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This page was last updated July 2018

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Fair Credit Lenders in New Orleans LA

Lenders: contact us for listing removal.

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Greater New Orleans FCU
2812 Canal St New Orleans
LA 70119 - www.gnofcu.com
504.454.8224

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ASI Federal Credit Union
3875 General De Gaulle Drive
New Orleans, LA 70114
asifcu.org - 800.749.6193

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Eagle Federal Credit Union
Barracks, Area C, 1456, Jackson
6400 Street Claude Ave Building
4208, New Orleans, LA 70117
www.eaglefederal.org
225.927.1900

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New Orleans Firemen's FCU
3840 Canal St #3, New Orleans
LA 70119 - www.noffcu.org
504.889.9090

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Tulane Loyola Federal Credit Union
8200 Hampson St, New Orleans
LA 70118 - 504.862.8400
www.tulane-loyolafcu.com

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Tpefcu Credit Union
1050 S Jefferson Davis Parkway
New Orleans, LA 70125
504.304.2296

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Coastland Federal Credit Union
200 Henry Clay Ave, New Orleans
LA 70118 - www.coastlandfcu.org
504.834.2780

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Hope Credit Union
310 W Judge Perez Drive, Chalmette
LA 70043 - hopecu.org
504.278.8810

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Navy Federal Credit Union
501 O'Bannon St #110, New Orleans
LA 70114 - www.navyfederal.org
888.842.6328

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Campus Federal Credit Union
2200 Tulane Ave New Orleans
LA 70119 - 504.210.8310
www.campusfederal.org

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Bad Credit Loans in New Orleans LA

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

Learn about GAP (Gift Angel Program)

 

New Orleans LA Lender Area Map

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New Orleans LA Loan App Volume

Top 5 New Orleans neighborhood loan app volume

  1. Milan
  2. Lakeview
  3. Garden District
  4. Venetian Isles
  5. Behrman

French Quarter New Orleans: Licensing

New Orleans Bad Credit Loan Example

Dennis actually needs a $3500 loan to pay for medical expenses associated with a co-pay claim.

His insurance covers the majority of the medical expense for an operation his son needs, however he needs to come up with the remaining $3500 payment.

In addition, he owes another $2500 on his credit card and would like to consolidate this debt at the same time. He is currently paying 19% on the overdue balance and wants to find a loan that will cover both debts at a lower interest rate.

Dennis's credit rating is not good due to missed payments in the past and a high debt to loan ratio. He failed to meet his payment terms on a past loan which he has since discharged fully, however things like these missed payments can impact your credit rating for up to seven years.

At the present time his only debt is the credit card debt. He rents an apartment where he and his wife along with their son currently live. They are up to date on their rent and their utilities.

His son urgently needs an operation and if necessary he will charge it to his credit card. If he does it will be max'd out and he will have to pay 19% interest on the entire amount.

At these rates it will take him a long time to repay this debt. He feels he has no choice; his son badly needs this operation.
A $6000 loan with a 3 year term 8.8% interest rate would cost him the following per month:

Loan Amount (principal) = $6000
Interest Rate = 8.8%
Term Length = 3 year
Monthly Payment = $190.24
Total Paid Back = $6848.65
Total Interest = $848.65

With a six thousand dollar loan at 8.8% interest he will pay much less interest than if he leaves the balance on his credit card. He will also have a fixed time frame to repay the loan.

If he is able to meet the terms of the loan and pay it off in three years without any missed payments, he should also improve is credit score. Next time he needs a loan; he should have an easier time of it.

As it turns out, a monthly payment of $190.24 a month is actually less than he will pay on his credit card. He will have some extra cash each month compared to his current expenses. The payment will come directly out of his bank account on the same date each month.

Both Dennis and his wife work, although she will be taking some time off to care for their son while he recovers. She is going to use her vacation to avoid losing wages. Dennis is going to try and work more overtime to make up for the reduced income and also repay the loan more quickly.

The family is coming together and they have a plan to deal with their unforeseen expenses. Now they just need this loan approved to make it happen.

Most lenders will consider this loan to be a higher risk than someone with a great credit score. The interest rate will be a little higher to reflect the perceived increased risk, however we anticipate that he and his wife will have their loan approved.

If you're living in New Orleans like Dennis, 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 New Orleans LA

Job/Income Upgrades: Indeed / Monster

Education Upgrades: College / University

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New Orleans Credit Counseling

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Counselors contact us for listing removal or info change.

Consumer Credit Counseling Services
New Orleans LA 70114
www.consumercredit.com
504.362.0126

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Honore Credit Consultants
650 Poydras St suite 1400
New Orleans, LA 70130
myperfectcreditscores.com
844.967.3724

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Money Management International
1215 Prytania Street, Ste. 336
New Orleans, LA 70130
www.moneymanagement.org
713.394.3232

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

New Orleans Assistance Programs

Food Bank: Second Harvest Food Bank / Address: 700 Edwards Avenue, New Orleans, LA 70123 / Phone: 504.734.1322

Hot/Cold Meals: New Orleans Mission / Address: 1134 Baronne Street, New Orleans, LA 70113 / Phone: 504.523.2116

Shelter In Case of Eviction: The Salvation Army of Greater New Orleans / Address: 4526 South Claiborne Avenue, New Orleans, LA 70125 / Phone: 504.899.4569

Social Assistance Programs: Family Support Office / Address: 100 South Tonti Street, New Orleans, LA 70119

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Usury Law Governing New Orleans LA

Summary of Louisiana Usury Law(s) / Legal: 12% / Contract: 12%; business loans any rate / Judgment: 3.75% / Corporate: Any rate (read more on Louisiana lending laws)

Complaint process for New Orleans residents:

Louisiana Office of Financial Institutions / Complaint Process

All complaints must be submitted in writing to: Louisiana Office of Financial Institutions / Securities Division / 8660 United Plaza Blvd., 2nd Floor Baton Rouge, LA 70809-7024 / Toll Free Number: 1-877-516-3653 (free call) / Fax: (225) 925-4511

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WFL Loan Products

New Orleans 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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