Grand Rapids MI
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Michigan Lenders > Grand Rapids

This page was last updated September 2018

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Fair Credit Lenders in Grand Rapids MI

Lenders: contact us for listing removal.

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Lake Michigan Credit Union
143 Bostwick Ave NE Grand Rapids
MI 49503 - www.lmcu.org
800.242.9790

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West Michigan Credit Union
3256, 1319 Front Ave NW
Grand Ra - ids, MI 49504
www.westmichigancu.com
616.451.4567

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Adventure Credit Union
630 32nd St SE, Grand Rapids
MI 49548 - www.adventurecu.org
800.323.2129

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AAC Credit Union
904 Broadway Ave NW, Grand Rapids
MI 49504 - www.aaccreditunion.net
616.459.4429

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Western Districts Members CU
600 Plymouth Ave NE, Grand Rapids
MI 49505 - www.wdmcu.org
616.459.0716

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Preferred Credit Union
3767 Sparks Dr SE, Grand Rapids
MI 49546 - preferredcu.org
616.942.9630

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Bestsource Credit Union
3165 28th St, Kentwood
MI 49512 - Grand Rapids

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DFCU Financial
2058 Celebration Drive Northeast
Grand Rapids, MI 49525
www.dfcufinancial.com
888.336.2700

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Michigan First Credit Union
87 Monroe Center Street NW
Grand Rapids, MI 49503
michiganfirst.com
800.664.3828

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MSU Federal Credit Union
86 Monroe Center Street NW
Grand Rapids, MI 49503
www.msufcu.org
800.678.4968

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Bad Credit Loans in Grand Rapids MI

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

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Grand Rapids MI Lender Area Map

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Grand Rapids MI Loan App Volume

Top 5 Grand Rapids neighborhood loan app volume

  1. Creston
  2. Franklin
  3. North End
  4. Garfield Park
  5. John Bell Park

Downtown Grand Rapids Michigan: Licensing

Grand Rapids Bad Credit Loan Example

Brian and his wife have plans to update their back yard. They would like to add a small pool, landscaping and a vinyl white fence for both privacy and safety.

They are still working on what the final design will look like and also obtaining estimates for what this project will cost. They are aiming to be under $25,000 in total and expect that this project once completed will add a lot of value to the resale price of their home.

Brian is also going to do a lot of the work himself. He knows he will need to contract the pool and the fencing. He plans to do a lot of the landscaping work himself to save money. They just need to finalize the plan and make arrangements for a loan to help them pay for everything.

When they visited their local bank where they have all of their accounts they were surprised to learn that their credit score was in the bad credit range.

Their bank who they have dealt with for years advised them that the bank could not approve a loan for them. They were surprised and disappointed.

They are wondering now if their project can be started at all this year. They are also very concerned about their credit score.
Admittedly they have not paid very much attention to their credit score.

After some research they have come to realize that they need to be more careful about maintaining their credit score. Missing payments, applying for too many credit cards and loans and monthly payments for loans that are higher than what is normally suggested all contributed to a poor credit rating for them.

He needs a bad credit loan for $25000 and he and his wife have planned to proceed if they can find a lender who will approve their loan even if the interest rate is higher than normal.

A $25000 loan with a 7 year term 6.9% interest rate for Brian would cost him the following per month:

Loan Amount (principal) = $25000
Interest Rate = 6.9%
Term Length = 7 year
Monthly Payment = $376.10
Total Paid Back = $31592.07
Total Interest = $6592.07

Their plan was finalized and the total cost came in over the $25000 budget they had planned. After some scaling back and more work to be completed by Brian instead of contracting, they were able to get the cost down to just under their budget.

Although they do not have final approval for the bad credit loan, they are confident that their loan will be approved. They have had discussions with several lenders and they expect approval shortly. Once they have approval, they will sign the contracts for the pool installation and the fencing. Everything else will be completed by Brian and his friends.

This is an excellent way to add some do it yourself work to help control costs on a large project and improving your overall property value at the same time. While Brian would have liked to have everything done for him, he and his wife recognize that they just cannot afford a larger loan and must pitch in to complete this project to control the total cost.

He needs to pay more attention to his credit score. Over time it will improve provided that he does not initiate activities negatively impacting his score. He must also make sure that they complete all payments for this loan on time.

If you're living in Grand Rapids like Brian, 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 Grand Rapids MI

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

Education Upgrades: College / University

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Grand Rapids Credit Counseling

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Counselors contact us for listing removal or info change.

GreenPath Financial Wellness
3501 Lake Eastbrook Blvd SE
Suite 222 Grand Rapids, MI 49546
www.greenpath.com
800.550.1961

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American Debt Counseling
310 44th St SW, Grand Rapids
MI 49548, 616.534.6100
americandebtcounseling.com

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Garranteed Solutions
1777 28th St SW, Wyoming
MI 49519, 616.530.4883
garranteedsolutions.com


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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Grand Rapids Assistance Programs

Food Bank: Downtown Food Pantry / Address: 47 Jefferson Avenue Southeast, Grand Rapids, MI 49503 / Phone: 616.456.6115

Hot/Cold Meals: Catholic Charities West Michigan - God's Kitchen / Address: 303 Division Avenue South, Grand Rapids, MI 49503 / Phone: 616.224.0217

Shelter In Case of Eviction: Mel Trotter Ministries / Address: 225 Commerce Avenue Southwest, Grand Rapids, MI 49503 / Phone: 616.454.8249

Social Assistance Programs: State of Michigan Department of Human Services / Address: 121 Franklin Street Southeast #200, Grand Rapids, MI 49507 / Phone: 616.248.1000

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Usury Law Governing Grand Rapids 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 Grand Rapids 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

Grand Rapids 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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