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This page was last updated September 2018

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Fair Credit Lenders in Warwick RI

Lenders: contact us for listing removal.

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Greenwood Credit Union
2669 Post Rd Warwick
RI 02886 / 401.739.4600
www.greenwoodcu.org

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Wave Federal Credit Union
480 Greenwich Avenue, Warwick
RI 02886 / www.wavefcu.org
401.781.1020

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Kent Hospital Federal Credit Union
455 Toll Gate Road, Warwick
RI 02886 / 401.737.7010
www.kenthospitalcu.com

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Pawtucket Credit Union
405 Warwick Avenue, Warwick
RI 02888 / pcu.org
401.722.2212

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Ocean State Credit Union
744 Main Street, West Warwick
RI 02893 / oceanstatecu.org
401.397.1900

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Navigant Credit Union
2100 Warwick Avenue, Warwick
RI 02889 / www.navigantcu.org
401.233.4700

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Centreville Bank
1218 Main Street, West Warwick
RI 02893 / 401.821.9100
www.centrevillebank.com

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SBA Loan Program
1300 Division Road, West Warwick
RI 02893 / 401.398.8930
www.sbaloanprogram.com

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Guaranteed Rate of Warwick
475 Kilvert St Suite 110
Warwick, RI 02886 / 401.884.1619
www.guaranteedrate.com

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Bad Credit Loans in Warwick RI

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

Learn about GAP (Gift Angel Program)

 

Warwick RI Lender Area Map

Warwick Bad Credit Lenders Map - Initial Static Image

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Warwick RI Loan App Volume

Top 5 Warwick neighborhood loan app volume

  1. Gaspee
  2. Fair Street/Narragansett Parkway
  3. Cowesett
  4. Pawtuxet Village
  5. Saint Rose

WWI Memorial Warwick Rhode Island: Licensing/Credit

Warwick Bad Credit Loan Example

Lori from Warwick needed to get approved for a $20000 loan to consolidate several different balances she was carrying at the time.

These were the debts she was carrying at the time, including the resulting APR:

$4000 owing on Visa (21%)
$2500 owing on Mastercard
$1500 owing on payday loans (320%)
$2000 on Target credit card (19%)
$10000 owing on car loan (11%)

The interest rates on her credit cards was massive. Visa cranked up her interest because she had defaulted on a few payment. Mastercard the same problem (never do that if you can avoid it).

The APR on the three $500 payday loans was now in the "upper ridiculous zone" (try and avoid these types of loans too).

Her Target credit card balance of $2000 was running at an APR of 19% which is par for the course with most credit cards.

The car loan had the lowest interest rate of 11%, but that's a high rate to be paying on a car loan. Depending on your credit score, most car loans range between 5% - 8%.

You can see how she needed to get out from under these debts. The compounding interest and fees was killing her.

She had a low score at the time of 600 on average. This made it really hard to get approved. Her local Warwick credit union considered her request for the $20K loan and passed.

She tried asking her father for the money with a low interest rate but that didn't go anywhere. He was recently laid off from his job and was just starting out as a Uber driver to try and make ends meet.

She was getting the point where she couldn't even get a full night's sleep. She felt like trapped. She felt like there was no where to turn. She felt like she was a complete idiot for letting her personal finances get so out of control.

She started searching online for a solution but she wasn't holding out hope. Most of the websites were promoting fast cash loans. She didn't want any thing to do with those kinds of lenders.

She needed a conventional loan with a reasonable APR and a term of at least 4 years. She couldn't afford much more than $500 for a monthly payment, so the rate had to be under 13% or 14%.

Lori found a site using the WFL lender pool, and submitted her application for a consolidation loan product.

The next business day (she applied on a Saturday night) she was approached by three different lenders. They all used emails at first, and then phone calls followed.

Below have the final loan calculation for Lori's debt consolidation loan, including the principal, interest, term length, monthly payment, total paid back to lender, and total interest.

Debt Consolidation Amount = $20000
Interest Rate = 11.02%
Term Length = 5
Monthly Payment = $435.05
Total Paid Back = $26,102.88
Total Interest = $6,102.88

Lori's end state was great. What started off as a very stressful situation, ended up alright. When I say alright, I'm considering the 11.02% rate she got. In an ideal world she would have gotten a rate around the 5% mark, but her credit score really hurt her.

However, that's A LOT less interest then what she was facing before she got this private lender involved. And because the term was 5 years her monthly payment was a only $435 dollars. That's a payment she can handle.

Below we're including the different offers she got for her loan;

Local Warwick lender @ 12.95%
USA wide lender @ 11.02%
Rhode Island State lender @ 13.77%

So as per usual, she took the lowest rate possible. It's too bad credit credit got dinged so bad during the tough times. The reason her credit score got so low was because she had lost her job at a local winery.

So now that she's been approved, it's critical that she sticks to her new budget. Too often borrowers get approved for a consolidation loan and end up screwing themselves again.

They start spending money on too many "wants" instead of "need". Before you know it, they're dealing with thousands of dollars in debt again.

You want to avoid getting into a high interest debt trap. Never get fooled twice. It's understandable and only human to mess up your finances once. It's extremely reckless to let the same bad spending habits sink you again.

If you're living in Warwick like Lori, 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 Warwick RI

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

Education Upgrades: College / Technology

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Warwick Credit Counseling

Warwick Credit Counsellors Map - Initial Static Image

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Counselors contact us for listing removal or info change.

Credit Repair at Credit Network USA
16 International Way Warwick
RI 02886 / www.creditnetworkusa.com
401.244.5420

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Consumer Credit Counseling Services
501 Centerville Road, Warwick
RI 02886 / www.nfcc.org
401.732.8357

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Hampson Family Financial Services
144 Everleth Avenue, Warwick
RI 02888 / 401.595.8198

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Warwick Assistance Programs

Food Bank: Saint Rita's Church / Address: 722 Oakland Beach Avenue, Warwick, RI 02889 / Phone: 401.738.1800

Hot/Cold Meals: Good Neighbors / Address: 55 Turner Avenue, Riverside, RI 02915 / Phone: 401.433.0045

Shelter In Case of Eviction: House of Hope Community Development Corporation / Address: 3194 Post Road, Warwick, RI 02886 / Phone: 401.521.2255

Social Assistance Programs: Department of Social Services / Address: 195 Buttonwoods Avenue, Warwick, RI 02886 / Phone: 855.697.4347

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Usury Law Governing Warwick 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 Warwick 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

Warwick 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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