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This page was last updated September 2018

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Fair Credit Lenders in Detroit MI

Lenders: contact us for listing removal.

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Diversified Members Credit Union
1480 E Jefferson Ave Detroit
MI 48207 - dmcu.com
313.568.5000

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People Driven Credit Union
477 Michigan Ave M75, Detroit
MI 48226 - www.peopledrivencu.org
844.700.7328

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Michigan First Credit Union
3031 W Grand Blvd #208, Detroit
MI 48202 - www.michiganfirst.com
800.664.3828

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One Detroit Credit Union
630 Howard St, Detroit
MI 48226 - www.onedetroitcu.org
313.965.8640

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Credit Union ONE
4201 St Antoine St, Detroit
MI 48201 - www.cuone.org
800.451.4292

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Eastpointe Community CU
22544 Gratiot Ave, Eastpointe
MI 48021 - www.eastpointeccu.com
586.775.3160

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Christian Financial Credit Union
19770 Harper Ave, Harper Woods
MI 48225, 586.772.6330
www.christianfinancialcu.com

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Community Choice Credit Union
16345 E 9 Mile Rd, Eastpointe
MI 48021, 586.772.1540
www.communitychoicecu.com

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Parda Federal Credit Union
18321 East 8 Mile Road Eastpointe
MI 48021 - www.parda.com
586.773.9444

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Michigan Schools/GOV Credit Union
24515 Little Mack Avenue
Saint Clair Shores, MI 48080
www.msgcu.org
586.263.8800

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Bad Credit Loans in Detroit MI

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

Learn about GAP (Gift Angel Program)

 

Detroit MI Lender Area Map

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Detroit MI Loan App Volume

Top 5 Detroit neighborhood loan app volume

  1. Woodbridge
  2. Springwells
  3. Rosedale Park
  4. Grandmont
  5. Conant Gardens

Fox Theatre in Detroit Michigan: Licensing

Detroit Bad Credit Loan Example

Angie would like to borrow $15k for debt consolidation purposes. She has six credit cards, which is a lot for one person to have.

They all have relatively low maximums, which as it turns out for Angie is a good thing.

All her credit cards carry balances that she has not been able to pay on the due date.

As a result, she is paying a monthly payment for each one that is based on 21% interest rates.

Not only are the payments high because of the interest rates, they are spread throughout the month, which might be a good thing for most people.

She is paid once a month and must budget accordingly.

Making her pay check last through the month has been difficult for her. She started relying on credit cards and then found she could not pay the balance owed on the due date.

Before she realized what happened, she owed balances on all six cards and is paying way too much interest on these cards.
Her plan is to consolidate all of the balances on the credit cards into one loan that she pays once a month.

She wants the payment date for the loan to coincide with the date her pay check is deposited into her account.

She also is planning to close several of her credit card accounts so that she is no longer tempted to use them to help survive until her next pay check arrives.

She wants to borrow $15000 and repay it over the next five years.

A $15000 loan with an five-year term and 4.69% interest rate for Angie would cost her the following per month:

Loan Amount (principal) = $15000
Interest Rate = 4.69%
Term Length = 5 year
Monthly Payment = $280.94
Total Paid Back = $16856.58
Total Interest = $1856.58

Angie is definitely on the right track. A debt consolidation loan will cost her much less in terms of interest charges than her credit cards will.

She also wants to close her credit cards or at least some of them. While this will limit her exposure to future debt, she may want to reconsider closing the credit card accounts.

Credit experts look at debt utilization as one factor when they are considering loan approvals. Debt utilization is the amount of actual debt you have divided by the total possible debt.

Open unused credit cards represent debt that is o% utilized and contributes positively in an overall credit score assessment. By closing some or all of her credit cards, she would actually increase her debt utilization and lower her credit score.

It really depends on whether Angie has the discipline to not use her credit cards.

If she can keep them open and not use them she would actually improve her score provided that she pays her debt consolidation loan each month with no misses or delinquencies.

Angie decided that she would keep her credit card accounts, however she plans to lock them away so she is not tempted to use them. She does not want to end up in the same debt situation again any time soon.

If you're living in Detroit like Angie, 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 Detroit MI

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

Education Upgrades: College / University

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Detroit Credit Counseling

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Counselors contact us for listing removal or info change.

GreenPath Financial Wellness
2111 Woodward Ave suite 906 Detroit
MI 48201 - www.greenpath.com
800.550.1961

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Detroit Credit Repair
150 W Jefferson Ave, Detroit
MI 48226 - creditglory.com
800.807.4388

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Allen Credit & Debt Counseling
645 Griswold St, Detroit
MI 48226 - 313.964.6542

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Credit Glory Credit Repair
1420 Washington Blvd #301, Detroit
MI 48226 - creditglory.com
313.241.3668

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Detroit Assistance Programs

Food Bank: Gleaners Community Food Bank / Address: 2131 Beaufait Street, Detroit, MI 48207 / Phone: 866.453.2637

Hot/Cold Meals: Capuchin Soup Kitchen / Address: 6333 Medbury Street, Detroit, MI 48211 / Phone: 313.925.0514

Shelter In Case of Eviction: Coalition On Temporary Shelter / Address: 26 Peterboro Street, Detroit, MI 48201 / Phone: 313.831.3777

Social Assistance Programs: Matrix Human Services / Address: 13560 East McNichols Road, Detroit, MI 48205 / Phone: 313.526.4000

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Usury Law Governing Detroit MI

Summary of Michigan Usury Law(s) / Legal: 5% / Contract: 7%; any rate on business loan by bank, insurance company, or financial subsidiary of manufacturing company: 11% on other business loans / Judgment: 13% or rate specified in contract but not over 13% / Corporate: Any interest rate allowed (read more on Michigan lending laws)

Complaint process for Detroit residents:

Michigan Department of Insurance and Financial Services / Michigan Complaint Process & Form (PDF)

Mail to: DIFS - Office of Consumer Services / PO Box 30220, Lansing MI 48909-7720 / Phone: 877.999.6442 / Fax to: 517.284.8837 / Email: difscomplaints@michigan.gov

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WFL Loan Products

Detroit 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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