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This page was last updated November 2018

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Fair Credit Lenders in St. Louis MO

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First Missouri Credit Union
1690 Lemay Ferry Rd St. Louis
MO 63125 - www.1stmocu.org
314.544.5050

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First Community Credit Union
4249 Watson Rd, St. Louis
MO 63109, 636.728.3333
www.firstcommunity.com

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American Eagle Credit Union
1001 Lynch St, St. Louis
MO 63118, 314.771.7700
www.ameaglecu.org

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Century Credit Union
1540 Lemay Ferry Rd, St. Louis
MO 63125 - centurycu.org
314.544.1818

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Vantage Credit Union
13 Collinsville Avenue
East St Louis, IL 62201
www.vcu.com
314.298.0055

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Neighbors Credit Union
1720 Market St, St. Louis
MO 63155 - www.neighborscu.org
314.892.5400

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Electro Savings Credit Union
12400 Tesson Ferry Rd, St. Louis
MO 63128 - www.electrosavings.com
314.434.6470

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St. Louis Firefighters CU
5530 Fyler Ave, St. Louis
MO 63139 - www.stlffccu.com
314.752.5444

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UBC Credit Union
4471 Arco Ave, St. Louis
MO 63110, 314.535.9900
www.ubccreditunion.com

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Arsenal Credit Union
3200 S 2nd Street St. Louis
MO 63118 - www.arsenalcu.org
314.962.6363

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Alliance Credit Union
3112, 5011 Hampton Ave
St. Louis, MO 63109
www.alliancecu.com
636.343.7005

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Bad Credit Loans in St. Louis MO

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

Learn about GAP (Gift Angel Program)

 

St. Louis MO Lender Area Map

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St. Louis MO Loan App Volume

Top 5 St. Louis neighborhood loan app volume

  1. West End
  2. Riverview
  3. Clifton Heights
  4. Mark Twain
  5. Walnut Park East

Gateway Arch in St. Louis Missouri: Licensing

St. Louis Bad Credit Loan Example

Pat wants to purchase a used RV for $45000 and then she plans to put another $10000 in repairs into it along with a few upgrades.

She has this grand plan to travel around the US visiting friends and relatives. She will also stay in a few RV parks along the way.

It has been a life time dream for her to do this and she wants to do it before she gets any older.

She and her deceased husband used to do this all of the time in a trailer they pulled behind their truck.

This time she wants to travel in style with all of the advantages of being in her own home.

She plans to rent her home for one year to some friends and take off in her RV.

This plan will all come together as long as she can find a lender to approve her bad credit loan for $55000.

It was a pretty chaotic time when her husband passed away. She was under a lot of stress and she missed paying several mortgage payments, utilities etc.

Their credit score as a couple quickly nose dived and since he did all of the financial bill paying etc. she was at a loss during the first few months.

Fortunately, she was able to get control of things and use the insurance money to pay off the mortgage and catch up on all of the bills.

She finds herself in the unusual position of not owing any money and a low credit rating, which makes it difficult to borrow money from traditional sources like the bank she and her husband dealt with for years.

She has sufficient retirement income. Now she just needs to find a lender to approve a loan.

A $55000 loan with a 20 year term 5.4% interest rate for Pat would cost her the following per month:

Loan Amount (principal) = $55000
Interest Rate = 5.4%
Term Length = 20 year
Monthly Payment = $375.24
Total Paid Back = $90057.21
Total Interest = $35057.21

While Pat does not owe any money on her credit cards, mortgage etc. she is a little concerned about taking on a loan of this size.

Her brother has suggested that she preserve her savings to also help her generate income. He thinks that borrowing the money for this purchase is probably the best approach.

Pat can use her home as security for the loan. She can also use the RV for security as well.

Both will need to be appraised before lenders will agree to take either on as a security.

The RV with repairs and upgrades completed will probably be worth much more than the loan she needs. Her house is totally paid for and can easily be used as security.

If she uses her savings to make this purchase, the money is gone for ever and she loses the income it generates.

While she is mulling over which approach to take, she will have the RV appraised along with her home.

Once this step is complete, lenders will make a proposal to her regarding the interest rate they will offer along with the term of the loan.

She can then make an informed decision regarding what the best strategy will be for her. In the mean time she is actively planning her trip, places she wants to see and people she wants to visit.

If you're living in St. Louis like Pat, 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 St. Louis MO

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

Education Upgrades: College / University

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St. Louis Credit Counseling

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Counselors contact us for listing removal or info change.

Principal Credit Repair
1799 Washington Ave St. Louis
MO 63103 - 314.433.5076

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WCS Credit Sense
720 Olive St #720, St. Louis
MO 63101 - wcscreditsense.com
314.607.9710

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Credit Repair Builders
100 S 4th St Suite 550, St. Louis
MO 63102 - 877.461.0003

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

St. Louis Assistance Programs

Food Bank: Food Outreach / Address: 3117 Olive Street, St. Louis, MO 63103 / Phone: 314.652.3663

Hot/Cold Meals: Dignity House / Address: 812 Union Boulevard, St. Louis, MO 63108 / Phone: 314.361.8400

Shelter In Case of Eviction: Gateway 180 Homeless Services / Address: 1000 19th Street, St. Louis, MO 63106 / Phone: 314.231.1515

Social Assistance Programs: Missouri Department of Social Services / Address: 111 North 7th Street #204, St. Louis, MO 63101 / Phone: 314.340.7400

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Usury Law Governing St. Louis MO

Summary of Missouri Usury Law(s) / Legal: 9% / Contract: 10% for quarter beginning 1 /1/ 10 ; any rate business loans of $5,000 or more / Judgment: 9% / Corporate: Any rate (read more on Missouri lending laws)

Complaint process for St. Louis residents:

Missouri Division of Finance / Missouri Complaint Process / Complaint Form (PDF)

Physical Address: Missouri Division of Finance / P. O. BOX 716, Jefferson City, Missouri 65102-0716 / Phone: 573.751.3242 / Fax: 573.751.9192 / Email: finance@dof.mo.gov

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WFL Loan Products

St. Louis 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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