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
Lincoln NE Lender
Area Map
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Lincoln NE Loan App
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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
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Education Upgrades:
College / University
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Lincoln
Credit Counseling
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map.
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 Non-Profit Services
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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