Jersey City NJ
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This page was last updated November 2019

Commentary for informational purposes only. See disclaimers here.

Compare Bad Credit Lenders (2019)

Fair Credit Lenders in Jersey City NJ

Lenders: contact us for listing removal.

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Liberty Savings Federal CU
666 Newark Ave Jersey City
NJ 07306 / www.lsfcu.org
201.659.3900

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XCEL Federal Credit Union
29 Path Plaza, Jersey City
NJ 07306 / www.xcelfcu.org
201.795.5127

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Actors Federal Credit Union
2873 John Fitzgerald Kennedy
Bouelvard, Jersey City
NJ 07306 / www.actorsfcu.com

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Jersey City Police FCU
161 Sterling Avenue, Jersey City
NJ 07305 / 201.434.2122

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Financial Resources FCU
525 Washington Bouelvard
Jersey City, NJ 07310
myfinancialresources.org
201.793.7714

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Path Federal Credit Union
1 Path Plaza, Jersey City
NJ 07306 / www.pathfcu.org
201.216.6094

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Self Reliance UAFCU
558 Summit Ave, Jersey City
NJ 07306 / 201.795.4061
www.selfreliance.com

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Healthcare Employee FCU
176 Palisade Ave, Jersey City
NJ 07306 / 201.795.8163

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Ocnac No 1 Federal Credit Union
1082 Summit Ave, Jersey City
NJ 07307 / 201.420.1026

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Jersey City Firemen FCU
666 Summit Ave, Jersey City
NJ 07306 / 201.653.8900

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Bad Credit Loans in Jersey City NJ

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

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Jersey City NJ Lender Area Map

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Jersey City NJ Loan App Volume

Top 5 Jersey City neighborhood loan app volume

Loew's Theatre in Jersey City: Licensing

Jersey City Bad Credit Consolidation

Matt's business is booming, so much so that he wants to replace his current truck with a new on and add another for a second crew.

He wants to have two trucks with the same paint job advertising his business.

He is in the residential air conditioning business and has been operating for several years now.

He can barely keep up with the new installations he has on his plate as well as repairs and maintenance contracts. With a second truck and crew, he can assign one crew to installations and the second crew to focus on repairs and maintenance contracts.

He needs $100,000 and has $50000 of his own money to fund his planned business expansion.

He will need a consolidation loan for the other $50k to fund his purchase of two trucks and the associated equipment.

He has been parking his trailer at a customer's home, leaving his installation crew at the customer's home and heading off to complete a repair or perform maintenance checks.

He found that this approach has been pretty inefficient. Several customers have been annoyed due to unexplained absences and attention to the job.

Even some of his employees have expressed frustration. When they need parts to complete a job, they have no transportation to arrange to obtain the parts and have to wait for Matt to finish a job before he could bring the missing parts.

Two crews and two trucks would solve many of these problems.
A $50000 loan with an fifteen-year term and 8.9% interest rate for Matt would cost him the following per month:

Loan Amount (principal) = $50000
Interest Rate = 8.9%
Term Length = 15 year
Monthly Payment = $504.16
Total Paid Back = $90749.38
Total Interest = $40749.38

A consolidation loan of this size for an expanding business should normally not be a significant problem for lenders.

However, Matt has not been managing his invoicing and cash flow in a detailed manner. He certainly has the cash flow, but lenders look for a well managed business to be able to demonstrate that they follow proper accounting procedures, bill payment and debt collection from customers.

While there is no apparent problem, he just does not have the reports and documentation available to demonstrate his business net income, expenses and profit.

Until he can meet these requirements, Matt will have to continue doing business in his present manner or expand more slowly. He could for example keep his existing truck and purchase one new one to add the new crew.

In the mean time, he is meeting with his accountant to discuss how to get his financial affairs under control. It has been a nightmare for him at the end of the year to file tax reports etc.

Once he and his accountant are able to provide some structure to his company reports and demonstrate that everything is under control and well managed, he can reapply for a loan.

They should be able to provide monthly reports demonstrating gross income, expenses, collectibles, and net profit.

If you're living in Jersey City like Matt, 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 Jersey City NJ

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

Education Upgrades: College / University

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Jersey City Credit Counseling

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Counselors contact us for listing removal or info change.

Credit repair Jersey City
646 Montgomery Street Jersey City
NJ 07306 / www.creditrepair.com
201.389.7290

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Tier 1 Credit Repair
3 2nd Street #1204, Jersey City
NJ 07302 / tier1creditrepair.org
201.630.0302

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VIP Credit Repair LLC
101 Hudson St #2100, Jersey City
NJ 07302 / 844.453.8115
www.vipcreditrepairllc.com

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CareOne Credit
651 Newark Ave, Jersey City
NJ 07306 / 201.798.1472
www.careonecredit.com

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Jersey City Non-Profit Services

Food Bank: Our Lady of Sorrows / Address: 95 Clerk Street, Jersey City, NJ 07305 / Phone: 201.433.0626

Hot/Cold Meals: Let's Celebrate / Address: 48 Fairview Avenue, Jersey City, NJ 07304 / Phone: 201.433.5438

Shelter In Case of Eviction: St. Lucy's Emergency Shelter / Address: 619 Grove Street, Jersey City, NJ 07310 / Phone: 201.656.7201

Social Assistance Programs: Hudson County Department of Family Services / Address: 257 Cornelison Avenue, Jersey City, NJ 07302 / Phone: 201.420.3000

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Usury Law Governing Jersey City NJ

Summary of New Jersey Usury Law(s) / Legal: 6% / Contract: 16% / Judgment: No specific provisions / Corporate: No specified rate (read more on New Jersey lending laws)

Complaint process for Jersey City residents:

New Jersey Department of Banking and Insurance / New Jersey Complaint Process / New Jersey Complaint Form PDF

Physical Address: New Jersey Department of Banking and Insurance / Consumer Inquiry and Response Center (“CIRC”) / P.O. Box 471 – Trenton, New Jersey 08625-0471 / Phone: 609.292.7272 / Fax: 609.454.8468

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