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This page was last updated August 2021

Commentary for informational purposes only. See disclaimers here.

Best Bad Credit Loans for 2020

Fair Credit Lenders in Milwaukee WI

Lenders: contact us for listing removal.

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Educators Credit Union
7025 W Appleton Avenue Milwaukee
WI 53216 / www.ecu.com
800.236.5898

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Summit Credit Union
10015 W Greenfield Avenue, Milwaukee
WI 53214 / 800.236.5560
www.summitcreditunion.com

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Enterprise Credit Union
765 N Broadway, Milwaukee
WI 53202 / www.enterprisecu.com
262.797.6260

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Prime Financial Credit Union
1923 W Oklahoma Avenue, Milwaukee
WI 53215 / 414.486.4500
www.primefinancialcu.org

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Landmark Credit Union
4000 S 27th Street, Milwaukee
WI 53221 / www.landmarkcu.com
262.796.4500

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Brewery Credit Union
1351 N. Dr. Martin Luther King Jr.
Dr., Milwaukee / WI 53212
www.brewerycu.com
414.273.3170

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UW Credit Union
2200 E Kenwood Blvd, Milwaukee
WI 53211 / www.uwcu.org
800.533.6773

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Educators Credit Union
6131 W Center Street, Milwaukee
WI 53210 / www.ecu.com
800.236.5898

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Guardian Credit Union
4501 W Greenfield Avenue, Milwaukee
WI 53214 / www.guardiancu.org
414.546.7450

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Aurora Credit Union
3355 W Forest Home Avenue Milwaukee
WI 53215 / 414.649.7949
www.auroracreditunion.org

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Bad Credit Loans in Milwaukee WI

Fast Loan Pre-App Method
Accessing Bad Credit Lender Pool (?)
Learn about GAP (Gift Angel Program)

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Milwaukee WI Lender Area Map

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Milwaukee WI Loan App Volume

Top 5 Milwaukee neighborhood loan app volume

Milwaukee Wisconsin Art Museum: Licensing/Credit

Milwaukee Bad Credit Loan Example

Jim has an opportunity to purchase a vacation home in a trailer park down state. It is a side by side that someone is selling with all of the furniture and even the appliances and utensils.

It was given to a relative after the owner passed away and now they want to sell it to close the estate. Jim and his wife will use it as a vacation home to get away for the weekend.

The property also has a pool area, tennis courts and a common room which can be used by the residents for events. He figures at $40k it is a good deal and move in ready.

He has $10k of his own money to provide as a down payment leaving $30k, which he would like to borrow. He has another $5k in credit card debt that he would also like to consolidate into one loan payment for a total of $35k.

He tries to repay his credit statements on the due date to avoid interest charges, but this time he had a few more expenses than planned, hence the debt consolidation he needs.

He also has a car loan and a mortgage on his home. With this new loan, he will still be under the 35% debt limit most lenders look for.

His credit utilization will be a little high, however he can use either the side by side or his home as security for this loan.

He will have to pay for either the home or the side by side to be appraised, to ensure that it is really worth what he is paying for the side by side.

A $35000 loan with an seven-year term and 5.5% interest rate for Jim would cost him the following per month:

Loan Amount (principal) = $35000
Interest Rate = 5.5%
Term Length = 7 year
Monthly Payment = $502.95
Total Paid Back = $42247.93
Total Interest = $7247.93

Jim likes the idea of being able to purchase this side by side move in ready. Although he expects that once they take possession his wife will want to make some changes, they should not be too expensive.

He is pretty handy and will be able to make whatever changes may be needed. They are both really looking forward to spending time at this RV park on the weekends and on vacation.

The kids like the idea as well since there is lots for them to do in the area.

Jim's income along with that of his wife is sufficient to support the mortgage payment, his car payment and now this debt consolidation loan which he is going to use for the purchase of the side by side.

He also can work overtime on his job and usually receives a bonus payment once a year. Barring unforeseen circumstances, they plan to put all of the overtime money and the bonus payment towards the consolidation loan.

At the very least he will pay less total interest costs and he may pay off the loan much more quickly than the contracted seven years. Sounds like Jim and his wife have a solid plan.

If you're living in Milwaukee like Jim, 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 Milwaukee WI

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

Education Upgrades: College / University

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Milwaukee Credit Counseling

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Counselors contact us for listing removal or info change.

Credit Repair Milwaukee
544 E Ogden Avenue Milwaukee
WI 53202 / 414.376.5877
creditrepairmilwaukee.org

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The Credit Repair Shop
6234 W Capitol Drive, Milwaukee
WI 53216 / 866.803.5781
thecreditrepairshop.com

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Consumer Credit Counseling Services
3200 W Highland Blvd, Milwaukee
WI 53208 / 414.482.8801
www.creditcounselingwi.org

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Milwaukee Non-Profit Services

Food Bank: Feeding America of Milwaukee / Address: 1700 West Fond Du Lac Avenue, Milwaukee, WI 53205 / Phone: 414.931.7400

Hot/Cold Meals: Unity Evangelical Lutheran Church / Address: 1025 East Oklahoma Avenue, Milwaukee, WI 53207 / Phone: 414.744.6311

Shelter In Case of Eviction: Milwaukee Rescue Mission / Address: 830 North 19th Street, Milwaukee, WI 53233 / Phone: 414.344.2211

Social Assistance Programs: Social Development Commission / Address: 1730 West North Avenue, Milwaukee, WI 53205 / Phone: 414.906.2700

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Usury Law Governing Milwaukee 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 Milwaukee 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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