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This page was last updated July 2019

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Fair Credit Lenders in Chattanooga TN

Lenders: contact us for listing removal.

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Chattanooga First Federal Credit Union
3120 Broad St, Chattanooga, TN 37408
www.chattfirst.org
423.267.7621

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Comtrust Federal Credit Union
1620 Gunbarrel Rd, Chattanooga, TN 37421
www.comtrustfcu.com
423.894.5600

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Southern Credit Union
508 National Ave, Chattanooga, TN 37404
www.southerncu.com
800.305.5579

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Trust Federal Credit Union
2186 Northgate Park, Chattanooga, TN 37415
www.trustfcu.com
423.870.7610

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Tennessee Valley FCU
715 Market St, Chattanooga, TN 37402
tvfcu.com
423.634.3600

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Chattanooga Area Schools FCU
1201 Bailey Ave, Chattanooga, TN 37404
www.casfcu.com
423.624.9094

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Memorial Credit Union
6800 Longview Rd, Chattanooga, TN 37421
memorialcreditunion.com
423.855.1770

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Scenic Community Credit Union
7550 E Brainerd Rd, Chattanooga, TN 37421
www.mysccu.com
423.875.6955

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Covington Credit
4011 Brainerd Rd suite 133, Chattanooga, TN 37411
www.mymoneytogo.com
423.698.1629

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Ridge Loan
4143 Ringgold Rd Ste A, Chattanooga, TN 37412
www.serviceloansouth.com
423.622.8766

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Bad Credit Loans in Chattanooga TN

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

Learn about GAP (Gift Angel Program)

 

Chattanooga TN Lender Area Map

Chattanooga Bad Credit Lenders Map - Initial Static Image

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Chattanooga TN Loan App Volume

Top 5 Chattanooga neighborhood loan app volume

  1. Old Crab Tree
  2. Alton Park
  3. Tiftonia
  4. Bushtown
  5. Manchester Park

Lookout Mountain Cannon Chattanooga Tennessee: Credit

Chattanooga Loan Example

Bert in Chattanooga has four credit cards, all with limits of $10,000 and all are carrying balances close to the limit. He has been paying the required monthly payments on each which are very high due to the high interest rate that is charged on a credit card.

His credit utilization ratio is very high, at nearly 95% which is causing his credit rating to decline. He has not missed any payments or been reported for late payments, but this high credit utilization and the fact that it is credit card based debt is contributing to a declining credit score.

He and his wife want to purchase a home in a few years and he has been told that he needs to improve his credit score if he wants to qualify for a low interest mortgage.

Fortunately, they have not missed any payments or worse declared bankruptcy. These reports can stay on your report for many years causing a poor credit rating for a long time.

By taking out a consolidation loan, Bert will accomplish several objectives. First he will lower his monthly payment substantially and pay his debt off more quickly. Secondly he will lower his credit utilization ratio substantially and improve his credit score significantly.

He must not close his credit card accounts otherwise he will have the same problem with credit utilization all over again. Thirdly he will demonstrate that he is responsible and able to manage debt by meeting all of his monthly obligations.

A $40000 consolidation loan with an eight-year term and 5.5% interest rate for Bert would cost him the following per month:

• Loan Amount (principal) = $40000
• Interest Rate = 5.5%
• Term Length = 8 year
• Monthly Payment = $515.97
• Total Paid Back = $49533.40
• Total Interest = $9533.40

Bert was approved for the consolidation loan and promptly paid the balance in full on his credit cards. He did not close the accounts as instructed and his credit score gradually improved as a result.

This improved credit score will certainly help him qualify for a mortgage once he and his wife are ready to make the next step in that direction.

He also plans to repay this loan quickly to further demonstrate his financial management and save interest costs on the loan as well.

By reducing his term, Bert can save thousands of dollars in interest charges alone. Most consumers will meet with a lender to become preapproved for a mortgage to help them decide how much they can spend on a home.

They take into account the total income the family has along with the total debt and monthly payments they have to determine the size of the mortgage they can afford.

A $40000 loan and possibly other debts such as a car loan will determine how much they can be approved for.

If they have a large down payment and low debt load at the time they apply for a mortgage, they will be able to afford something that meets their needs in the area they want to live.

If you're living in Chattanooga like Bert, 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 Chattanooga TN

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

Education Upgrades: College / University

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Chattanooga Credit Counseling

Chattanooga Credit Counsellors Map - Initial Static Image

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Counselors contact us for listing removal or info change.

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Credit Help Today
5600 Brainerd Rd Suite E-1, Chattanooga
TN 37411 / www.credithelptoday.org
423.490.5620

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Chattanooga Credit Counseling
Chattanooga, TN 37404
423.622.2864

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Chattanooga Assistance Programs

Food Bank: Chattanooga Area Food Bank / Address: 2009 Curtain Pole Road, Chattanooga, TN 37406 / Phone: 423.622.1800

Hot/Cold Meals: Community Kitchen / Address: 727 East 11th Street, Chattanooga, TN 37403 / Phone: 423.756.4222

Shelter In Case of Eviction: Chattanooga Rescue Mission / Address: 1512 South Holtzclaw Avenue, Chattanooga, TN 37404 / Phone: 423.756.3126

Social Assistance Programs: Salvation Army Social Services Department / Address: 2140 East 28th Street, Chattanooga, TN 37407 / Phone: 423.305.6200

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Usury Law Governing Chattanooga TN

Summary of Tennessee Usury Law(s) / Legal: 10% / Contract: 4% over average weekly prime rate / Judgment: 10% / Corporate: Rate not specific (read more on Tennessee lending laws)

Complaint process for Chattanooga residents:

Tennessee Department of Financial Institutions / Tennessee Complaint Process / Tennessee Complaint Form (PDF)

Mailing Address: Tennessee Department of Financial Institutions - Consumer Resources Section / Tennessee Tower, 26th Floor, 312 Rosa L. Parks Avenue, Chattanooga, TN 37243-1102 / Phone: 800.778.4215 Fax: 615.253-7794 Email: tdfi.consumerresources@tn.gov

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WFL Loan Products

Chattanooga 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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