Frederick MD
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This page was last updated September 2018

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Fair Credit Lenders in Frederick MD

Lenders: contact us for listing removal.

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Nymeo Federal Credit Union
193 Thomas Johnson Dr #F Frederick
MD 21702 - nymeo.org
855.436.4100

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Ferko Maryland Credit Union
502 W Patrick St, Frederick
MD 21701 - www.ferkomfcu.com
301.662.7266

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Navy Federal Credit Union
7820 Wormans Mill Road U, Frederick
MD 21701 - www.navyfederal.org
888.842.6328

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UnitedHealth Group Credit Union
800 Oak St, Frederick
MD 21703 - www.uhgcu.org
800.388.7000

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MidAtlantic Farm Credit
925 N East St, Frederick
MD 21701 - www.mafc.com
888.339.3334

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Bulldog Federal Credit Union
22317 Jefferson Blvd, Smithsburg
MD 21783 - bdfcu.com
301.797.6318

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Revere Bank
18 W Patrick St, Frederick
MD 21701 - www.reverebank.com
301.620.2583

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Woodsboro Bank
7407 Willow Rd, Frederick
MD 21702 - www.woodsborobank.com
301.695.9205

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Frederick County Bank
7 N Market St, Frederick
MD 21701 - www.fcbmd.com
301.620.1400


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Bad Credit Loans in Frederick MD

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Frederick MD Lender Area Map

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Frederick MD Loan App Volume

Top 5 Frederick neighborhood loan app volume

  1. Mountain Laurel
  2. Jackson Mountain Estates
  3. Market West
  4. Meandering Woods/Linganor
  5. Amber Meadows

Prospect Hall in Frederick Maryland: Licensing

Frederick Bad Credit Loan Example

Life was good for Jess and her husband until last year. They split up and he is disputing the child support payments. She works as a waitress making minimum wage plus tips.

She needs to be out of her current apartment in a few days since she can no longer afford the rent payments and utilities. Until the support payments can be resolved she and her son must find a way to survive and a place to live.

Her ex-husband is still mad that they split up and apparently does not care enough about his son to provide support.
Jess has a plan.

If she can be approved for a small loan, she can purchase a small trailer, relocate it and arrange for connections. The loan payments, land rental and utilities will be less than 50% of the rent she was paying and she will have a roof over their heads, although it will be a small one.

Her dad wants to help, but she is very independent and wants to make this work on her own.

She is having trouble finding a lender willing to lend her the money based on her income and her poor credit rating. With all of the difficulties of the divorce etc., both she and her husband ended up with bad credit scores.

They fought over who owed what, did not pay their bills on time and ended up with several large black marks on their credit scores. She is ready to move on and try to make a life for herself and her son.

She needs ten thousand to make this all work and wants to repay the loan over a 5 year period to keep the monthly payments as low as she can.

A $10000 loan with a 5 year term 7.6% interest rate for Jess would cost her the following per month:

Loan Amount (principal) = $10000
Interest Rate = 7.6%
Term Length = 5 year
Monthly Payment = $201.33
Total Paid Back = $12079.87
Total Interest = $2079.87

Right now it is all about cash flow for Jess. With a $201 loan payment, utilities etc., she can make it work with her current waitressing job. If she can find something more permanent that pays more, it will only help the situation.

She is also taking her husband to court to garnishee his wages. If successful, his employer will be forced to pay part of his monthly wages directly to her bank account. She is not looking for a lot, just enough to help look after her son and provide him with a decent life.

Jess is able to provide all of the documentation concerning her upcoming court decision related to her husband, the cost of the trailer she wants to buy and a statement from her employer about her regular weekly and monthly earnings. She does not have to pay a babysitter. Her parents help out with looking after son while she is working.

Her dad is also willing to co-sign the loan application and provide support to her if she is unable to pay the loan. This means he will be on the hook to repay the loan if she is unable to. With this loan approval, Jess can start rebuilding her life and make a comfortable safe place for her and her son.

If you're living in Frederick like Jess, 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 Frederick MD

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

Education Upgrades: College / University

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Frederick Credit Counseling

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Counselors contact us for listing removal or info change.

CareOne Credit
14 W Patrick St Frederick
MD 21701 - Phone: 240.762.6727
www.careonecredit.com

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Money Management International
Serving Frederick, MD 21701
www.moneymanagement.org
301.698.0006

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Frederick Assistance Programs

Food Bank: City of Frederick Maryland Food Bank / Address: 100 South Market Street, Frederick, MD 21701 / Phone: 301.600.6263

Hot/Cold Meals: Frederick Rescue Mission / Address: 6326, 419 West South Street, Frederick, MD 21701 / Phone: 301.695.6633

Shelter In Case of Eviction: Religious Coalition for Emergency Human Needs / Address: 27 Degrange Street, Frederick, MD 21701 / Phone: 301.631.2670

Social Assistance Programs: Frederick Community Action Agency / Address: 100 South Market Street, Frederick, MD 21701 / Phone: 301.600.1506

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Usury Law Governing Frederick 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 Frederick 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

Frederick 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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