Portland OR
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This page was last updated September 2018

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Fair Credit Lenders in Portland OR

Lenders: contact us for listing removal.

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Rivermark Community Credit Union
3993 2537 SE Hawthorne Blvd
Portland, OR 97214 / 503.626.6600
www.rivermarkcu.org

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Columbia Credit Union
950 SE 10th Avenue, Portland
OR 97214 / www.columbiacu.org
360.891.4000

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Advantis Credit Union
3010 SE Belmont Street, Portland
OR 97214 / www.advantiscu.org
503.785.2528

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Trailhead Credit Union
3354 SE Division Street, Portland
OR 97202 / www.trailheadcu.org
503.220.2592

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Point West Credit Union
1107 NE 9th Avenue #108, Portland
OR 97232 / www.pointwestcu.com
503.546.5000

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NW Priority Credit Union
12630 SE Division Street, Portland
OR 97236 / www.nwprioritycu.org
503.760.5304

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Unitus Community Credit Union
1300 SW 6th Avenue, Portland
OR 97201 / www.unitusccu.com
503.227.5571

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USAgencies Credit Union
95 SW Taylor Street, Portland
OR 97204 / www.usacu.org
503.275.0300

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Consolidated Community CU
2021 NE Sandy Blvd, Portland
OR 97232 / 503.232.8070
www.consolidatedccu.com

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Oregonians Credit Union
7825 N Lombard St Portland
OR 97203 / 503.239.5336
www.oregonianscu.com

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Bad Credit Loans in Portland OR

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

Learn about GAP (Gift Angel Program)

 

Portland OR Lender Area Map

Portland Bad Credit Lenders Map - Initial Static Image

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Portland OR Loan App Volume

Top 5 Portland neighborhood loan app volume

  1. King
  2. Hawthorne
  3. Sabin/Irvington
  4. The Bucket
  5. Parkrose Heights

Oregon Sign & Old Town Tower: Licensing/Credit

Portland Bad Credit Loan Example

Eileen and her husband have almost everything going for them. They both have full time well paid jobs. They have a five figure income between them and they do not have a lot of debt.

They have a car loan and several credit cards between them. The credit cards carry a zero balance almost every month.

All of these items you would think contribute to a positive credit rating. So why do they have a bad credit score and why are they having trouble obtaining a mortgage for $150000? They even have a large down payment for the home they want to purchase.

They are currently renting an apartment and want to move to a single family home. They have been together for a couple of years and during that time they have managed their money well.

It turns out that prior to their marriage, Eileen's husband was not very good at managing money. He would pay his bills when he got around to it and often missed due dates.

Obviously his creditors, mostly credit card companies did not like this and made numerous reports to credit rating agencies. He also missed a couple of rental payments and utility payments. He had the money. He was just not good a paying bills.

Eileen on the other hand always managed her money well and had an excellent credit rating going into the marriage. She has taken over the money management aspect of paying the bills etc. since they have been married and their combined credit score is improving.

Some reports can remain on a credit score for up to seven years and they have only been married for two years.

Eileen is very frustrated with this process especially when her personal credit score is so good. She is ready for a home now and wants to find a way to borrow $150000 so they can purchase their first home together.

A $150000 loan with a 30 year term 6.8% interest rate for Eileen would cost her the following per month:

Loan Amount (principal) = $150000
Interest Rate = 6.8%
Term Length = 30 year
Monthly Payment = $977.89
Total Paid Back = $352039.60
Total Interest = $202039.60

It is surprising how many couples encounter issues like the one that Eileen and her husband currently have. It is hard enough to make a new marriage work without also having financial problems to deal with.

With Eileen's record of bill payment, their combined income, low debt and relatively large down payment, there is a good chance they will be approved for this bad credit loan.

However, because they have a bad credit score, they are deemed to be a high risk client and will be charged a higher interest rate than other customers would with excellent credit ratings.

They will need to suffer through the higher payments, continue with their excellent payment record and perhaps in a few years they can renegotiate a lower interest rate for their mortgage.

They will have to be patient. If they select a 5 year term, the next time they will negotiate their mortgage, their credit score should have improved significantly provided they maintain their on time payment record.

If you're living in Portland like Eileen, 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 Portland OR

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

Education Upgrades: College / University

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Portland Credit Counseling

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Counselors contact us for listing removal or info change.

Cricket Debt Counseling
219 SW Stark St Portland
OR 97204 / 503.353.0400
www.cricketdebt.com

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Consumer Credit Auditors
9045 SW Barbur Blvd, Portland
OR 97219 / 503.255.3152
consumercreditauditors.com

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Credit Repair
165 SE Main Street, Portland
OR 97201 / 501.246.8741
www.keycreditrepair.net

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Portland Assistance Programs

Food Bank: Oregon Food Bank / Address: 7900 NE 33rd Drive, Portland, OR 97211 / Phone: 503.282.0555

Hot/Cold Meals: Shepherd's Door Portland Rescue / Address: 13207 Northeast Halsey Street, Portland, OR 97230 / Phone: 503.906.7650

Shelter In Case of Eviction: Portland Rescue Mission (The Harbor) / Address: 10336 Northeast Wygant Street, Portland, OR 97220 / Phone: 503.251.5436

Social Assistance Programs: Portland Human Solutions / Address: 12350 Southeast Powell Boulevard, Portland, OR 97236 / Phone: 503.548.0200

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Usury Law Governing Portland OR

Summary of Oregon Usury Law(s) / Legal: 9% / Contract: The rate of interest shall be as agreed between the parties, except (a) on loans under $50,000 the rate shall not exceed greater of 12% or 5% in excess of discount rate on 90-day commercial paper at the Federal Reserve Bank and (b) if parties have not otherwise agreed, rate in the following transactions is 9%: (i) all moneys after they become due (open accounts bear interest from date of last item), (ii) money received to use of another and retained beyond reasonable time without consent and (iii) money due when there is a contract to pay interest and no rate is specified. / Judgment: 9% / Corporate: No specific rate (read more on Oregon lending laws)

Complaint process for Portland residents:

Oregon Division of Financal Regulation / Oregon Complaint Process / Oregon Complaint Form PDF

Physical Addresses: 1) Department of Consumer and Business Services / Division of Financial Regulation / P.O. Box 14480, Salem, Oregon 97309-0405 / Phone: 503.947.7984 Fax: 503.378.4351 Toll-free: 888.877.4894 2.) Department of Consumer and Business Services / Division of Financial Regulation / 350 Winter St. NE, Salem, Oregon / Email: cp.ins@oregon.gov

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WFL Loan Products

Portland 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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