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This page was last updated July 2018

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Fair Credit Lenders in Louisville KY

Lenders: contact us for listing removal.

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Park Community Credit Union
6101 Fern Valley Rd Louisville
KY 40228 - www.parkcommunity.com
502.968.3681

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Louisville Credit Union
601 W Broadway #113, Louisville
KY 40202 - www.louisvillefcu.com
502.584.3579

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Fort Knox Federal Credit Union
9915 Dixie Hwy, Louisville
KY 40272 - www.fortknoxfcu.org
502.935.0508

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Louisville Federal CU
1420 Gardiner Ln #66, Louisville
KY 40231 - www.louisvillefcu.com
502.458.2681

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Autotruck Financial Credit Union
3611 Newburg Rd, Louisville
KY 40218 - www.autotruckfcu.org
502.459.8981

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Kemba Louisville Credit Union
4017 Poplar Level Rd, Louisville
KY 40213 - www.kembaky.org
502.459.1411

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Class Act Federal Credit Union
8620 Preston Hwy, Louisville
KY 40219 - www.classact.org
502.964.7575

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Commonwealth Credit Union
3704 Frankfort Ave, Louisville
KY 40207 - www.ccuky.org
800.228.6420

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Chemco Federal Credit Union
4200 Bells Ln, Louisville
KY 40211 - www.chemcofcu.com
502.772.5780

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Transcend Credit Union
3740 Bardstown Road Louisville
KY 40218 - www.transcendcu.com
502.459.3000

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Bad Credit Loans in Louisville KY

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Louisville KY Lender Area Map

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Louisville KY Loan App Volume

Top 5 Louisville neighborhood loan app volume

  1. Civic Center
  2. California
  3. Merriwether
  4. University
  5. Park Hill

Churchill Downs / Home of Kentucky Derby: Licensing

Louisville Bad Credit Loan Example

Doug lost his job after working at the same company for almost 26 years. The company was not doing well and kept him on as long as they could but they eventually had to let him go and a month later they closed their doors. He lost his benefits and of course his income.

They did not have a retirement plan of any kind. Doug felt that he needed to continue working because he has not saved enough to fully retire at this point.

It took him ten months to find another job that paid as much as his last one. During the ten-month period he decided he did not want to touch his retirement savings.

He used his personal savings to live on and then ran out after a couple of months. He decided to delay payments on his mortgage and some of his utility payments which landed him with a bad credit rating and a bunch of collection letters as well as threatening letters from his mortgage company.

Now that he is working again he has resumed payments on everything but needs to borrow $9500 to fully catch up on all of his bills that he delayed over the past two months. He is applying for what amounts to a bad credit loan because of some poor decisions he made over the past ten months. With his new job he figures that he can repay this loan over a three year period.

A $9500 loan with a 3 year term and 7.64% interest rate for Doug would cost him the following per month:

Loan Amount (principal) = $9500
Interest Rate = 7.64%
Term Length =3 year
Monthly Payment = $296.12
Total Paid Back = $10660.33
Total Interest = $1160.33

Doug is one of the really lucky ones. He was able to get a job after being laid off from a job he worked at for 26 years and make roughly the same money. He needs a loan to consolidate all of his debts and repay the bills he delayed payment on while he was not working.

Doug’s credit score was actually in good shape prior to the last ten months which is a factor in his favor.

He is going to pay a slightly higher interest rate because of the decisions he made at the time. Doug did not indicate whether he met with any of his creditors to advise them he was having trouble paying his bills or finding a job.

Often many creditors will grant some leeway to the client if they perceive a genuine attempt to deal with whatever debts they have. Many will delay reports to credit agencies in a situation like this one which would protect his credit rating.

He really wants to get his finances in order before he retires so if he can work a few more years, pay off all of his debts he feels that he will be able to live off his savings that he has set aside for retirement. Losing his job and acquiring this debt with a bad credit rating has set him back a few years.

If you're living in Louisville like Doug, 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 Louisville KY

Job/Income Upgrades: Indeed / Monster

Education Upgrades: College / University

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Louisville Credit Counseling

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King Financial Repair
2527 Nelson Miller Pkwy #207
Louisville, KY 40223
kingfinancialrepair.com
502.689.1001

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Apprisen
11492 Bluegrass Pkwy #105
Louisville, KY 40299
www.apprisen.com
502.458.8840

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USA Credit Repair
101 S 5th St #1640, Louisville
KY 40202 - 502.410.1373
louisville-creditrepair.com

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Louisville Assistance Programs

Food Bank: Dare to Care / Address: 5803 Fern Valley Road, Louisville, KY 40228 / Phone: 502.966.3821

Hot/Cold Meals: The Lord's Kitchen / Address: 2732 South 5th Street, Louisville, KY 40208 / Phone: 502.413.0198

Shelter In Case of Eviction: Louisville Rescue Mission / Address: 733 East Jefferson Street, Louisville, KY 40202 / Phone: 502.584.6543

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

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Usury Law Governing Louisville 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 Louisville 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

Louisville 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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