Providence RI
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Rhode Island Lenders > Providence

This page was last updated September 2018

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Fair Credit Lenders in Providence RI

Lenders: contact us for listing removal.

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Community & Teachers FCU
1169 S Broadway East Providence
RI 02914 / www.wsecu.org
401.438.7788

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Pawtucket Credit Union
660 Warren Avenue, E Providence
RI 02914 / www.pcu.org
401.722.2212

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Navigant Credit Union
230 Newport Avenue, Rumford
RI 02916 / www.navigantcu.org
401.233.4700

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PGE Federal Credit Union
179 W River Street, Providence
RI 02904 / www.pgecu.org
401.421.2436

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Coastway Community Bank
2830 Pawtucket Avenue, Riverside
RI 02915 / www.coastway.com
401.330.1900

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Rhode Island Credit Union
160 Francis Street, Providence
RI 02903 / 401.751.7440
www.ricreditunion.org

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PGE Federal Credit Union
179 W River Street, Providence
RI 02904 / www.pgecu.org
401.421.2436

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Rhode Island Credit Union
160 Francis Street, Providence
RI 02903 / www.ricreditunion.org
401.751.7440

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Coastway Community Bank
180 Washington Street, Providence
RI 02903 / www.coastway.com
401.861.2583

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Woodlawn Frederal Credit Union
744 Main Street, Pawtucket
RI 02860 / www.woodlawnfcu.org
401.728.8300

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Bad Credit Loans in Providence RI

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Providence RI Lender Area Map

Providence Bad Credit Lenders Map - Initial Static Image

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Providence RI Loan App Volume

Top 5 Providence neighborhood loan app volume

  1. Lower South Providence
  2. Charles
  3. Elmhurst
  4. Federal Hill
  5. Fox Point

Pomham Rocks Lighthouse Providence RI: Licensing/Credit

Providence Bad Credit Loan Example

Jorge has always lived in a home that has a tile roof on it until this one. He loves the house. That is why he purchased it, but it has an asphalt roof and it needs to be replaced.

An asphalt roof typically does not last as long as a clay tile roof will, however they are more expensive to install.

When Jorge bought the house he knew that he was going to have to replace the roof in a few years and was trying to save enough to pay for it without borrowing or taking out a loan for it.

Good intentions, but then life gets in the way. Jorge had to use some of his savings for the roof to pay for other repairs to the house, then he had to pay for medical bills that were not covered by his medical insurance and his car needed repairs.

Everything seemed to happen at the same time and he still needed to replace the roof. He tried waiting another year, but the shingles are starting to curl and he is afraid of leaks the next time it rains in the area.

With all of his expenses and now the cost of the roof replacement, Jorge needs a total of $30k to consolidate some of the credit card debt he has and pay for the new roof he wants to install.

He has obtained several quotes and is in the process of deciding which one he will go with. Although his home is not too large, he needs to have the roof trusses re-enforced to support the added weight of the tiles.

He cannot proceed unless he is able to obtain a low interest loan. He feels that his credit score is sufficient to be approved for this loan.

A $30000 loan with a six-year term and 7.5% interest rate for Jorge would cost him the following per month:

Loan Amount (principal) = $30000
Interest Rate = 7.5%
Term Length = 6 year
Monthly Payment = $518.7
Total Paid Back = $37346.64
Total Interest = $7346.64

Jorge is going to be able to proceed with his roof replacement. His loan application will be approved once an appraisal of his home is completed, since it will be used as security for the loan. This will be in addition to the mortgage he already has registered on his home.

Although he will have this extra payment each month, he is comfortable with it. He could have renegotiated his mortgage and consolidated his mortgage payment with this loan.

It would have meant lower monthly payments for him, however he wanted to pay the loan off more quickly. His home is worth much more now that he has a tile roof.

If he plans to sell the home in the future, this roof replacement was actually a great investment decision.

Jorge's credit rating was fine and once he supplied the necessary information needed for the loan, he was quickly approved.

If you're living in Providence like Jorge, 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 Providence RI

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

Education Upgrades: College / University

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Providence Credit Counseling

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Counselors contact us for listing removal or info change.

Future Credit
1230 Elmwood Ave Providence
RI 02907 / 401.228.7855

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On Home Buying and Credit Repair
15 Vineyard Street #404, Providence
RI 02907 / 401.270.2800
onhomebuyingandcreditrepair.com

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Providence Assistance Programs

Food Bank: Rhode Island Community Food Bank / Address: 200 Niantic Avenue, Providence, RI 02907 / Phone: 401.942.6325

Hot/Cold Meals: Amos House / Address: 460 Pine Street, Providence, RI 02907 / Phone: 401.272.0220

Shelter In Case of Eviction: Advent House / Address: 589 Cranston Stret #1, Providence, RI 02907 / Phone: 401.273.8946

Social Assistance Programs: Providence DHS Office / Address: 206 Elmwood Avenue, Providence, RI 02907 / Phone: 855.697.4347

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Usury Law Governing Providence RI

Summary of Rhode Island Usury Law(s) / Legal: 12% / Contract: 21% or alternative rate of 9% plus domestic prime rate / Judgment: 12% / Corporate: No specific rate (read more on Rhode Island lending laws)

Complaint process for Providence residents:

Rhode Island Department of Business Regulation / Rhode Island Complaint Process / Rhode Island Complaint Form PDF

Physical Address: Department of Business Regulation / Division of Banking / 1511 Pontiac Avenue (Building 68-2) Cranston, RI 02920 / Phone: 401.462.9503 Fax: 401.462.9532

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WFL Loan Products

Providence 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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