Albany NY
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New York State Lenders > Albany

This page was last updated November 2018

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Fair Credit Lenders in Albany NY

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SEFCU
110 State St, Albany, NY 12207
www.sefcu.com
800.727.3328
8AM–4:30PM Mon, Fri
8AM–5PM Tue - Thu
Closed Weekends


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Fasny Federal Credit Union
107 Washington Ave, Albany, NY 12210
www.fasnycu.com
518.434.3728
9AM–4:30PM Mon - Fri
Closed Weekends


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Capital Bank
132 State St, Albany, NY 12207
www.capitalbank.com
518.434.1212
9AM–4:30PM Mon - Fri
Closed Weekends

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Berkshire Bank
41 State St, Albany, NY 12205
www.berkshirebank.com
518.432.0318
8:30AM–4PM Mon - Wed
8:30AM–5PM Thu - Fri
Closed Weekends

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First New York Federal Credit Union
818 Central Ave, Albany, NY 12206
www.firstnewyork.org
518.435.0051
9AM–5PM Mon - Thu
9AM–6PM Fri
9AM–1PM Sat
Sunday Closed


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KeyBank
66 S Pearl St, Albany, NY 12207
locations.key.com
518.257.8702
9AM–4PM Mon - Fri
Closed Weekends

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Bad Credit Loan Form for Albany NY

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

Learn about GAP (Gift Angel Program)

 

Albany NY Lender Service Area Map

Albany Bad Credit Lenders Map - Initial Static Image

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Albany 5x5 Loan App Volume

Top 5 Albany neighborhoods for loan application volume in the last 5 months. Source: WFL Lender Pool. Updated: Monthly.

  1. Hudson Park
  2. North Albany
  3. Beverwyck
  4. Center Square
  5. Eagle Hill

Palace Theatre in Albany NY: Licensing

Albany Borrower's Bad Credit Loan

Brent grew up in Albany NY and still lives there. He needed a $50000 loan to get his business start up off the ground, but his low credit score was getting in the way.

His business is based out of Albany but it’s a 100% online venture. He needed the $50K to hire website developers and programmers. He had a unique idea, and it’s grown into a lucrative business over the last 12 years.

But his start up wasn’t easy. Like I said, he couldn’t get approved for a loan because his FICO score at the time was 565. He found this out when he was turned down for a loan on his first try. The bank told him his Experian, TransUnion, and Equifax scores were terrible (well I’m sure they didn’t use those exact words).

The reason for his credit score being so bad was because of another business he started up 5 years before that went tits up. Him and his wife were mortified to be in such deep debt, and failing to succeed. It was a very painful time for both of them.

But being true self-starter entrepreneurs they dusted themselves off and started working on a brand new idea. Unfortunately, in our world it usually doesn’t matter how great your idea is. If you don’t have the start up capital you’re dead in the water.

So they started asking family members for money. Christ, they even did a Power Point slide presentations in the living rooms of friends and family members. It turned out to be something Brent and his wife regretted. Some of those people were never the same towards them. He would get one or two thousand dollar investments, but never enough for them to realize their dream.

He was going need to find a lender who would lend him the money based on his most recent payment history. A lender that believed in his new business model, and was willing to take a chance on him. This is why he was talking to his father about getting a hard money loan. His father is a successful mortgage broker in New York City but Brent never had the nerve to ask him for a loan.

This time he did.

His father said he wasn’t willing to lend him the money, but he WAS willing to cosign a hard money loan using his assets. But right before it was time to sign all the papers on the deal, Brent pulled out. He just didn’t want to take a chance with someone else’s money. Especially not his fathers money.

So back to the drawing board for Brent and his wife. He tried talking with loan officers at a couple of banks in Albany, including their family branch, but it was a no go. They were given a big no based on their credit scores.

At this point they could see their dreams slipping away. Brent’s wife started searching online for bad credit loans. Specifically start up business loans. She came across some online lenders for sure, but there was no way they were going to get approved for $50,000 – or so they thought.

She found one our earlier test sites and read over every page. She showed the site to Brent and he was also intrigued. They loved the fact their FICO scores wouldn’t be further damaged. They loved that fact they could see other borrowers getting approved with bad credit scores as well.

