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Wisconsin Lenders > Madison

This page was last updated November 2018

Commentary for informational purposes only. See disclaimers here.

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Fair Credit Lenders in Madison WI

Lenders: contact us for listing removal.

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Madison Credit Union
949 E Washington Avenue Madison
WI 53703 / www.madisoncu.com
608.266.4750

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Summit Credit Union
307 E Wilson Street, Madison
WI 53703 / 608.243.5000
www.summitcreditunion.com

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Members First Credit Union
3401 W Beltline Hwy, Madison
WI 53713 / www.mbr1cu.org
608.271.5301

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Heritage Credit Union
2555 Shopko Drive, Madison
WI 53704 / www.heritagecu.org
608.241.2191

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St. Mary's & Affiliates CU
700 S Park Street, Madison
WI 53715 / www.smacu.org
608.258.5062

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Dane County Credit Union
2160 Rimrock Road, Madison
WI 53713 / www.dccu.us
608.256.5665

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UW Credit Union
278 Junction Road, Madison
WI 53717 / www.uwcu.org
800.533.6773

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Alliant Credit Union
4902 N Biltmore Ln #50, Madison
WI 53718 / www.alliantcu.com
608.416.7780

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WEA Credit Union
33 Nob Hill Road, Madison
WI 53713 / www.weacu.com
608.274.9828

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Wisconsin Bank & Trust
119 Junction Rd Madison
WI 53717 / 608.203.1200
www.wisconsinbankandtrust.com

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Bad Credit Loans in Madison WI

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Madison WI Lender Area Map

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Madison WI Loan App Volume

Top 5 Madison neighborhood loan app volume

  1. Hawthorne
  2. Pflaum Road
  3. James Madison Park
  4. Schenk-Atwood
  5. Emerson East

Madison Wisconsin Capitol Building: Licensing/Credit

Madison Bad Credit Loan Example

Gerry is in the construction landscaping business. He has two crews that work on various projects.

Typically, they will rent most of the equipment they need for the projects they work on and then charge these costs back to the customer.

Lately he has found that he is being undercut on bids for various projects. He feels that his competitors are more competitive because they own more of their own equipment.

There is no waiting for someone to return a piece of equipment to the rental equipment company so they can rent it out and the overhead cost is much lower when you have your own trucks and back hoe’s etc.

He would like to purchase several pieces of equipment and consolidate a small amount of personal debt that he is carrying into one loan.

Instead of buying new, he has his eye on a truck, a trailer and a back hoe that is being sold from a bankruptcy.

He needs to be approved for the loan before he can even bid on these items and he is not sure that they will go as inexpensively as he hopes.

He plans to go to the auction and bid on these items or perhaps others that may be available for sale. Although the overhead of the loan will add to his cost of doing business, he feels that he can be much more responsive and competitive when bidding on jobs.

A $50000 loan with an fifteen-year term and 4.29% interest rate for Gerry would cost him the following per month:

Loan Amount (principal) = $50000
Interest Rate = 4.29%
Term Length = 15 year
Monthly Payment = $377.15
Total Paid Back = $67887.40
Total Interest = $17887.40

Gerry has applied for a fifteen year personal loan to allow him to bid at an auction for equipment he wants to purchase. His company is not incorporated and this is a personal loan rather than a business loan.

He also wants a long term loan to keep his monthly payments as low as possible.

For many small business owners, whether they are incorporated or not, it is very difficult to find lenders to approve loans of this type. Lenders know that businesses come and go and they are usually very high risk endeavors.

While Gerry has a good record of paying his bills on time and no reports to any credit agencies, he does not have a regular income. He depends on finding contracts, completing them and getting paid by his customers.

Unfortunately, Gerry does not have any equity in a home or other equipment that he can use as security for the personal consolidation loan he needs.

His loan cannot be approved based on something he intends to purchase at an auction.

If he was buying a piece of equipment brand new, he could possibly use this equipment as equity, however the payment terms would need to be much shorter.

Gerry is going to have to find other ways to find the money to expand his business.

Developing a business plan that outlines all of his revenue plans, staff, and expenses will help him in future applications for consolidation loans.

If you're living in Madison like Gerry, 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 Madison WI

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

Education Upgrades: College / University

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Madison Credit Counseling

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Counselors contact us for listing removal or info change.

Choice Credit Consulting
30 W Mifflin St #702 Madison
WI 53703 / 608.205.8162
www.choicecreditconsulting.com

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Debtors Anonymous
Madison, WI 53703
debtorsanonymous.org
608.283.3247

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Wisconsin Financial Services
3557 E Washington Avenue
Madison, WI 53704
www.wisconsinfs.com
608.630.9007

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Madison Assistance Programs

Food Bank: Second Harvest Foodbank of Southern Wisconsin / Address: 2802 Dairy Drive, Madison, WI 53718 / Phone: 608.223.9121

Hot/Cold Meals: Luke House / Address: 310 South Ingersoll Street, Madison, WI 53703 / Phone: 608.256.6325

Shelter In Case of Eviction: Porchlight of Madison Wisconsin / Address: 306 North Brooks Street, Madison, WI 53715 / Phone: 608.257.2534

Social Assistance Programs: Dane County Human Services Department / Address: 1202 Northport Drive, Madison, WI 53704 / Phone: 608.242.6200

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Usury Law Governing Madison WI

Summary of Wisconsin Usury Law(s) / Legal: 5% / Contract: Any rate not exceeding various statutory maximums / Judgment: 12% / Corporate: No special rate (read more on Wisconsin lending laws)

Complaint process for Madison residents:

Wisconsin Department of Financial Institutions / Wisconsin Complaint Process / Compaint form PDF for download

Department of Financial Institutions: Bureau of Consumer Affairs / PO Box 8041, Madison, WI 53708-8041 / Phone: 800.452.3328 Fax: 608.264.7968

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WFL Loan Products

Madison 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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