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This page was last updated September 2018

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Fair Credit Lenders in Reno NV

Lenders: contact us for listing removal.

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Greater Nevada Credit Union
Reno, NV 89511 / www.gncu.org
775.882.2060

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One Nevada Credit Union
57 Damonte Ranch Pkwy, Reno
NV 89521 / www.onenevada.org
775.827.3880

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Great Basin Federal Credit Union
9770 S Virginia Street, Reno
NV 89511 / www.greatbasin.org
775.333.4228

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Sierra Pacific Federal Credit Union
6100 Neil Road Suite 150, Reno
NV 89511 / sierrapacificfcu.org
775.834.4579

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United Federal Credit Union
980 Ambassador Dr, Reno
NV 89523 / unitedfcu.com
800.283.8485

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WestStar Credit Union
394 E Moana Ln #1, Reno
NV 89502 / www.weststar.org
800.729.9328

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Reno City Employees FCU
386 Holcomb Ave #E, Reno
NV 89502 / www.rcefcu.com
775.334.2038

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Umpqua Bank
9990 Double R Bouelvard, Reno
NV 89521 / www.umpquabank.com
775.853.2050

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Heritage Bank of Nevada
2330 S Virginia Street, Reno
NV 89502 / 775.348.1000
www.heritagebanknevada.com

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Meadows Bank
6518 S McCarran Bouelvard Reno
NV 89509 / www.meadowsbank.bank
702.471.2265

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Bad Credit Loans in Reno NV

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Reno NV Lender Area Map

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Reno NV Loan App Volume

Top 5 Reno neighborhood loan app volume

  1. Ward 3
  2. Dickerson
  3. Panther Valley
  4. West Reno
  5. South Reno

Reno Arch in Reno Nevada: Licensing

Reno Bad Credit Loan Example

Claude just split up with his wife and is looking for a place to live. He cannot afford too much and is considering a trailer in a trailer park.

He would like a double wide, however the larger ones are more than he can afford right now. His credit score took a big hit because of the break up and the financial issues that occurred during this time.

He is hoping to borrow approximately sixty five thousand with a 25 year term to keep the monthly payments as low as possible.
They did not have any children and his ex-wife works.

She actually made more money than he did. As a result, there is no alimony to pay. They simply divided up what they had and went their separate ways. It was actually quite amicable which is unusual these days. She took the house and he ended up with the car. She purchased his share of the house from him.

He used the proceeds to pay off all of his debts including his car loan and credit cards.

He is debt free at this point, but he has no savings at all and certainly no down payment to make on any property etc. that he would like to purchase.

In retrospect he knows he should have continued with the car loan and used that money for a down payment on something.

Too late now. He is having a difficult time finding a lender to loan him the funds he needs with no down payment and a poor credit rating.

He is living with his sister and her husband and really wants to move soon. A $65000 loan with a 25 year term 5.5% interest rate for Claude would cost him the following per month:

Loan Amount (principal) = $65000
Interest Rate = 5.5%
Term Length = 25 year
Monthly Payment = $399.16
Total Paid Back = $119747.06
Total Interest = $54747.06

Claude needs to come up with a minimum of 10% of the purchase price for whatever he buys. Lenders will use the double wide in this case as security for the mortgage, but they really want to see owners have some skin in the game.

They want consumers to put some of their own money into the transaction. Claude needs at least $7000 as a down payment, which he is struggling to put together right now.

If he can come up with the down payment, a lender may approve the mortgage for him even with his bad credit rating.

They will charge a higher interest rate than they would to someone with an excellent credit score. It is still worth it for him to have a place of his own and begin is new single life again.

Claude makes a little more than minimum wage so it is difficult to save his down payment in a short time. His sister is letting him live with them rent free which helps a great deal.

He is also working extra hours and if he can live with his sister for another couple of months he should have enough for the down payment. Mean while he is searching for other properties which might cost a little less and be more affordable.

If you're living in Reno like Claude, 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 Reno NV

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

Education Upgrades: College / University

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Reno Credit Counseling

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Counselors contact us for listing removal or info change.

Credit Repair Solutions
1200 S Wells Avenue Reno
NV 89502 / 775.600.7614
creditrepairsolutions.business.site


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Money Management International
5470 Kietzke Lane, Suite 300
Office #120, Reno, NV 89511
www.moneymanagement.org
713.394.3232

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Reno Assistance Programs

Food Bank: St. Vincent's Food Pantry / Address: 500 East 4th Street, Reno, NV 89512 / Phone: 775.786.5266

Hot/Cold Meals: Reno-Sparks Gospel Mission / Address: 355 Record Street, Reno, NV 89512 / Phone: 775.323.0386

Shelter In Case of Eviction: Empowerment Center / Address: 7400 South Virginia Street, Reno, NV 89511 / Phone: 775.853.5441

Social Assistance Programs: Washoe County Social Services Department / Address: 1001 Eeast 9th Street, Reno, NV 89512 / Phone: 775.328.2700

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Usury Law Governing Reno NV

Summary of Nevada Usury Law(s) / Legal: Nevada legal rate and judgment rates are 2% over prime rate at largest bank in state on January 1 or July 1 immediately preceding judgment / Contract: Any rate agreed to / Judgment: See legal rate / Corporate: Any rate (read more on Nevada lending laws)

Complaint process for Reno residents:

Nevada Department of Business & Industry / Nevada Complaint Process / Nevada Complaint Form (PDF)

State of Nevada Department of Business and Industry / Attn: Financial Institutions Division / 3300 W Sahara Avenue Suite 250, Reno, NV 89102 / Phone: 702.486.4120 Toll free: 866.858.8951 Fax: 702.486.4563 / Email: FIDMaster@fid.state.nv.us

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WFL Loan Products

Reno 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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