So away they went. Brent submitted an application, and so did his wife. Their submissions went live within an hour of clicking the submit button. Two days later they got their first email, and by the end of the week they had three emails. They finally settled on a loan over a seven year term with an interest rate of 12.6%. Another few days later they had all the paper work signed and faxed out. Exactly eleven days after submitting their pre-application form they were funded.

Keep in mind that they took a big risk here. With an interest rate that high they would be paying out over $25,000 in interest (see calculation below). If their new online business cratered they would have been two time losers.

So this is a cautionary example. Before you borrower money for a business start up, you better be sure it’s going to succeed (or at least you’re as sure as you can be – no delusion allowed). In Brent’s case they did succeed and they’re future profit far out ran the $25,000 interest they paid to the private lender.

  • Principal = $50000
  • Interest Rate = 12.6%
  • Term Length = 7 years
  • Monthly Payment = $898.76
  • Total Paid Back = $75,495.87
  • Total Interest = $25,495.87

Notice that Brent is paying over $25,000 dollars in interest over the 7 year term. That's where a 12.6% rate gets so expensive. Of course in his case it didn't really matter because he used the money for his business. And in Brent's case his business was successful so he could easily service the loan.

If you live in the Albany NY and you need a loan regardless of a bad credit rating we hope our website helps you in some way.

Sincerely,

Andy Somerset

Andy Somerset is the son of Lance Somerset who founded the We Find Lenders Pool. He writes for WeFindLenders.com whenever he's not working hard on his degree in finance.

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Employment & Education Advancement Opportunities in Albany NY

If you live in Albany and you're struggling to make ends meet, consider advancements in education and employment.

Job Upgrade: Indeed / Monster

Education Advancement: College / University

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Financial Counseling In Albany NY

Albany Credit Counsellors Map - Initial Static Image

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1) Action Credit Repair / 11 Computer Drive West (Suite 111) / Albany, NY 12205
518-945-2299

2) 1 2 3 Credit and Debt Counseling Service / 45 Osborne St, Albany, NY 12202
(518) 463-3106

3) ClearPoint Credit Counseling Solutions / 2 Computer Dr W / Albany, NY 12205
(518) 438-3710

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Albany Assistance Programs

Food Bank: Food Pantries for the Capital District / Address: 32 Essex Street, Albany, NY 12206 / Phone: 518.458.1167

Hot/Cold Meals: OLA St Patrick's Soup Kitchen / Address: 283 Central Avenue, Albany, NY 12206 / Phone: 518.462.9885

Homeless Shelter In Case of Eviction: Interfaith Partnership for the Homeless / Address: 176 Sheridan Avenue, Albany, NY 12210 / Hours: Open 24 hours / Phone: 518.434.8021

State Government Assistance Programs: Albany County Social Services Department / Address: 62 Washington Avenue, Albany, NY 12210 / Phone: 518.447.7300

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Usury and Regs. Governing Albany NY

New York State's official website for consumer lending laws.

Summary of New York Usury Law(s) Pertaining to Albany / Legal: 16% Contract: 6% but not clear as per the New York State documentation / Judgment: 9% / Corporate: No rate specified.

To learn how you can file a complaint, and/or learn more about the legal code(s) and laws pertaining to consumer financial services in the State of New York go here.

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WFL Loan Product Menu

  • Bad credit scores below FICO 650
  • 200+ lenders review your pre-application(s)
  • Applying does not worsen your credit score
  • Interest rates starting as low as 9% (cs)
  • Collateral not always required
  • Funding between 24 hours and 5 days
  • Terms from 6 months to 10 years
  • Borrow between $500 and $50,000
  • Loans for people with 650+ credit scores
  • 500+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Fast approvals and fast funding
  • Line of credit approvals with reasonable APR
  • Borrow between $500 and $150,000
  • Lenders who provide bad credit consolidation
  • Debt settlement or debt relief services
  • 300+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Seamless approval and funding process
  • Debt relief counseling available
  • Borrow form $5000 - $150,000

 

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