fagen Place

Des Moines Iowa Center Street Foot Bridge: Licensing

Des Moines Bad Credit Loan Example

Bob filed for bankruptcy a year ago after losing his job and not being able to pay his bills. He almost ended up homeless after not paying his rent as well.

If it was not for a friend stepping in and helping him out with money and also his two addictions, he would be homeless today and unemployed. Bob drank too much and he also loved to gamble at the casinos. He lost a lot of money and spent or drank pretty much everything he made. He lost his job because he failed to show up at work one too many times.

Thanks to his friend he is turning his life around. He does not go to the casinos anymore and he is going to AA. He has been dry for almost 10 months and he plans to stay that way. He was also able to get his old job back. His employer knows that he is a good employee when he is sober and was willing to give him a second chance.

Bob is trying to also rebuild his credit rating. He is considered a really risky client and most lenders will steer clear of anyone who has recently declared bankruptcy and also has the other issues that he is dealing with.

He has applied for a bad credit loan and wants to be approved for a $5000 loan. He will repay it over the next 4 years, just to prove he can be depended on and rebuild his credit score. He knows that the bankruptcy report will stay on his credit score for as long as seven years.

A $5000 loan with a 4 year term 9.95% interest rate for Bob would cost him the following per month:

Loan Amount (principal) = $5000
Interest Rate = 9.95%
Term Length =4 year
Monthly Payment = $126.69
Total Paid Back = $6081.26
Total Interest = $1081.26

Consumers who have been forced into bankruptcy for whatever reason will always find it difficult to borrow money from lenders. Lenders will be afraid they will lose money and that the client will walk away from the loan leaving them with a large loss.

They are just considered too high a risk especially for a large amount like $5000 and a longer term. Bob might be better off asking for a smaller loan with a much shorter payment plan.

Once he has demonstrated he can be counted on to repay a small loan, and has begun to rebuild his reputation, he may be considered for larger loans. If he also had something he could offer as security for the loan he would also be given further consideration. Bob does not have any assets that he can offer for security.

Bob is also applying for a credit card. He may be approved for a credit card with a $500 or a $1000 limit. If he can show that he uses it and repays the balance every month on time, this will also help him rebuild his credit score and make him eligible for a loan in the future. At the present time, he will have a great deal of difficulty finding a lender to approve a loan for him.

If you're living in Des Moines Iowa like Bob, 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 Des Moines IA

Job/Income Upgrades: Indeed / Monster

Education Upgrades: College / University

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Des Moines Credit Counseling

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Counselors contact us for listing removal or info change.

Consumer Credit of Des Moines
6129 SW 63rd St Des Moines
IA 50321 - 515.287.6428
www.consumercredit-dm.com

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Mid Iowa Credit Counseling
100 Euclid Ave #157, Des Moines
IA 50313 - 515.279.4118

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Credit repair Pros Des Moines
418 6th Ave ste 201, Des Moines
IA 50309 - www.creditrepair.com
515.200.2653

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Des Moines Assistance Programs

Food Bank: Food Bank of Iowa / Address: 2220 E 17th Street, Des Moines, IA 50316 / Phone: 515.564.0330

Hot/Cold Meals: Meals from the Heartland / Address: 357 Lincoln Street, West Des Moines, IA 50265 / Phone: 515.473.9530

Shelter In Case of Eviction: Central Iowa Shelter & Services / Address: 1420 Mulberry Street, Des Moines, IA 50309 / Phone: 515.284.5719

State Government Assistance Programs: Iowa Human Services / Address: H, 4542, 525 Southwest 5th Street, Des Moines, IA 50309 / Phone: 515.369.2860

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Usury Law Governing Des Moines IA

Summary of Iowa Usury Law(s) / Legal: 5% Contract: 7% as of July, 2006; any rate agreed for business purposes or over $25,000 for personal or household purposes / Judgment: 2% over rate on 52 wk. T-Bill / Corporate: Any rate allowed (read more on Iowa lending laws)

Complaint process for Des Moines residents:

Iowa Division of Banking / Iowa Complaint Process / Complaint Form (PDF)

Iowa Division of Banking / Physical Address: 200 East Grand Avenue, Suite 300 / Des Moines, Iowa, 50309-1827 / Phone: 515.281.4014 / Fax: 515.281.4862

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WFL Loan Products

Des Moines residents dealing with a bad credit score can read about our bad credit loans network, OR if your rating is in the average zone, you can read about fair credit loan pool. If you're DEEP in high interest debt, please read about our debt consolidation loan resources.

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