Fair to Bad Credit Loans in WA
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Last updated October 18th 2020
Commentary is for informational purposes only. See legal disclaimers here.Trouble Getting Approved in Washington?
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Washington Usury and Regulations
Summary of Washington Usury Law(s) / Quote: "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"
(WeFindLenders.com endeavors to include the most up to date legal data for Washington, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Washington, and/or contact the Washington State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)
Washington Usury Law Information:
Legal Maximum Interest Rates: Quote: "12% absent written contract rate (§19.52.010(1))"
Usury Penalties:
Quote: "Debtor entitled to costs, attorney's fees,
and twice amount paid in excess of what lender is entitled to (§19.52.030(1))"
Judgment Interest Rates: Quote: "Contract
rate as long as within statutory limit or maximum rate; child support,
12% (§4.56.110)"
Legal Exceptions: Quote: "Broker
dealers (§19.52.110); retail installment contract or transaction
(§19.52.100, §19.52.130); sales contract providing for deferred
payment (§19.52.120); financing of mobile homes (§19.52.160)"
Washington Lenders By City
Seattle WA / Spokane WA / Tacoma WA / Vancouver WA / Bellevue WA / Kent WA / Everett WA
Complaints to:
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
Washington Lender List
Click
or tap map image above for interactive version.
Lenders contact
us for listing removal or amendment.
Waterfront Federal Credit Union
2414 SW Andover St # E100 Seattle
WA 98106 - www.waterfrontfcu.com
206.622.8415
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Express Credit Union
1930 6th Ave S Suite 104, Seattle
WA 98134 - expresscu.org
206.622.1850
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Verity Credit Union
11027 Meridian Ave N #102, Seattle
WA 98133 - www.veritycu.com
206.361.5346
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Salal Credit Union
11023 8th Ave NE, Seattle
WA 98125 - www.salalcu.org
206.298.9394
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Spokane Federal Credit Union
1212 W Francis Ave, Spokane
WA 99205 - 509.755.1350
www.spokanefederal.com
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Gesa Credit Union
1355 W Poplar St, Walla Walla
WA 99362 - www.gesa.com
509.378.3100
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HAPO Community Credit Union
1850 E Isaacs Ave, Walla Walla
WA 99362 - hapo.org
509.525.1286
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Solarity Credit Union
110 N 5th Ave, Yakima
WA 98902 - www.solaritycu.org
509.248.1720
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Lower Valley Credit Union
1112 E Nob Hill Blvd Suite 106
Yakima, WA 98901 - www.lvcu.org
509.317.7242
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WSECU
604 E University Way Ellensburg
WA 98926 - wsecu.org
800.562.0999
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Bad Credit Loan Form for Washington
Bad Credit Loan Example In Washington
Paul and his wife from Everett moved to Ireland a few years ago. His mother in-law paid to move all of the furniture to Ireland. After they were there a few years they both lost their jobs and decided to move back home.
Mother in-law would not pay to move everything back, so they sold all of their belongings for pennies on the dollar in Ireland. They moved back to Illinois and had to begin all over again.
They both were able to obtain jobs, but not after racking up some credit card debt and missing a few payments. Their credit score was already not so good and this just made it worse.
Now they have a bad credit rating. They have been living with his wife’s parents which really is not going that well. They want to move out and need a loan to help them buy some furniture and all of the things they got rid of in Ireland.
Mother in-law is not too pleased with them because they sold everything in Ireland. Apparently there was some really nice heirlooms and furniture that they should have actually not sold.
She is done helping them and now they need what amounts
to a bad credit loan to help them pay their credit card debt and also
buy some essentials for the apartment they want to move into. They need
a $4200 loan with a three year term to get them settled.
A $4200 loan with a 3 year term and 8.95% interest rate for Paul would
cost him the following per month:
• Loan Amount (principal) = $4200
• Interest Rate = 8.95%
• Term Length =3 year
• Monthly Payment = $133.46
• Total Paid Back = $4804.60
• Total Interest = $604.60
Paul and his wife have made a lot of bad mistakes financially and personally over the years. One of the worst things you can do is have your in-laws upset with you.
Most parents will help their children out whenever they need help, however there is a limit and they seemed to have reached the limit of what the parents are willing to deal with.
The same applies to lenders. Although Paul and his wife are now working they have not really demonstrated very good money management skills and with a bad credit score they appear to be a high risk client.
What they may not realize is that items reported to a credit score can stay on their report for up to seven years. Even though they were gone from the country for two years, they still have reports from four or five years ago.
With the current missed payments reported to the credit rating agencies and their former issues, they are not a good credit risk at all.
Even with a gap of two years with no issues, their score quickly nosedived with the latest non payment issues. It is very unlikely that any lender will take this couple on as clients unless they can perhaps reduce the loan requirements or provide some sort of equity to provide a guarantee for their loan.
They may have to scrimp and save for a few years before they can apply for and be approved for a loan.
If you live in the State of Washington and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.
Sincerely,
Chris Somerset
Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.
