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This page was last updated September 2018

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Fair Credit Lenders in Spokane WA

Lenders: contact us for listing removal.

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Inspirus Credit Union
5123 E 3rd Avenue Spokane Valley
WA 99212 / www.inspiruscu.org
888.628.4010

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Numerica Credit Union
4909 E Sprague Avenue, Spokane Valley
WA 99212 / www.numericacu.com
509.535.7613

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Easy Auto Credit
7701 E Sprague Avenue, Spokane Valley
WA 99212 / www.easyautocredit.us
509.926.9955

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PrimeSource Credit Union
9208 E Sprague Avenue, Spokane Valley
WA 99206 / www.primesourcecu.org
509.838.6157

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Global Credit Union
9227 E Montgomery Avenue, Spokane
WA 99206 / www.globalcu.org
509.455.4700

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Progressions Credit Union
2919 E Mission Avenue, Spokane
WA 99202 / www.progressionscu.org
509.535.0191

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Horizon Credit Union
201 N Mullan Road, Spokane
WA 99206 / www.hzcu.org
800.852.5316

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Spokane Federal Credit Union
601 W Mallon Avenue, Spokane
WA 99201 / www.spokanefederal.com
509.328.2900

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Spokane Law Enforcement Credit Union
924 W Sinto Avenue, Spokane
WA 99201 / slecu.org
509.327.3244

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Washington School Employees CU
1500 W 4th Avenue #100, Spokane
WA 99201 / 509.328.8500

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Bad Credit Loans in Spokane WA

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

Learn about GAP (Gift Angel Program)

 

Spokane WA Lender Area Map

Spokane Bad Credit Lenders Map - Initial Static Image

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Spokane WA Loan App Volume

Top 5 Spokane neighborhood loan app volume

  1. Riverside
  2. Logan
  3. Chief Garry Park
  4. Cannon Hill
  5. West Hills

Monroe Street Bridge in Spokane: Licensing/Credit

Spokane Bad Credit Loan Example

Misty in East Spokane was looking for a quick way to get all of her debt consolidated into one loan. She really wanted a lower interest rate.

She wanted a whopping $150,000 dollars to pay off all of her creditors at once. At tall order when you have a bad credit rating to content with.

Here is a list of her different debts and what the interest rates were one each debt. Note that Misty didn't include the rate of interest her medical expenses were compounding at. This is of course before your loan application went through this website.

$65K car loan @ 9.2%
$35K personal loan @ 12.01%
$30K medical expenses
$7000 Amex card @ 24.28%
$3000 Visa card @ 23.22%
$10000 Mastercard @ 21.98

These debts were all rounded up for the sake of explaining how much money Misty was responsible to pay her creditors. Notice how high her interest rates were on her credit cards.

Also take not of the car loan at a 9.2% rate. These high rates are a dead giveaway that we're looking at the debt balance sheet of a person with a bad credit rating.

And you can also see that she had some fairly high credit card limits. Doesn't seem to make sense right?

Well it does when you find out that Misty and her husband Frank had a fairly successful auto body business at one time. That all changed when Frank's gambling problem wiped them out.

They lost the business and he declared personal bankruptcy.

To make matters worse, Misty was diagnosed with cancer in the middle of their divorces proceeding. She felt like her entire world came crumbling down around her.

The freaky part is that it all happened within one year. That, ladies and gentlemen, is what's called a "BAD YEAR".

The good news is she survived the cancer and is still alive to tell us her story. Below is the final loan amount and the resulting calculations after she was approved with a private lender in upstate Florida.

Debt Consolidation Amount = $150K
Interest Rate = 7.34%
Term Length = 20
Monthly Payment = $1193.76
Total Paid Back = $286,501.73
Total Interest = $136,501.73

7.34% on an amount on a personal loan this large equates to a lot of interest. That's an expensive loan for sure.

So it was critical that Misty find a way to get back on her feet and increase her monthly cash flow - and it had to be dramatic.

If she didn't find a way to create a serious cash flow she was going to be struggling with this debt for a 20 years. Pretty much a life sentence.

She had friends who suggested she claim personal bankruptcy, but didn't like that idea. She wanted to pay back all her creditors in full.

Then there was others telling her to go ahead and enter into debt settlement plan. She didn't want to do that either. She didn't want to pay back her creditors with only pennies on the dollar.

It's a personal choice when it comes to important financial decisions. Below we have a list of the offers she was sent from lenders using the WFL lender pool.

Local Spokane lender @ 9.22%
Washington wide lender #1 @ 7.34%
Washington wide lender #2 @ 8.56%
USA wide lender #1 @ 10.33%
USA wide lender #2 @ 8.77%

The lender she went with was a private lender based out of Spokane. This lender is different than the big banks or local credit unions. They focus their attention on a realistic risk assessment.

They don't conclude their risk assessment on credit score alone. They could see Misty had been working full time as a paralegal in Miami for over 15 years. They could see that her cash flow was strong.

They could also see her new small business (one she runs from her home in her spare time) was actually doing quite well. Her small business income was making her an extra $2500 each month in net profit.

Luckily for Misty, she is extremely talented and bright. She did have some equity on the house she kept from the divorce agreement with her ex. She used that asset for collateral too, but that had a small bearing on her final loan approval.

If you're living in Spokane like Misty, 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 Spokane WA

Job/Income Upgrades: Indeed / Monster

Education Upgrades: College / University

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Spokane Credit Counseling

Spokane Credit Counsellors Map - Initial Static Image

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Counselors contact us for listing removal or info change.

Seattle Debt Reduction Services
316 W Boone Avenue #350 Spokane
WA 99201 / 877.688.3328
www.debtreductionservices.org

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Straight Up Credit Repair
WA 99206 / 509.999.9176
straightupcreditrepair.com

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Spokane Assistance Programs

Food Bank: Second Harvest / Address: 1234 East Front Avenue, Spokane, WA 99202 / Phone: 509.534.6678

Hot/Cold Meals: Women & Children's Free Restaurant & Community Kitchen / Address: 1408 North Washington Street, Spokane, WA 99201 / Phone: 509.324.1995

Shelter In Case of Eviction: House of Charity / Address: 32 West Pacific Avenue, Spokane, WA 99201 / Phone: 509.624.7821

Social Assistance Programs: Social & Health Services Department / Address: 8517 East Trent Avenue #101, Spokane Valley, WA 99212 / Phone: 509.227.2700

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Usury Law Governing Spokane WA

Summary of Washington Usury Law(s) / Legal: 12% / Contract: 12% / Judgment: Washington judgment rate is as contract provides, otherwise the higher of 12% or 4% above coupon yield of 26-week Treasury bills / Corporate: No special rate (read more on Washington lending laws)

Complaint process for Spokane residents:

Washington Department of Financial Institutions / Washington Complaint Process / Compaint form

Mailing Address: PO Box 41200, Olympia WA 98504-1200 Physical Location: 150 Israel Road SW, Tumwater WA 98501 / Phone Numbers: 360.902.8700 Toll Free: 877.746-4334 TDD: 360.664.8126 En Español: 888.976.4422 Fax: 360.586.5068 Email: dfi@dfi.wa.gov

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WFL Loan Products

Spokane 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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