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This page was last updated November 2018

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Fair Credit Lenders in Newark NJ

Lenders: contact us for listing removal.

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New Community Credit Union
274 W S Orange Ave #1 Newark
NJ 07103 / 973.621.5624
www.newcommunityfcu.org

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Newark Firemen FCU
106 Fleming Ave, Newark
NJ 07105 / 973.589.7199
www.newarkfiremenfcu.org

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Federal Employees Newark FCU
970 Broad Street #132, Newark
NJ 07102 / www.fenfcu.com
973.622.6028

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Atlantic FCU
550 Broad Street, Newark
NJ 07102 / www.atlfedcu.com
973.621.8441

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Newark Post Office Employees CU
920 Broad Street, Newark
NJ 07102 / 973.621.7553

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Public Service Plaza FCU
80 Park Plz, Newark
NJ 07102 / 973.430.7317
www.pscreditunion.com

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Essex County Employees CU
465 Dr Martin Luther King Jr.
Bouelvard #221, Newark
NJ 07102 / www.essexcu.org
973.643.4738

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North Jersey FCU
186 W Market Street, Newark
NJ 07103 / njfcu.org
973.785.9200

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Newark Board of Education Cu
195 Norman Road, Newark
NJ 07106 / www.nbeecu.org
973.375.9182

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Garden Savings FCU
120 Ferry Street Newark
NJ 07105 / 973.576.2072
www.gardensavingsfcu.org

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Bad Credit Loans in Newark NJ

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

Learn about GAP (Gift Angel Program)

 

Newark NJ Lender Area Map

Newark Bad Credit Lenders Map - Initial Static Image

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Newark NJ Loan App Volume

Top 5 Newark neighborhood loan app volume

  1. Lower Roseville
  2. Lower Broadway
  3. Fairmount
  4. Central Business District
  5. North Ironbound

Newark New Jersey Boardwalk (Ashbury Park): Licensing

Newark Bad Credit Consolidation

Andre wants to build a new shed for his equipment and consolidate another small loan that he has had for the last couple of years.

He would like to just make one payment a month instead of two and possibly be approved for a lower interest rate than he is currently paying.

He has a small hobby farm and wants to tear down the existing shed, which is almost falling down.

In fact, it is considered a safety hazard and with several small kids around he wants to demolish this shed. In its place he is installing a new building with a cement floor and a steel frame with locking sliding doors.

There were also be a small side door for easy entry.

His tractor and several implements will be stored in it and his two vehicles along with a small work shop.

Andre is really excited about his new shed and just needs to be approved for a $40k loan that he can use to pay for the construction as well as pay off another small loan he has.

He has a mortgage on his home and his vehicles and equipment are fully paid for. Andre is in a very good position financially with little debt and lots of assets.

While he could remortgage his home and property and consolidate everything into one large mortgage, he has chosen to apply for a consolidation loan instead.

He will repay this loan in less than 10 years and be debt free in 15 years once his mortgage is fully paid.

A $40000 loan with an ten-year term and 6.9% interest rate for Andre would cost him the following per month:

Loan Amount (principal) = $40000
Interest Rate = 6.9%
Term Length = 10 year
Monthly Payment = $462.37
Total Paid Back = $55485
Total Interest = $15485

Andre is one of these guys that works full time while maintaining a hobby farm that earns him a little side income. With this shed he can take care of his equipment while providing some security for his young family.

He has a good credit score and the income to support this additional loan payment. He should have no problem with approval for this loan.

While he chose not to consolidate his mortgage with this loan, this was an option for him, since he has sufficient equity available in the property to provide security for an increased mortgage.

He may have qualified for a lower interest rate as well which would lower his overall interest expense over the term of the loan.

This assumes of course that he did not take a new 25 year mortgage. The longer you owe money the more interest you are going to pay.

Another option for Andre would have been a credit line registered as a mortgage against his home. He would be able to draw on it at any time up to the approved limits and also pay it down any time he wished.

His commitment would be that he pay the accrued interest for the month as a minimum payment. Andre is assessing his options and will decide shortly what his preference will be.

If you're living in Newark like Andre, 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 Newark NJ

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

Education Upgrades: College / University

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Newark Credit Counseling

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Counselors contact us for listing removal or info change.

The Credit Pros Credit Repair
60 Park Pl #200 Newark
NJ 07102 / thecreditpros.com
866.809.6521

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Quick Credit Repair Service
113 Vassar Ave, Newark
NJ 07112 / 973.705.0064
quickcreditrepairservice.com

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Newark Assistance Programs

Food Bank: Community Food Bank of New Jersey / Address: 31 Evans Terminal, Hillside, NJ 07205 / Phone: 908.355.3663

Hot/Cold Meals: Saint John's Soup Kitchen / Address: 871 McCarter Highway, Newark, NJ 07102 / Phone: 973.623.0822

Shelter In Case of Eviction: Covenant House / Address: 330 Washington Street, Newark, NJ 07102 / Phone: 973.621.8705

Social Assistance Programs: Essex County Welfare Department / Address: 18 Rector Street, Newark, NJ 07102 / Phone: 973.733.3325

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Usury Law Governing Newark 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 Newark 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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WFL Loan Products

Newark 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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