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This page was last updated September 2018

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Fair Credit Lenders in Lincoln NE

Lenders: contact us for listing removal.

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LincOne Federal Credit Union
4638 W Street Lincoln
NE 68503 / www.linconefcu.org
402.441.3555

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First Lincoln Federal Credit Union
5730 R Street, Lincoln
NE 68505 / www.firstlincoln.org
402.466.4040

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First Nebraska Credit Union
5070 N 32nd Street, Lincoln
NE 68504 / www.firstnebraska.org
402.477.7766

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University of Nebraska FCU
1720 P Street, Lincoln
NE 68508 / nufcu.org
402.472.2087

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Nebraska State Employees CU
330 S 16th Street, Lincoln
NE 68508 / www.nsecu.org
402.471.2561

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Liberty First Credit Union
501 N 46th Street, Lincoln
NE 68503 / 402.464.8347
www.libertyfirstcu.com

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MembersOwn Credit Union
1391 S 33rd Street, Lincoln
NE 68510 / membersowncu.org
402.436.5365

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Lincoln SDA Credit Union
4733 Prescott Ave, Lincoln
NE 68506 / www.lincolnsdacu.org
402.489.8886

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Spirit of America FCU
325 N 52nd Street, Lincoln
NE 68504 / 402.467.1102
www.spiritofamericafcu.org

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Lincoln Federal Savings Bank
2401 Superior Street Lincoln
NE 68521 / www.lincolnfed.com
402.438.4433

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Bad Credit Loans in Lincoln NE

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

Learn about GAP (Gift Angel Program)

 

Lincoln NE Lender Area Map

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Lincoln NE Loan App Volume

Top 5 Lincoln neighborhood loan app volume

  1. Haymarket
  2. East Campus
  3. Sunset Acres
  4. University Place
  5. Amber Hills

Pioneers Park Columns in Lincoln Nebraska Zoo: Licensing

Lincoln Bad Credit Loan Example

Mark is interested in purchasing a new car. He really wanted a brand new vehicle that has no mileage on it and no other drivers.

It would be the first new car he has ever owned. All of his other vehicles have been used vehicles with lots of mileage on them and also lots of repairs to worry about as well.

He would just like to have a new vehicle that he knows will not need any repairs in the near future. One that is under warranty!
He applied for dealer financing and was turned down because of a bad credit score.

Even with the car as security, the lender the dealer works with would not approve a car loan of this size for him. Mark would still love to purchase this car if he can find a lender who would be willing to approve a loan for him.

He is trying a number of scenarios including a long term 15 year equity loan with his home as security. Most car loans these days are a maximum of 5 or 7 years. He would like to keep the monthly payments as low as possible.

Marks bad credit rating stems from his failure to repay past loans on time and also late payments on credit cards. Both items are red flags to any lender considering lending money to him.

They feel that there is a high risk associated with lending him money. They are worried that they will incur costs associated with collecting late payments or worse.

Profit margins are slim and they do not want to deal with problems that Mark has had. The new car Mark would like to purchase is going to cost $35000, with all taxes and other fees included.

A $35000 loan with a 15 year term 6.1% interest rate for Mark would cost him the following per month:

Loan Amount (principal) = $35000
Interest Rate = 6.1%
Term Length = 15 year
Monthly Payment = $297.24
Total Paid Back = $53503.95
Total Interest = $18503.95

If Mark were approved for a 15 year loan for his car, the car will probably not last the life of the loan. This is a poor deal as far as the lender is concerned.

Mark will have to either take a shorter tem payment plan i.e. five or seven years which will increase his monthly payments substantially or purchase a car that has a lower value. His payments would increase from $297 a month to $512 a month, assuming the same interest rate, which is unlikely given his bad credit rating.

If he purchases a lower value car and takes a seven year repayment plan, he may qualify for dealer financing, however he still has to obtain agreement with a lender who is willing to take on his bad credit rating.

This is a tough decision for him. He really wants to purchase this new car, but he also understands that his past financial activity is getting in the way.

He's is not giving up just yet. He knows he has to change to a seven year repayment plan and he is trying to figure out how he will be able to afford the monthly payments.


If you're living in Lincoln like Mark, 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 Lincoln NE

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

Education Upgrades: College / University

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Lincoln Credit Counseling

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Counselors contact us for listing removal or info change.

GreenPath Financial Wellness
5000 Central Park Dr #207 Lincoln
NE 68504 / www.greenpath.com
800.550.1961

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Gueltzau Credit Defender
1335 N 47th Street #14, Lincoln
NE 68503 / 402.465.0295

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Lincoln Assistance Programs

Food Bank: Food Bank of Lincoln / Address: 4840 Doris Bair Circle #A, Lincoln, NE 68504 / Phone: 402.466.8170

Hot/Cold Meals: Gathering Place / Address: 1448 Eeat Street, Lincoln, NE 68508 / Phone: 402.476.7398

Shelter In Case of Eviction: People's City Mission / Address: 110 Q Street, Lincoln, NE 68508 / Phone: 402.475.1303

Social Assistance Programs: Catholic Social Services of Southern Nebraska / Address: 2241 O Street, Lincoln, NE 68510 / Phone: 402.474.1600

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Usury Law Governing Lincoln NE

Summary of Nebraska Usury Law(s) / Legal: 6% / Contract: 16%; any rate for corporate loans and loans over $25,000 / Judgment: Nebraska judgment rate is 1% over average U.S. 52 week Treasury bill equivalent on date of judgment or as specified by law or by agreement / Corporate: Any rate (read more on Nebraska lending laws)

Complaint process for Lincoln residents:

Nebraska Department of Banking and Finance / Nebraska Complaint Process / Nebraska Complaint Form (PDF)

Physical address: Nebraska Department of Banking & Finance / Financial Institutions Attn: Complaints, P.O. Box 95006, Lincoln, Nebraska 68509-5006 / Phone: Financial Institutions Division 402.471.2171 / Consumer Hotline: 877.471.3445

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WFL Loan Products

Lincoln 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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