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Massachusetts Lenders > Springfield

This page was last updated July 2018

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Fair Credit Lenders in Springfield MA

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Greater Springfield Credit Union
1030 Wilbraham Rd Springfield
MA 01109 - www.grscu.org
413.782.3161

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Arrha Credit Union
145 Industry Ave, Springfield
MA 01104 - www.arrhacu.com
413.732.9812

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MassMutual Federal Credit Union
1295 State St, Springfield
MA 01111 - www.massmutualfcuhb.org
413.744.3431

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Freedom Credit Union
1976 Main St, Springfield
MA 01103 - www.freedom.coop
413.739.6961

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Pioneer Valley Credit Union
246 Brookdale Dr, Springfield
MA 01104, 413.733.2800

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UMassFive College FCU
233 Carew St, Springfield
MA 01102 - www.umassfive.coop
413.256.5500

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STCU Credit Union
145 Industry Ave, Springfield
MA 01104 - stcu.com
413.732.9812

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Premier Source Credit Union
254 Cottage St, Springfield
MA 01104 - premier-sourcecu.com
413.731.8200

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Holyoke Credit Union
333 Elm St, West Springfield
MA 01089 - www.holyokecu.com
413.732.2798

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Polish National Credit Union
244 Exchange Street Chicopee
MA 01013 - www.pncu.com
413.594.8586

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Bad Credit Loans in Springfield MA

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Springfield MA Lender Area Map

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Springfield MA Loan App Volume

Top 5 Springfield neighborhood loan app volume

  1. Brightwood
  2. East Forest Park
  3. East Springfield
  4. Sixteen Acres
  5. South End

Symphony Hall Springfield Massachusetts: Licensing

Springfield Bad Credit Loan Example

Darin is having difficulty paying his loans and now he has income taxes that are due. Everything seems to happen at once and the only way out for him is to borrow $10,000 which he will use to pay his IRS taxes and also pay off a number of other debts that he has. In total he needs $10,000 and he wants to pay it back over a three year term.

The fact that he owes taxes is a good thing actually. It means he is making money for a change and he has to pay his share to Uncle Sam. The bad news of course is that he did not have enough deducted from his income during the year and now owes several thousand dollars in income taxes in a few weeks. He wants to pay it in full rather than attract attention from the IRS.|

He also owes several small loans to various people and he would really like to repay them. Then he would just deal with one lender and he could focus on repaying the loan.

He has a bad credit rating so it may be difficult for him to be approved for this loan. He had a few issues a year ago when he lost his job and his credit score took a hit. He has since landed a really good job and is trying to catch up with everything. For the past year he has not missed a payment and can provide proof of income if that is needed by the lender.

A $10000 loan with a 3 year term and 8.77% interest rate for Darin would cost him the following per month:

Loan Amount (principal) = $10000
Interest Rate = 8.77%
Term Length =3 year
Monthly Payment = $316.93
Total Paid Back = $11409.41
Total Interest = $1409.41

Even though this loan would be considered a bad credit loan because of the low credit score that Darin has at the moment, he has not had any reports in the last year.

On top of that he has been working the full year and making a good income that supports this loan as well as the mortgage and car loan that he also has. Once he repays the debts from the other small loans and the IRS, his debt payment will be just the one loan of $316 a month for three years.

Darin does not have much time to secure the loan and to pay the taxes he owes to the IRS. Darin may also want to see an accountant and ask him to review all of his tax calculations. Often when consumers do their own taxes they miss various deductions and pay too much income tax. If Darin does receive a refund he can always use the refund to pay off his loan more quickly.

Darin is well on the way to improving his credit score. It will take several more years, however the longer he goes without any reports of missed payments etc., the more quickly his credit score will improve. In addition, with a good record, he will find that he will be approved for loan requests more quickly with better interest rates.

If you're living in Springfield like Darin, and need a loan regardless of your credit rating, we may be able to help you find a willing lender.

Sincerely,

Chris Somerset

Chris Somerset is a writer for the WFL Project.

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Upgrades Nearest Springfield MA

Job/Income Upgrades: Indeed / Snag-A-Job

Education Upgrades: College / University

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Springfield Credit Counseling

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Counselors contact us for listing removal or info change.

ReScore America
254 Worthington Streest 2nd floor
Springfield, MA 01103
rescoreamerica.com
833.897.5017

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Cambridge Credit Counseling
67 Hunt Street #305, Agawam
MA 01001 - cambridge-credit.org
800.235.1407

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Springfield Assistance Programs

Food Bank: Open Pantry Community Services (La Plaza Del Mercado) / Address: 2460 Main Street, Springfield, MA 01107 / Phone: 413.737.5354

Hot/Cold Meals: Rachel's Table / Address: 1160 Dickinson Street, Springfield, MA 01108 / Phone: 413.733.9165

Shelter In Case of Eviction: Springfield Rescue Mission / Address: 10 Mill Street, Springfield, MA 01108 / Phone: 413.732.0808

Social Assistance Programs: Massachusetts Department of Transitional Assistance / Address: 243 Cottage Street, Springfield, MA 01104 / Phone: 413.858.1000

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Usury Law Governing Springfield MA

Summary of Massachusetts Usury Law(s) / Legal: 5% / Contract: 9%; any rate business loans / Judgment: 9% / Corporate: Any rate allowed (read more on Massachusetts lending laws)

Complaint process for Springfield residents:

Massachusetts Division of Banks / Massachusetts Complaint Process / Massachusetts Complaint Form (PDF)

Mail of fax to: Commonwealth of Massachusetts Division of Banks / Attention: Consumer Assistance Unit, 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118-6400 / Phone: 617.956.1500 Fax: 617.368.2700

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WFL Loan Products

Springfield residents dealing with a bad credit score can read about our bad credit lender pool, 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 resources.

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