Fair to Bad Credit Loans in WI
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Last updated January 10th 2021
Commentary is for informational purposes only. See legal disclaimers here.Trouble Getting Approved in Wisconsin?
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Wisconsin Usury and Regulations
Summary of Wisconsin Usury Law(s) / Quote: "Legal: 5% / Contract: Any rate not exceeding various statutory maximums / Judgment: 12% / Corporate: No special rate"
(WeFindLenders.com endeavors to include the most up to date legal data for Wisconsin, 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 Wisconsin, and/or contact the Wisconsin State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)
Wisconsin Usury Law Information:
Legal Maximum Interest Rates: Quote: "5% unless otherwise agreed in writing (§138.04)"
Usury Penalties:
Quote: "Lender intentionally violating fined $25 to
$500 and/or prison up to 6 months (§138.06(2))"
Judgment Interest Rates: Quote: "12%
(§815.05(8))"
Legal Exceptions: Quote: "State-chartered
banks, credit unions, savings and loans, etc. (§138.041); residential
mortgage loans (§138.052(7)); loans to corporations (§138.05(5));
installment contract on auto (§218.0142)"
Wisconsin Lenders By City
Milwaukee WI / Madison WI / Green Bay WI / Kenosha WI / Racine WI / Appleton WI
Complaints to:
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
Wisconsin Lender Service Areas Map
Click
or tap map image above for interactive version.
Lenders contact
us for listing removal or amendment.
Enterprise Credit Union
765 N Broadway Milwaukee
WI 53202 - 262.797.6260
www.enterprisecu.com
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Educators Credit Union
7025 W Appleton Ave, Milwaukee
WI 53216 - www.ecu.com
800.236.5898
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Summit Credit Union
5000 W National Ave, Milwaukee
WI 53295 - 608.243.5000
www.summitcreditunion.com
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Dane County Credit Union
2160 Rimrock Rd, Madison
WI 53713 - www.dccu.us
608.256.5665
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Post Office Credit Union
151 Corporate Dr, Madison
WI 53714 - www.mypocu.com
608.244.3518
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Wisconsin Medical Credit Union
2221 S Webster Ave, Green Bay
WI 54301 - www.wismedcu.org
920.432.4353
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Capital Credit Union
406 Cardinal Ln, Green Bay
WI 54313 - www.capitalcu.com
920.494.2828
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Service Credit Union
600 N Adams St, Green Bay
WI 54301 - www.service-cu.com
920.433.1784
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Southern Lakes Credit Union
5001 60th St, Kenosha
WI 53144 - 262.694.1600
www.southernlakescu.org
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Blackhawk Community Credit Union
7180 75th Street Kenosha
WI 53142 - bhccu.org
800.779.5555
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Bad Credit Loan Form for Wisconsin
Bad Credit Loan Example In Wisconsin
Chrissie is about to inherit some cash from her grandmother’s estate and she would like to borrow the money in advance to help her pay off some of her debts. Her grandmother passed away a few months ago and according to the will she left Chrissie some money and other heirlooms that she wanted Chrissie to have.
She knew Chrissie was having financial problems and wanted to help her out. According to the will she will receive over $20,000 in cash once the will has been probated and the assets sold to generate the cash that is to be paid out.
It is taking somewhat longer than Chrissie anticipated since the courts had to step in and probate the estate. She is hoping that she will receive the money in a month or two months at the latest.
Chrissie is applying for this bad credit loan on the basis that she is to receive this money and she really wants to repay all of her debts as soon as possible.
She has missed payments and also declared bankruptcy a few years ago and had a lot of financial difficulty at that time. With this money she can catch up on everything and repay the loan in a month or two.
She would like to borrow $15000 on a four year term.
She only plans to have the loan for a couple of months and then repay
it in full.
A $15000 loan with a 4 year term and 9.76% interest rate for Chrissie
would cost her the following per month:
• Loan Amount (principal) = $15000
• Interest Rate = 9.76%
• Term Length =4 year
• Monthly Payment = $378.71
• Total Paid Back = $18178.19
• Total Interest = $3178.19
This is really a high risk bad credit loan as far as the lenders are concerned. Chrissie does not make sufficient income to cover this loan and her other monthly rental and utility payments.
She would be unable to meet the terms of this loan without the gift from her grandmother’s estate.
She also has debt that she must repay although the loan would cover this debt.
She does not have a good credit score and she does not have a very good history of repaying loans, given her bankruptcy a few years ago. It is very unlikely that anyone will approve this loan request under the present circumstances.
They might consider her loan if she can provide some kind of documentation that shows she will inherit the cash she needs to repay the loan.
A letter with a copy of the will from the lawyer or the executor who is handling the will might be accepted. Although this would be highly unusual it might be considered.
Another issue the lenders wonder about is why not wait until she receives her portion of the inheritance and then repay what she owes.
At most it will be a couple of months and will not cost her that much in interest charges on her debt. She could avoid the bad credit loan altogether.
Chrissie is considering her options and will decide what to do in the next week or so.
