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This page was last updated July 2018

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Bad Credit Loan Testimonial Reviews

Fair Credit Lenders in Minneapolis MN

Lenders: contact 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

Fast Loan Pre-App Method
Accessing Bad Credit Lender Pool (?)
Learn about GAP (Gift Angel Program)

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Minneapolis MN Lender Area Map

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Minneapolis MN Loan App Volume

Top 5 Minneapolis neighborhood loan app volume

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

Job/Income Upgrades: Indeed / Monster

Education Upgrades: College / University

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Minneapolis Credit Counseling

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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 Assistance Programs

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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