Debt Consolidation Loans in WA
Last 5 debt service loans approved in the State of Washington. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.
$7500 $45000 $7000 $9000 $15000
7.06% 7.14% 7.95% 12.94% 9.85%
Washington Debt Consolidation Providers
Click
or tap map image above for interactive version. American Financial Solutions - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Debt Reduction Services - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Northwest Debt Relief Law Firm - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Inspirus Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - State Highway Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Generations Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Mountain Crest Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Debt Consolidation Seattle - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Whatcom Educational Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Debt Reduction Services - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - To all of our Washington State visitors
- make sure before you jump into a debt consolidation loan be sure that
it's actually the right solution for you. Read about your choices in our
Should
You Bother? section. A consolidation loan may not be the best idea
for you. If after learning about your different
debt management options, and you believe consolidating is the right route
to take, feel free to use our application form for bad credit borrowers.
If your credit is fair to good, you can check out some of the providers
we have listed above. Ron from Spokane admits he is not good
at managing his money. He likes to enjoy life now and worry about the
future when it arrives. He usually spends all of his paycheck
and never sets aside anything for future expenses. He is good at paying
his bills i.e. rent, utilities, car payments etc. If there is any cash left, he will spend
it on something. But now he needs a debt consolidation loan to help him
move from one apartment to another. He is moving to be closer to his new job.
He will receive his original deposit back in a few weeks once the landlord
has inspected everything and gets around to refunding his deposit. In the meantime, he has to pay for his
first and last month rent up front at his new place and also provided
a refundable damage deposit. Because he spends everything he makes and
lives from pay check to pay check, he does not have any money at all to
pay for these expenses. This is all about cash flow for him and
not having any savings to help him through temporary extra expenses. He
also just realized that he will have to wait two weeks before he is paid
on his new job which is going to create even more cash flow pressure.
Who knew that changing jobs and moving
at the same time would create such problems. It is a good thing that this
new job pays more and has better long term prospects for him, otherwise
it might not be worth it. A $2000 loan with a 1 year term 9.65%
interest rate for Ron would cost him the following per month: • Loan Amount (principal) = $2000 Ron only needs $2000 to get him through
this temporary cash flow problem. He would like a one year term to repay
the loan. When he receives his original damage deposit from his previous
landlord, he will use it to repay part of his loan. Since he is going to be making a little
more from this new job he should have sufficient cash flow to handle the
added monthly expense. Never the less he will have to watch his
spending for a few months until he has repaid this loan or gotten used
to the idea of having less to spend each month. Consumers like Ron should
really develop some kind of savings plan that allows them to have some
sort of savings to help them in situations like the one Ron is facing. A savings plan would actually reduce
his interest expense and save him money at the same time.Since Ron actually
has a pretty good credit score, he should have no problems being approved
for the loan. He is moving and starting a new job at
the same time, so he will be asked to provide a copy of his new lease
and a letter from his employer to indicate that he actually has a new
job and the salary that he is going to be paid. Once this is done, he
should have no problem with the loan approval. If you live in the State of Washington and
you're trying to get approved for a debt consolidation loan, we hope our
website helps you find a good lender regardless of your credit rating. Andy Somerset Andy
Somerset is the son of Lance Somerset who founded the We
Find Lenders Pool. He writes for WeFindLenders.com whenever he's not
working hard on his degree in finance. Click
or tap map image above for interactive version. - - - - - - - - - - - - - - - -
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Lenders contact
us for listing removal or amendment.
263 4th St Bremerton
WA 98337 - 888.282.5844
myfinancialgoals.org
316 W Boone Ave #350, Spokane
WA 99201 - 509.323.0200
debtreductionservices.org
1201 Pacific Ave #600, Tacoma
WA 98402 - nwdrlf.com
253.948.4622
5200 Southcenter Blvd, Tukwila
WA 98188 - inspiruscu.org
206.628.4010
2632 Rudkin Rd, Union Gap
WA 98903 - sthwycu.com
509.248.5522
929 Eastside St SE, Olympia
WA 98501 - 360.357.5660
generationscreditunion.com
3710 168th St NE a108, Arlington
WA 98223 - 360.435.5400
mountaincrestcu.com
925 4th Ave Seattle
WA 98104 - 206.408.1512
600 E Holly Street Bellingham
WA 98225 - www.wecu.com
360.676.1168
7535 W Kennewick Ave, Kennewick
WA 99336 - 844.243.9350
debtreductionservices.org WA
Debt Consolidation Application Form
About Consolidation Loans
In Washington
Consolidation
Example in Washington
• Interest Rate = 9.65%
• Term Length = 1 year
• Monthly Payment = $175.51
• Total Paid Back = $2106.08
• Total Interest = $106.08
Sincerely,
Credit
Counseling Services In WA
Counselors contact
us for listing removal or amendment.
502 2nd Ave Seattle
WA 98104 - creditglory.com
800.807.4388
1928 Virginia St #222, Seattle
WA 98101 - 206.629.2155
701 25th Ave, Seattle
WA 98122 - 206.946.8315
www.careonecredit.comWFL Loan Product
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