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This page was last updated September 2018

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Fair Credit Lenders in Salt Lake City UT

Lenders: contact us for listing removal.

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Utah Federal Credit Union
4032 564 E 300 South
Salt Lake City, UT 84102
www.utahfederalcu.com
801.328.1521

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University Federal Credit Union
30 N 1900 East, Salt Lake City
UT 84112 / www.ucreditu.com
801.584.1060

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Utah First Credit Union
222 E S Temple, Salt Lake City
UT 84111 / utahfirst.com
801.320.2600

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Firefighters Credit Union
124 W 1400 S, Salt Lake City
UT 84115 / www.firefighterscu.com
801.487.3219

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Mountain America Credit Union
735 State Street, Salt Lake City
UT 84111 / www.macu.com
801.325.6292

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Deseret First Credit Union
143 E Social Hall Avenue
Salt Lake City, UT 84111
www.dfcu.com
801.538.0894

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Cyprus Credit Union
358 700 E, Salt Lake City
UT 84102 / www.cypruscu.com
801.260.7600

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Healthcare Credit Union
325 E 8th Avenue, Salt Lake City
UT 84103 / www.gwcu.org
800.283.4550

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UNIFY Financial Credit Union
1129 N 3950 W, Salt Lake City
UT 84116 / www.unifyfcu.com
877.254.9328

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Chartway Federal Credit Union
25 E 1700 S Salt Lake City
UT 84115 / www.chartway.com
800.678.8765

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Bad Credit Loans in Salt Lake City UT

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

Learn about GAP (Gift Angel Program)

 

Salt Lake City UT Lender Area Map

Salt Lake City Bad Credit Lenders Map - Initial Static Image

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Salt Lake City UT Loan App Volume

Top 5 Salt Lake City neighborhood loan app volume

  1. West Drive
  2. Yalecrest
  3. West Salt Lake
  4. Liberty Wells
  5. Yalecroft

Salt Lake City Utah and County Building: Licensing/Credit

Salt Lake City Bad Credit Loan

Brent had just under $30000 dollars in debt. Some was unsecured debt, and some secured by his SUV.

His SUV was half way paid off, and the remaining balance owing was secured by the fact his Toyota Highlander was still in great shape.

However, that only accounted for $15000 worth, and he had missed some payments so his interest was now cranked up to 12%.

Ouch.

He also had credit card balances to the tune of $15000. Evenly rounded up it came to around $5000 per card. He had a Mastercard, Visa, and an American express card.

His weakness was travel. He and his wife loved to travel all over the country whenever they time off from work.

This travel obsession is the reason for the high credit card balances. All three of his credit cards were near their maximum allowed balance as per the banks' credit agreements.

$15000 owing on car @12%
$5000 owing Visa @ 19.32%
$5000 owing Mastercard @ 20%
$5000 owing Amex @ 23%

Notice above how his interest rates on his credit cards were out of hand. The typical credit card rate is 18%-19% and he was either in the upper range or over 20%.

This is when people typically try to consolidate all of their debt. They realize that the interest compounding is getting to the point where they can't keep up.

Unless you have enough cash flow to make large payments against your unsecured (and high interest) balances you're getting nowhere.

In Brent's case his credit score was bad enough that finding a conventional lender to lend him the money was slim.

He also used the WFL lender pool service to find some private lenders to consider is his loan.

Below is the loan he was approved for based on his employment record and employment length.

Debt Consolidation Amount = $30000
Interest Rate = 9.3%
Term Length = 5
Monthly Payment = $627.13
Total Paid Back = $37,627.66
Total Interest = $7,627.66

As you can above he did really well. He consolidated all of his debt at a much lower rate at 9.3%.

You're probably wondering how someone with a bad credit score could get approved for a rate like that. The answer is simple.

Cosigner.

He got his father to sign for him which helped get his rate a lot lower than it would be if he was just signing on his own. Basically, what would have been a unsecured loan ended up being a "secured loan".

A big difference. But even at that you can see how much 9.3% cost him. Over 5 years it cost him over $7500 in interest.

This is why it's so important to protect your credit rating.

Below we're including the different offers Brent got for his loan;

Local Salt Lake City lender @ 13.2%
Utah wide lender #1 @ 10.34% (CS)
Utah wide lender #2 @ 11.78% (P)
USA wide lender #1 @ 13.8% (P)
USA wide lender #2 @ 9.3% (CS)

See the variance?

He had 5 offers coming from lenders ranging in service areas. In this case it wasn't typical because there was only one lender from right in Salt Lake City approaching him. Usually there's more than that from a city of that size.

We usually don't include a lot of examples where the borrower has a cosigner. It tends to discourage borrowers with bad credit and no cosigner. They get the feeling there is no hope of them getting approved for a 100% unsecured debt consolidation loan.

Not the case. Some of the private lenders will take into consideration more criteria than large banks.

Credit unions too. Some credit unions will take into account how long you've been employed and whether or not you have all your bank accounts with them.

If you're living in Salt Lake City like Brent 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 Salt Lake City UT

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

Education Upgrades: College / University

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Salt Lake City Credit Counseling

Salt Lake City Credit Counsellors Map - Initial Static Image

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Counselors contact us for listing removal or info change.

AAA Fair Credit Foundation
230 200 S #3104 Salt Lake City
UT 84101 - www.faircredit.org
800.351.4195

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Aggressive Credit Repair
4400, 878 Windsor Ln
Bountiful, UT 84010
aggressivecreditrepair.com
801.298.3460

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Salt Lake City Assistance Programs

Food Bank: Utah Food Bank / Address: 3150 South 900 West, South Salt Lake, UT 84119 / Phone: 801.978.2452

Hot/Cold Meals: Crossroads Urban Center / Address: 347 South 400 East, Salt Lake City, UT 84111 / Phone: 801.364.7765

Shelter In Case of Eviction: Rescue Mission of Salt Lake / Address: 463 400 West, Salt Lake City, UT 84101 / Phone: 801.355.1302

Social Assistance Programs: Community Action Program Heat / Address: 3060 Lester Street, Salt Lake City, UT 84119 / Phone: 801.433.0777

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Usury Law Governing Salt Lake City UT

Summary of Utah Usury Law(s) / Legal: 10% / Contract: Agreed rate / Judgment: Agreed rate / Corporate: No Special Rate (read more on Utah lending laws)

Complaint process for Salt Lake City residents:

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

Mailing Address: Utah Department of Financial Institutions / PO Box 146800, Salt Lake City, UT 84114-6800, Phone: 801.538.8830 Fax: 801.538.8894, Email: dfi@utah.gov

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WFL Loan Products

Salt Lake City 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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