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This page was last updated September 2018

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Fair Credit Lenders in Salem OR

Lenders: contact us for listing removal.

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Oregon Community Credit Union
2755 Commercial St SE #100 Salem
OR 97302 / www.myoccu.org
503.588.2347

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Oregon State Credit Union
510 Wallace Rd NW, Salem
OR 97304 / www.oregonstatecu.com
800.732.0173

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Maps Credit Union
4615 Commercial St SE, Salem
OR 97302 / www.mcu.com
503.588.0181

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Heritage Grove Federal CU
631 Winter St NE, Salem
OR 97301 / www.ourgrovecu.com
503.588.0211

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Unitus Community Credit Union
3820 Market St NE, Salem
OR 97301 / www.unitusccu.com
503.227.5571

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Valley Credit Union
2096 Mission St SE, Salem
OR 97302 / www.valleycu.org
503.364.7999

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SELCO Community Credit Union
3833 Commercial St SE, Salem
OR 97302 / www.selco.org
503.315.4300

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Teamsters Council 37 FCU
750 Browning Avenue SE, Salem
OR 97302 / www.tcu37.com
503.371.9721

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First Tech Federal Credit Union
4093 Commercial St SE, Salem
OR 97302 / www.firsttechfed.com
855.855.8805

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IBEW/SJ Cascade FCU
1825 12th Street, SE #130 Salem
OR 97302 / www.ibewsjcu.org
503.581.6221

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Bad Credit Loans in Salem OR

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Salem OR Lender Area Map

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Salem OR Loan App Volume

Top 5 Salem neighborhood loan app volume

  1. Croisan
  2. Northeast Salem
  3. Sunnyslope
  4. Southeast Salem
  5. Central Area

Capitol Building in Salem Oregon: Licensing/Credit

Salem Bad Credit Loan Example

Jim and his wife just purchased a home and before they move into it decided that a number of renovations needed to be done. They have one month to complete the renovations before they have to move out of their other home.

Bills are starting to add up. They have charged some items to their credit cards and want to consolidate some of this debt as well as more renovation work with a small $60k renovation loan.

Just like thousands of other consumers planning renovations, Jim and his wife have found that the scope of the project always seems to expand more than originally planned for.

They wanted to just replace some of the flooring and repaint the home before they move their family into the new home they just purchased.

Once the flooring was removed, they decided to remove a non-supporting wall which also involved plumbing and electrical work.

They also found some mold in the bathroom, which meant ripping out the bathroom and installing a brand new one with all of the upgrades of course.

Jim thought he could get away with reusing some of the window coverings and of course all of the furniture they had in their old home.

Of course his wife had other ideas. She was not moving into a home they just renovated with all of their old furniture. The window coverings had to be replaced as well with new California blinds.

All of these changes over and above his original budget plans meant that Jim needed another $60k to pay for all of the upgrades and changes.

He will consolidate his credit cards at the same time to avoid paying interest on any overdue balances. The interest rate on his loan will be well below the interest rate on his credit cards.

A $60000 loan with an seven-year term and 5.5% interest rate for Jim would cost him the following per month:

Loan Amount (principal) = $60000
Interest Rate = 5.5%
Term Length = 7 year
Monthly Payment = $862.20
Total Paid Back = $72425.01
Total Interest = $12425.01

Almost every renovation costs more than what was originally planned, sometimes even when contingencies were built in. This was true for Jim and his wife for the home they just purchased.

Of course the more communication you have between the parties, the less chance of miscommunication and misunderstandings there are especially when it comes to renovating your home.

Fortunately for Jim and his wife there was no problem for them to be approved for the additional loan over and above the mortgage they already had on their home.

They have a good credit score and sufficient income to carry the mortgage, the loan and their car loans. They also have an interim loan to finance the purchase of their home, since technically they own two homes at the same time for a period of one month.

While this was a bit more complex for the lenders, they were able to work things out so that they could pay for all of the renovation work they planned.

If you're living in Salem like Jim and his wife, 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 Salem OR

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

Education Upgrades: College / University

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Salem Credit Counseling

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Counselors contact us for listing removal or info change.

Apprisen Credit Counselors
3000 Market St NE #412 Salem
OR 97301 / www.apprisen.com
503.581.7301

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Salem Assistance Programs

Food Bank: Hope Station Community Services / Address: 1337 Madison Street Northeast #115, Salem, OR 97301 / Phone: 503.339.7710

Hot/Cold Meals: Marion Polk Food Share / Address: 1660 Salem Industrial Drive Northeast, Salem, OR 97301 / Phone: 503.581.3855

Shelter In Case of Eviction: Saint Francis Shelter / Address: 1820 Berry Sreet Southeast, Salem, OR 97302 / Phone: 503.588.0428

Social Assistance Programs: Oregon Department of Human Services Self Sufficiency / Address: 1185 22nd Street Southeast, Salem, OR 97302 / Phone: 503.378.6327

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Usury Law Governing Salem 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 Salem 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

Salem 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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