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This page was last updated November 2018

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Fair Credit Lenders in Lexington KY

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University of Kentucky FCU
1080 Export St Lexington
KY 40504 - www.ukfcu.org
859.264.4200

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Greater Kentucky Credit Union
1001 Red Mile Rd, Lexington
KY 40504 - www.gtkycu.com
859.231.9300

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Members Heritage Credit Union
2420 Members Way, Lexington
KY 40504 - 859.259.3466
www.membersheritage.org

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Commonwealth Credit Union
2540 Sir Barton Way, Lexington
KY 40503 - www.ccuky.org
800.228.6420

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Metro Employees Credit Union
1306 Versailles Road #140
Lexington, KY 40504
www.metroemployeescu.org
859.258.3990

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UNIFY Financial Credit Union
2703 Richmond Rd, Lexington
KY 40509 - www.unifyfcu.com
877.254.9328

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Health Education FCU
424 Park Pl, Lexington
KY 40511 - thefcu.com
859.231.8262

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Mariner Finance
125 Codell Dr #104, Lexington
KY 40509 - 859.266.8585
www.marinerfinance.com

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Bank of Lexington
761 Corporate Dr, Lexington
KY 40503 - 859.219.2900
www.bankoflexington.net

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Kentucky Bank
360 E Vine Street #100
Lexington, KY 40507
kybank.com - 859.469.7374

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Bad Credit Loans in Lexington KY

Fast Loan Pre-App Method
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Lexington KY Lender Area Map

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Lexington KY Loan App Volume

Top 5 Lexington neighborhood loan app volume

  1. Meadowthorpe
  2. Idle Hour
  3. Gardenside/Colony
  4. Pasadena
  5. Southland/Deerfield/Open Gates

Fayette County Court House in Lexington: Licensing

Lexington Bad Credit Loan Example

Bob currently has a number of small loans that total almost $5000. He is paying more interest than he would like based on his bad credit situation and would like to consolidate all of the loans into one loan at a lower interest rate than what he is currently paying.

He is also hoping to end up with lower monthly payment than what he is currently paying.

The problem for him is that he has a bad credit rating and is having difficulty finding someone to lend him the money. His loans mature over the next 2 years and he would like to combine them into one loan.

One loan that he has carries a 15% interest rate. It is the largest of the 4 loans that he has and he could save some money if he can be approved for a lower interest loan. The money he potentially saves from a lower interest loan can help him actually pay off his new loan more quickly.

He really wants to find a lender that will lend him the money and help him out of his current situation. A $5000 loan with a 2 year term 8.7% interest rate for Bob would cost him the following per month:

Loan Amount (principal) = $5000
Interest Rate = 8.7%
Term Length = 2 year
Monthly Payment = $227.74
Total Paid Back = $5466.67
Total Interest = $465.67

Bob's situation is not unusual. Many consumers end up with small high interest loans, credit card debt etc. and have a difficult time repaying all of the debt as well as meet the monthly payments with the high interest rates that are typically charged. One solution is to consolidate the debt under one lower interest loan.

In situations like this documentation may be needed showing the amount of the outstanding balance on the loans, the current interest rates, the monthly payment and the maturity date.

They will also need to provide the name of the existing lender and they also must be up to date on all payments. Missed payments or late payments will make it even more difficult to be approved for a new loan.

Many lenders will also demand that the new loan proceeds be used to pay off the existing loans. They sometimes will pay the previous lender directly rather than forwarding the money to the borrower's bank account.

This process just protects the new lender and makes sure that the borrower does not use the funds for something other than what they originally indicated.

In Bob's case he actually would prefer that the new lender repay his existing debt. This way he is sure that all of his debt has been repaid and he has only one payment to meet each month. If he can be approved for a loan at 8.7% as indicated above he will reduce the total interest he is paying, which can be used towards his loan.

He is also employed full time and his wife works part time. If they can repay this loan over a two year period, they feel that they will have got out from under this debt that has been keeping them up at night.

They can begin saving for other things they feel they need in life. Even though he has a bad credit rating, there is a good chance he will be approved for this loan.

If you're living in Lexington like Bob and his wife, 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 Lexington KY

Job/Income Upgrades: Indeed / Monster

Education Upgrades: College / University

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Lexington Credit Counseling

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Counselors contact us for listing removal or info change.

Apprisen Financial Counselors
2265 Harrodsburg Road, Suite #303
Lexington, KY 40504
www.apprisen.com
859.259.9999

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Credit Solutions of Lexington
2277 Thunderstick Drive, Lexington
KY 40505 - www.cs-llc.com
859.273.2388

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Lexington Assistance Programs

Food Bank: God's Pantry Food Bank / Address: 1685 Jaggie Fox Way, Lexington, KY 40511 / Phone: 859.255.6592

Hot/Cold Meals: The Soup Kitchen / Address: 376 Southland Drive, Lexington, KY 40503 / Phone: 859.275.2105

Shelter In Case of Eviction: New Life Day Center / Address: 224 North Martin Luther King Boulevard, Lexington, KY 40507 / Phone: 859.721.2325

Social Assistance Programs: Lexington Metro Community Action Partnership / Address: 701 West Ormsby Avenue #201, Lexington, KY 40203 / Phone: 502.574.4377

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Usury Law Governing Lexington KY

Summary of Kentucky Usury Law(s) / Legal: 8% / Contract: 4.5% on loans $15,000 or less; 1.5% on bank & trust company loans of $15,000 or less; others any rate / Judgment: 12% / Corporate: No specific rate (read more on Kentucky lending laws)

Complaint process for Lexington residents:

Kentucky Department of Financial Institutions / Complaint Process

Kentucky Department of Financial Institutions / 1025 Capital Center Drive, Suite 200, Frankfort, KY 40601 / 502-573-3390 (Telephone) / 800-223-2579 (Toll Free) / 502-573-0086 (Fax) / Email: kfi@ky.gov

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WFL Loan Products

Lexington 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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