Fair Credit Lenders in Minneapolis MN
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us for listing removal.
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Affinity Plus Federal Credit Union
555 Nicollet Mall #251 Minneapolis
MN 55402 - www.affinityplus.org
651.291.3700
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Firefly Credit Union
2535 27th Ave S, Minneapolis
MN 55406 - www.fireflycu.org
952.736.5000
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Wings Financial Credit Union
4701 Chicago Ave, Minneapolis
MN 55407, 800.692.2274
www.wingsfinancial.com
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Latvian Credit Union
3152 17th Ave S, Minneapolis
MN 55407 - www.latviancu.com
612.722.5004
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TruStone Financial Federal CU
2817 Lyndale Ave S, Minneapolis
MN 55408, 763.544.1517
www.trustonefinancial.org
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SPIRE Credit Union
3117 University Ave Southeast
Minneapolis, MN 55414
myspire.com
651.215.3500
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Hiway Federal Credit Union
5025 E 54th St, Minneapolis
MN 55417 - www.hiway.org
651.291.1515
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Diversified Credit Union
800 Lasalle Ave, Minneapolis
MN 55402 - diversifiedcu.org
612.321.4964
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HBI Employees Credit Union
3415 University Ave W, St Paul
MN 55114 - www.hbicu.com
651.642.4490
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Transit Operations Fed Cu
725 N 7th Street Minneapolis
MN 55411 - www.tofcu.org
612.338.9985
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Bad Credit
Loans in Minneapolis MN
Minneapolis MN Lender
Area Map
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Minneapolis MN Loan App
Volume
Top 5 Minneapolis
neighborhood loan app volume
- King Field
- Mid-City Industrial
- Windom
- St. Anthony East
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Cherry & Spoon in Minneapolis Minnesota:
Licensing
Minneapolis Bad Credit Loan Example
Manisha's daughter is getting married
in a few months and the family is actively planning the wedding, the celebrations
and also for family visiting that she has not seen in several years.
There are lots of expenses associated
with a wedding and fortunately they have been planning for the wedding
for some time as well as saving money to pay for everything. This will
be a large and expensive wedding. Their daughter only gets married once
and they want the best for her.
With family visiting, they also
want the house looking the best it can be. The driveway is crumbling and
needs to be repaved. She would like new flooring as well. Although she
would prefer hardwood, new carpet is less expensive and can be installed
more quickly with a lot less interruption.
However, although Manisha and her family have saved enough for the wedding,
they are pretty much tapped out and need to borrow $15000 to pay for the
driveway repaving and the new carpeting so that their homes looks great
for all of the visitors that will be arriving.
She and her husband are having difficulty finding a lender to loan them
the money due to their bad credit rating. They were a little slow repaying
some previous loans and this has impacted their credit score negatively.
If they can find a lender they know that
this loan is going to cost them more than a normal loan for someone with
a good credit score.
A $15000 loan with a 5 year term 7.6% interest rate for Manisha would
cost her the following per month:
Loan Amount (principal) = $15000
Interest Rate = 7.6%
Term Length = 5 year
Monthly Payment = $301.28
Total Paid Back = $18076.95
Total Interest = $3076.95
Manisha and her husband have several options. They could just go ahead
with the repairs etc. and charge the expenditure to their credit cards.
Since they do not have the ready cash
to pay the principle when the credit card statement arrives, they will
end up paying 19% or more on the overdue balance. This would be a very
expensive loan and take a long time to repay.
Another alternative is to use the equity in their home as security for
the loan. They should be able to secure a more competitive interest rate
and repay the line of credit at their convenience.
They would also be able to reuse the line in the future if needed. Before
their home can be used as security they will need it to be appraised and
if there is sufficient equity in the home, it can be used to secure the
line of credit.
If Manisha and her husband opt for the straight out personal loan, they
will pay more interest and have a fixed timeframe to repay the loan, in
this case five years.
They have several options to consider and not too much time before the
wedding. If they want all of this work to be completed before the wedding,
they will need to make a decision this week regarding which option they
will take. Of course this assumes that a lender will be willing to extend
them a loan given their bad credit score.
If you're living in Minneapolis like Manisha,
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 Minneapolis MN
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Minneapolis
Credit Counseling
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map.
Counselors contact
us for listing removal or info change.
Bridge Credit Repair
2908 Humboldt Ave S #1 Minneapolis
MN 55408 - www.bridgecr.com
800.750.0167
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Consumer Credit of Minnesota
5871 Cedar Lake Rd #105, Minneapolis
MN 55416 - www.ccofminnesota.com
877.489.6800
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Familymeans
2233 University Ave W, St Paul
MN 55114 - www.familymeans.org
651.789.4014
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Federal Resources
FTC
Budget PDF / USA.GOV Debt Info
Minneapolis Non-Profit Services
Food Bank: Joyce Uptown
Food Shelf / Address: 3041 Fremont Avenue South, Minneapolis, MN 55408
/ Phone: 612.825.4431
Hot/Cold Meals: House
of Charity / Address: 510 South 8th Street, Minneapolis, MN 55404 / Phone:
612.594.2000
Shelter In Case of Eviction:
People Serving People / Address: 614 South 3rd Street, Minneapolis, MN
55415 / Phone: 612.332.4500
Social Assistance Programs:
Hennepin County Department of Economic (Cash) Assistance / Address: 525
Portland Avenue, Minneapolis, MN 55404 / Phone: 612.596.1300
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Usury Law Governing
Minneapolis MN
Summary of Minnesota Usury
Law(s) / Legal: 6% / Contract: 8%; 10.08% business loans under
$100,000; any rate agreed in writing over $100,000 / Judgment: rate on
judgments is based on current average yield on U.S. Treasury bills with
one-year maturities. State court administrator determines the yearly rate
by December 20 of each year / Corporate: No specified rate
(read
more on Minnesota lending laws)
Complaint process for Minneapolis
residents:
Minnesota
Department of Commerce / Minnesota
Complaint Process
Physical Address: Minnesota Department
of Commerce, 85 7th Place East St. Paul, MN 55101 / Phone: 651.539.1600
Toll-free: 1.800.657.3602 / Email: consumer.protection@state.mn.us
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