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Minnesota Lenders > Saint Paul

This page was last updated July 2018

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Fair Credit Lenders in Saint Paul MN

Lenders: contact us for listing removal.

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Hiway Federal Credit Union
111 Empire Dr St Paul
MN 55103 - www.hiway.org
651.291.1515

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St. Paul Federal Credit Union
1330 Conway St #200, St Paul
MN 55106 - www.stpaulfcu.org
651.772.8744

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Affinity Plus Federal Credit Union
175 W Lafayette Frontage Rd, St Paul
MN 55107 - www.affinityplus.org
651.291.3700

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Royal Credit Union - St. Paul
1020 Rice St, St Paul
MN 55117 - www.rcu.org
800.341.9911

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SPIRE Credit Union - Saint Paul
380 Jackson St Suite #279, St Paul
MN 55101 - myspire.com
651.215.3500

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Carpenters Federal Credit Union
720 Olive St, St Paul
MN 55130 - www.carpentersfcu.org
651.646.8827

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First Pace Credit Union
161 Marie Ave E, West St Paul
MN 55118 - www.firstpacecu.com
651.451.8495

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Heartland Credit Union
5500 S Robert Trail (Inver Grove Hts)
MN 55077 - www.heartlandcu.com
651.451.5160

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Wakota Federal Credit Union
1151 Southview Blvd, South St Paul
MN 55075 - www.wakotafcu.org
651.451.3330

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Wings Financial Credit Union
1804 7th Street W Street Paul
MN 55116 - www.wingsfinancial.com
800.692.2274

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Bad Credit Loans in Saint Paul MN

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Saint Paul MN Lender Area Map

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Saint Paul MN Loan App Volume

Top 5 Saint Paul neighborhood loan app volume

  1. Conway
  2. Southern Hayden Heights
  3. Mount Airy
  4. Riverview
  5. Merriam Park

Landmark Center in Saint Paul Minnesota: Licensing

Saint Paul Bad Credit Loan Example

Ian has been pestering his neighbor about selling him his boat for the last several years. It just sits in the garage unused and Ian cannot understand why he does not want to sell it. Perhaps there is some sentimental attachment or he really does plan to use it at some point.

He knows that it will likely need many repairs and the engine may need to be replaced as well.

Well it finally happened. Ian's neighbor came over the other night and told him he would finally sell his boat. He wants $35000 for the boat and trailer combination, which is a good price.

Ian had about $15000 set aside for the purchase and needs to find a loan quickly for the remainder before his neighbor changes his mind.

Ian's credit score is not great and he is having some difficulty in finding a lender who will lend him the $20k that he needs to complete the deal.

With a low credit score, many lenders are nervous about approving loans to their potential clients. They often feel that there is just too much risk associated with poor credit rated consumers due to past negative track records.

Ian is desperate to find the money for this boat that he would like to purchase from his neighbor. It is a good deal and if he misses this opportunity he may not be able to find another.

A $20000 loan with a 5 year term 7.9% interest rate for Ian would cost him the following per month:

Loan Amount (principal) = $20000
Interest Rate = 7.9%
Term Length = 5 year
Monthly Payment = $404.57
Total Paid Back = $24274.28
Total Interest = $4274.28

Ian's problems with his credit began last year when he was laid off for a couple of months. He missed some monthly payments and his average score went into a nose dive.

He has since been rehired and actually makes more money than he did before he was laid off. He and his wife quickly caught up on their overdue accounts and managed to save part of what they need for the boat they all want to purchase.

He will need to focus on improving his credit score in the future. In the mean time a lender will likely charge him a higher interest rate and ask for some sort of security. If this boat and trailer can be appraised, he might even be able to use it as security for the loan.

He has already approached his neighbor about extending him credit for the loan. In other words, Ian would pay his neighbor on a monthly basis at an agreed amount and interest rate.

Unfortunately, his neighbor really is not interested in this scenario. It turns out that he needs the money for improvements he wants to make to his own home and is not interested in extending credit.

Personal loans of this type can be problematic as well. If not properly documented, disagreements can occur causing lots of hard feelings and ruin friendships for years. Ian will be better off obtaining a loan from a professional lender with a proper contract.

This approach will also help him improve his credit score over time. Lenders will be reviewing his application and rendering a decision shortly.

If you're living in Saint Paul like Ian, 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 Saint Paul MN

Job/Income Upgrades: Indeed / Monster

Education Upgrades: College / University

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Saint Paul Credit Counseling

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Counselors contact us for listing removal or info change.

LSS Financial Counseling Service
965 Payne Ave Suite 201 St Paul
MN 55130 - www.lssmn.org
888.577.2227

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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

Saint Paul Assistance Programs

Food Bank: Neighborhood House / Address: 179 Robie Street East, St Paul, MN 55107 / Phone: 651.789.2500

Hot/Cold Meals: Friends in Need / Address: 535 4th Street, Saint Paul Park, MN 55071 / Phone: 651.458.0730

Shelter In Case of Eviction: Union Gospel Mission Twin Cities / Address: 77 9th Street East, Saint Paul, MN 55101 / Phone: 651.228.1800

Social Assistance Programs: Minnesota Department of Human Services / Address: 444 Lafayette Road, Saint Paul, MN 55155 / Phone: 651.431.2000

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Usury Law Governing Saint Paul 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 Saint Paul 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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WFL Loan Products

Saint Paul residents who require a fresh start with a bad credit loan to rebuild credit learn more here. Or, perhaps your score is just fair - you can learn more here. If you're in debt way over your head, you can learn about our debt consolidation solutions here.

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