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This page was last updated July 2018

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Fair Credit Lenders in Baltimore MD

Lenders: contact us for listing removal.

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SECU Credit Union
418 W Baltimore St Baltimore
MD 21201 - www.secumd.org
800.879.7328

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Central Credit Union
8501 Lasalle Rd #101, Baltimore
MD 21286 - www.ccumd.org
410.828.4500

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Johns Hopkins Federal Credit Union
4 E 33rd St, Baltimore
MD 21218 - www.jhfcu.org
410.534.4500

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Post Office Credit Union of MD
900 E Fayette St #606, Baltimore
MD 21233 - www.pocumd.org
410.727.5469

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Securityplus Federal Credit Union
4470 W Northern Pkwy, Baltimore
MD 21215 - www.securityplusfcu.org
410.281.6200

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Baltimore County Employees FCU
23 W Susquehanna Ave, Towson
MD 21204 - www.bcefcu.com
410.828.4730

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Maryland State Employee CU
201 W Preston Street
Baltimore, MD 21201
410.523.0100

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Self Reliance Baltimore FCU
2345 Eastern Ave, Baltimore
MD 21224 - www.srbfcu.org
410.327.9841

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SSA Baltimore FCU
1001 Fleet Street, Baltimore
MD 21202

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Baltimore City Employee CU
417 East Fayette Street
Baltimore, MD 21202
410.244.0302

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Bad Credit Loans in Baltimore MD

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

Learn about GAP (Gift Angel Program)

 

Baltimore MD Lender Area Map

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Baltimore MD Loan App Volume

Top 5 Baltimore neighborhood loan app volume

  1. Riverside
  2. Richnor Springs
  3. Mid-Govans
  4. Windsor Hills
  5. Patterson Park

Washington Monument in Baltimore Maryland: Licensing

Baltimore Bad Credit Loan Example

Jason ran into some bad luck a few months back, ended up with multiple credit cards, a bad credit rating and $8000 in debt. It all started when he got laid off from his job for a month.

The company had a slow month or two and decided to reduce their overhead. The net result was that Jason and a number of other employees were laid off until sales improved, which they did, however the damage was done. Jason was living pay check to pay check and he needed extra cash to help him and his family.

He used at first one credit card to pay bills and buy groceries. Since he had no income he could not pay the balance owing on this credit card.

When the limit was reached, he transferred the balance to a new credit card which was willing to provide him with a low interest rate for a three month term.

He had to repeat this process once more before he started back to work. Now he owes a total of $8000 on three credit cards and he is worried that the low interest rate incentive is going to run out and he will need to pay interest at the normal credit card rate of 19%.

His credit score was never that great to start with. When he started applying for multiple credit cards, all the inquiries to the credit agencies caused his credit score to fall into what is considered a low level.

Now he is having trouble obtaining a loan with a descent interest rate because of his low credit rating.

A $8000 loan with a 3 year term 9.9% interest rate for Jason would cost him the following per month:

Loan Amount (principal) = $8000
Interest Rate = 9.9%
Term Length = 3 year
Monthly Payment = $257.76
Total Paid Back = $9279.43
Total Interest = $1279.43

Jason can afford the loan payment of $257 a month now that he is back to work. He feels he did what he had to do while he was off work, however it left him $8000 in debt. It really was a question of survival, paying the bills and putting the food on the table.

Never the less, he has no savings as a result and he if he does not obtain approval for this loan his payments will be much higher and it will take him longer to repay this debt.

He is also worried about being laid off again, since the company is still struggling and may have to initiate lay offs once again.
Jason knows he had better get a second job, or look for another that is more secure and possibly pays better. Right now he and his family are very vulnerable.

If Jason is laid off once again, he probably will not survive financially. Lenders are very reluctant to lend money in situations like this one.

A combination of bad credit scores, no savings, no equity to use as security and the possibility of a layoff indicate risk beyond what most lenders are willing to consider.

He really needs to come up with a plan to stabilize his income, save some money for emergencies and avoid future layoffs. If he can do this, he may still be eligible for a loan at a reasonable interest rate.

If you're living in Baltimore like Jason, 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 Baltimore MD

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

Education Upgrades: College / University

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Baltimore Credit Counseling

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Counselors contact us for listing removal or info change.

SafeGuard Credit Counseling Service
500 N Calvert St #402 Baltimore
MD 21202 - safeguardcredit.org
888.784.0136

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ClearOne Advantage
1501 S Clinton St #320, Baltimore
MD 21224, 888.785.5376
www.clearoneadvantage.com

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Baltimore Assistance Programs

Food Bank: Maryland Food Bank / Address: 2200 Halethorpe Farms Road, Baltimore, MD 21227 / Phone: 410.737.8282

Hot/Cold Meals: Paul's Place / Address: 1118 Ward Street, Baltimore, MD 21230 / Phone: 410.625.0775

Shelter In Case of Eviction: Baltimore Outreach Services / Address: 701 South Charles Street, Baltimore, MD 21230 / Phone: 410.752.1285

Social Assistance Programs: Drumcastle Government Center / Address: 6401 York Road, Baltimore, MD 21212 / Phone: 410.853.3385

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Usury Law Governing Baltimore MD

Summary of Maryland Usury Law(s) / Legal: 6% / Contract: 8%; any rate on commercial loans over $15,000 / Judgment: 10% / Corporate: Any rate allowed (read more on Maryland lending laws)

Complaint process for Baltimore residents:

Maryland Office of Commissioner of Financial Regulations / Maryland Complaint Process

Physical Address: Commissioner of Financial Regulation / Attention: Consumer Services Unit, 500 North Calvert Street, Suite 402, Baltimore, Maryland 21202 / Email to: DLFRComplaints-DLLR@maryland.gov / Fax: 410-333-3866 or Phone: 410-230-6100 or 888-784-0136

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WFL Loan Products

Baltimore 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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