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This page was last updated November 2018

Commentary for informational purposes only. See disclaimers here.

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Fair Credit Lenders in Memphis TN

Lenders: contact us for listing removal.

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The West Tennessee Credit Union
2521 Fite Road Memphis
TN 38127 / www.wtncu.org
901.358.3796

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Orion Federal Credit Union
1975 Union Ave, Memphis
TN 38104 / www.orionfcu.com
800.532.9025

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Memphis City Credit Union
4135 Elvis Presley Bouelvard
Memphis, TN 38116 / memphiscu.org
901.398.1101

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Shelby County Employees CU
1160 Sycamore View Road, Memphis
TN 38134 / www.shelbycountycu.com
901.377.8929

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LGW Federal Credit Union
1616 Whitten Road, Memphis
TN 38134 / www.lgwfcu.com
901.680.7995

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Southern Security Federal CU
50 N Dunlap Street, Memphis
TN 38103 / southernsecurity.org
901.452.7900

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City of Memphis Credit Union
2608 Avery Ave, Memphis
TN 38112 / cityofmemphiscu.org
901.321.1200

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FAA Federal Credit Union
7974 Centennial Dr, Memphis
TN 38125 / www.faafcu.org
901.757.7999

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Itrust Federal Credit Union
3617 Winchester Road, Memphis
TN 38118 / www.itrustfcu.com
901.547.0209

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FedTrust Federal Credit Union
225 N Humphreys Bouelvard #1029
Memphis, TN 38120 / fedtrustfcu.com
901.747.3631

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Bad Credit Loans in Memphis TN

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

Learn about GAP (Gift Angel Program)

 

Memphis TN Lender Area Map

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Memphis TN Loan App Volume

Top 5 Memphis neighborhood loan app volume

  1. Castalia Heights
  2. Hunters Hollow
  3. High Point Terrace
  4. Sea Isle Park
  5. Hickory Hill

Graceland in Memphis Tennessee: Licensing/Credit

Memphis Bad Credit Loan Example

Adeeb doesn't have any real big debts if you look at his financial situation in the long term. Having a total debt of $10000 isn't much at all, and for some lenders Adeeb's total debt barely reaches their threshold for a personal loan approval.

Adeeb has a fair credit rating in the 660 to 670 range when he got it checked. So not to bad for him. He also had a cosigner for his loan because his parents were willing to trust in him.

All of his debt was in credit cards too, which made things rather simple. He owed around (we rounded his credit card balances up for his example) $2500 on one Visa card and $1500 on another. He had a balance of $3500 on his Citibank card, and $2500 on his American Express card.

It total when we used exact math, he owed a little bit less than ten thousand total. But or this educational example we rounded things up to the full $10000.

Adeeb has as full time job as a manager for a shop in downtown Memphis and he has been working their for over a year. He rented an apartment with a childhood friend so his monthly expenses weren't too crazy.

The reason he accumulated the $10K debt was from having to much fun. It's tough to be good with money when you're young and single. So many friends to spend money with on so many fun things to do. I know, because I've been there!

However, if you can learn from your mistakes when you're young, and make the necessary changes, you could be setting yourself up for a long future of financial solvency. The trick is to get your spending under control, and your budgeting realistic.

This is exaclty what Adeeb did. He got a budget set in stone, and he learned how to avoid spending too much money on the "wants of life", and prioritizing the "the needs in life".

Abeeb's $10000 loan with a 2 year term an 8.93% rate (the mathematics presented below:

Loan Amount (principal) = $10000
Interest Rate = 8.93%
Term Length = 2 year
Monthly Payment = $456.53
Total Paid Back = $10956.63
Total Interest = $956.63

Notice how an interest rate at 8.93% is at least 10% better than his credit cards! This is when debt consolidation does make good sense. However, it's only going to help if you do what Abeeb did and get serious about your personal finances.

We see it all the time. People consolidate their debt down to one monthly payment on one loan. They're now setup in a good position to get things on track, but it all goes to hell after that.

They know their credit card balances are all zero again, and they just can't help themselves. They start using their plastic to purchase non-essential "stuff" and before you know it they're in even deeper debt before they got their orginal consolidation loan agreement.

Try to make sure you don't fall into the same debt trap!

If you're living in Memphis like Adeeb, 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 Memphis TN

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

Education Upgrades: College / University

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Memphis Credit Counseling

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Counselors contact us for listing removal or info change.

Total Credit Solutions
6135 Mt Moriah Rd #115 Memphis
TN 38115 / 901.270.1444
totalcreditsolutions.org

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Satori Credit Solutions
3124 Brother Blvd #106 Bartlett
TN 38133 / satoricreditrepair.com
901.860.4737

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Memphis Assistance Programs

Food Bank: Mid-South Food Bank / Address: 239 South Dudley Street, Memphis, TN 38104 / Phone: 901.527.0841

Hot/Cold Meals: Saint Vincent dePaul Food Mission / Address: 1306 Monroe Avenye, Memphis, TN 38104 / Phone: 901.722.4703

Shelter In Case of Eviction: Memphis Union Mission / Address: 383 Poplar Avenue, Memphis, TN 38105 / Phone: 901.526.8403

Social Assistance Programs: Metro Social Services / Address: 800 2nd Avenue North, Memphis, TN 37201 / Phone: 615.862.6400

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Usury Law Governing Memphis 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 Memphis 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, Memphis, TN 37243-1102 / Phone: 800.778.4215 Fax: 615.253-7794 Email: tdfi.consumerresources@tn.gov

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WFL Loan Products

Memphis 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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