If you live in the State of Wisconsin 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 WI
Last 5 debt service loans approved in the State of Wisconsin. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.
$30000 $45000 $40000 $100000 $55000
6.79% 12.12% 8.17% 11.33% 13.54%
Wisconsin Debt Consolidation Providers
Click
or tap map image above for interactive version. American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Debt Advisors Law Offices - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - GreenPath Financial Wellness - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Debt Relief Milwaukee - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Landmark Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Educators Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Racine Municipal Employees CU - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Racine Police Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Prospera Credit Union Appleton - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - CentralAlliance Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Wisconsin borrowers maybe better served
to first consult their own local bank or credit union before using online
services. It's always the best bet to check with the people in your local
community. However, if all else fails locally, you can use the form above
in your effort to find a local or national lender who provides debt consolidation
loans that are unsecured. If you have some sort of collateral asset, that
will help even more. Phillipe is facing many payments every
month and he is having trouble balancing all of the payments and meeting
the dates that each one is due. He is juggling his cash flow to try to
avoid late payments. He has used cash advances from his credit cards to
pay one card when it is due and then reversing the payment a week later
to pay off the other credit card. He has used pay day loan services, but
found they were even more expensive than cash advances from credit cards.
He no longer has this type of loan. While he is successfully juggling his
payments, it is getting more difficult every month. With the extra interest
payments on the cash advances, his cash flow is getting worse not better. He seems to be always paying interest.
He would like to be approved for a loan of $4000 and repay it over 2 years.
With a lower interest rate and regular payments, he is hoping to get his
budget and cash flow under control. He wants to get out of the cycle of using
cash advances to meet his budget and cash flow issues. What Phillipe is doing is actually quite
common. Many consumers having no choice, unable to pay their bills, are
using cash advances to meet short term financial requirements. Even though it is very expensive, and
interest charges are high, they feel they have no choice. They need to meet a bill payment requirement
or risk lowering their credit scores, collection action or even repossession
of vehicles. In many cases the situation just gets
worse due to the added expense of interest charges. His credit utilization is pretty high.
If he were able to repay his credit cards and keep the balances at zero
with a loan, his credit utilization would be lower and his credit score
would actually improve. He will need to make sure that he maintains
a zero balance on his credit cards or risk finding himself in the same
situation within a few months. If you live in the State of Wisconsin 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. - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Consumer Credit Counseling Services - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Madison Financial Counseling - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Debtors Anonymous - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Consumer Financial Services - - - - - - - - - - - - - - - -
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Lenders contact
us for listing removal or amendment.
Racine WI 53403 - 262.637.7160
Kenosha WI 53140 - 262.654.6255
250 E Wisconsin Ave Milwaukee
WI 53202 - mydebtadvisors.com
414.239.5913
10101 W Greenfield Ave #110,
West Allis, WI 53214
www.greenpath.com
414.282.8064
1247 W Canl St, Milwaukee
WI 53233 - 877.820.2211
3413 Rapids Dr, Racine
WI 53404 - www.landmarkcu.com
262.796.4500
1400 N Newman Rd, Racine
WI 53406 - www.ecu.com
800.236.5898
1907 Lathrop Ave, Racine
WI 53405 - www.rmecu.org
262.637.7274
730 Center St, Racine
WI 53403 - 262.635.7824
4830 N Ballard Rd, Appleton
WI 54913 - myprospera.com
920.882.4800
665 W Ridgeview Dr, Appleton
WI 54911 - 920.731.0300
centralalliancecu.org WI
Debt Consolidation Application Form
About Consolidation Loans
In Wisconsin
Consolidation
Loan Example in Wisconsin
He also has a car payment in addition to regular rent payments and utility
payments. He almost missed a rent payment. He had to take a cash advance
from a credit card to pay his rent.
Phillipe understands that each time he takes a cash advance, interest
is charged immediately at 21 % on the cash advance and also any unpaid
balance.
A $4000 loan with a 2 year term 7.13% interest rate for Philippe would
cost him the following per month:
• Loan Amount (principal) = $4000
• Interest Rate = 7.13%
• Term Length = 2 year
• Monthly Payment = $179.33
• Total Paid Back = $4303.83
• Total Interest = $303.83
Phillipe is using cash advances from his credit card as an expensive loan
service to help him pay his bills and manage his cash flow.
Phillipe’s credit score is still average and he has not seen his
credit score impacted because he is meeting all of his payment requirements.
The best approach for Phillipe is to use this debt consolidation loan
to repay all of his debts and then focus on repaying the loan over a two
year term.
Sincerely,
Credit
Counseling Services In WI
Counselors contact
us for listing removal or amendment.
3200 W Highland Blvd Milwaukee
WI 53208 - 414.482.8801
www.creditcounselingwi.org
3805 Johns St, Madison
WI 53714 - 608.216.0653
Madison, WI 53703
debtorsanonymous.org
608.283.3247
6314 Odana Rd
Madison, WI 53719
608.288.2000WFL Loan Product
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