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Need a Bad Credit Loan – $5000-$3000-$10000 in Akron, Columbus and Cleveland?
Had a friend living in Akron, Ohio call me the other day (I live in Columbus) and she was asking me where the best place to get a loan approved – she has really bad credit with a FICO score of 550. With FICO of 550 you are really up against a rock and a hard place when it comes to getting a bad credit loan at a decent APR.
I told my friend in Akron that is was the same in Columbus – as a matter of fact it’s the same all across the United States these days – it’s HARD for borrowers who have low credit scores to get approved for ANY kind of loan at all. I have a brother who lives in Cleveland, OH and he has really bad credit too – he got into a bad marriage and he went bankrupt. He lost all credit from any lender or bank you could find in all of Ohio and frankly, anywhere in the USA. He tried using the Internet to try and find a loan, but the interest rates and fees were brutally high.
$10000 – $5000 – $3000 Loans
The average loans a bad credit borrow gets these days is 3000 dollars, 5000 dollars, and 10000 dollars. Why I don’t know, but my guess is that most banks and lender prefer these round numbers when lending. Many reputable lenders won’t lend less than $5000 to a typical consumer (customer) because it’s just not worth it to them as far as interest rates go. These are after all, Micro loans and not a lending product that makes allot in fees and interest.
Of course there people that want start businesses and want to apply for $30000 all the way up to $100,000, and I’ve even seen individuals with bad credit apply to borrow over $1,000,000 (Yep! One Million Dollars!). Of course these kinds of loans are never approved and no funds were dispersed. From the data we have, there was never a loan approved for over a million dollars anywhere in Ohio if the wanna-be borrower (or Corporation) had a poor credit rating.
Suggest Borrowing from Local Banks
At OLF we always suggest that you apply for loans and borrower money at the local level in Ohio and don’t bother with an Internet lender. Your local lender in Akron, Columbus, or Cleveland will likely help you out with a bad credit loan in a legitimate loan agreement, whereas the online lenders will often try and take advantage of your low FICO score.
Below is a list of some decent local banks in the major cities in the Buckeye State (Akron, Cleveland and Columbus). Some of these are local banks that will service you well. If you are really desperate for a loan, I would try these lenders first. Remember, as a borrower, you are better off borrowing from a neighbor than a so-called stranger from a different state. Browse through and perhaps think about giving these banks a call (phone numbers included in the list below).
Banks and Lenders in Akron
National City
153 East Exchange Street, Akron, OH – (330) 375-8377
FirstMerit Bank
106 South Main Street, Akron, OH – (330) 384-7093
Fifth Third Bank
656 West Market Street, Akron, OH – (330) 940-1680
Charter One
333 South Broadway Street, Akron, OH – (330) 762-8491
Chase Bank and ATM
1835 West Market Street, Akron, OH – (330) 972-1908
Akron Municipal Employees CU
146 South High Street, Akron, OH – (330) 375-2020
FirstMerit Bank
855 West Market Street, Akron, OH – (330) 762-4210
Buckeye State Credit Union
197 East Thornton Street, Akron, OH – (330) 253-9106
North Akron Savings Bank: Tallmadge
169 Cuyahoga Street, Akron, OH – (330) 922-8065
Akron Firefighters CU Inc.
161 Massillon Road, Akron, OH – (330) 798-1994
Banks and Lenders In Columbus
Key Bank
88 East Broad Street, Columbus, OH – (614) 460-3415
Nat City Investments Inc.
763 Neil Avenue, Columbus, OH – (614) 621-5430
Huntington Bancshares
180 East Broad Street, Columbus, OH – (614) 583-8353
Nationwide Insurance
1 Nationwide Plaza, Columbus, OH – (614) 249-7111
M&T Bank
155 East Broad Street, Columbus, OH – (614) 463-7605
Huntington Bank: Downtown
17 South High Street, Columbus, OH – (614) 480-4293
Chase Bank and ATM
1698 North High Street, Columbus, OH – (614) 248-2620
Fifth Third Securities
21 East State Street, Columbus, OH – (614) 744-7595
Us Bank
1717 West 5th Avenue, Columbus, OH – (614) 486-9668
Telhio Credit Union
96 North 4th Street, Columbus, OH – (614) 221-3233
Banks and Lenders in Cleveland
First Merit Bank
101 Prospect Avenue, Cleveland, OH – (216) 621-1717
Key Bank
127 Public Square, Cleveland, OH – (216) 689-5580
Fifth Third Bank
600 Superior Avenue East, Cleveland, OH – (216) 274-5533
National City: Branches
1900 East 9th Street, Cleveland, OH – (216) 222-2000
Huntington National Bank
917 Euclid Avenue, Cleveland, OH – (216) 515-6407
U.S. Bank: Renaissance Office
1350 Euclid Avenue, Cleveland, OH – (216) 861-0033
Am Trust Bank
1801 East 9th Street, Cleveland, OH – (216) 696-2222
Wells Fargo Insurance Serv Of Ohio LL
1301 East 9th Street, Cleveland, OH – (216) 902-5100
Key Bank
3370 Warrensville Center Road, Cleveland, OH – (216) 283-1165
Park View Federal Savings Bank Corporate Center
11010 Clifton Boulevard, Cleveland, OH – (216) 631-8900
So how did it go? Any luck getting approved? If you have been turned down for a loan from all of the above banks, then try the Yellow Pages as well. If you have tried ALL of this, then consider tying the Internet to find other local banks. You can also try some private lenders to get a loan – but be warned that private lenders will generally charge higher interest rates and they usually only work with short-term loan.
If you fail to get approved then you must clean up your credit rating with the major reporting agencies. You have to get control of your data held by the Credit Bureaus if you ever want to get approved for your loan with a decent interest rate. The APR (annual percentage rate) you get charged can be as high as 35%!
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April 14th, 2012 at 6:19 am
I live in columbus,oh. I am in desperate need of 4,000,to pay for legal fines. My credit isnt that good,just because I really dont have anything on there to build credit. Every bank has turned me down. I have a full time job and am looking to pay it off in 24 mos. I really need help. Also am willing to use my car as collateral. I payed for it cash. Please Help!!!
April 4th, 2012 at 2:38 pm
My name is KC. I live in Columbus, OH. I am looking for a $10,000 unsecured loan. The money is needed right away and will be used for expenses incurred due to my Mom’s very recent passing and the rest will be used to both pay off a couple of bills as well as going back to school to finish my education. I’m 34 yrs old and I currently bring home $3000 a month from my employment and with a $10,000 loan I could afford a monthly payment of around $350. My credit however is not great. A lot of that has to due with different things associated with my Mom’s illness the past 12 yrs that lead to her very recent passing. Please let me know if there is anything you can do.
Along with taking care of my Mom the last 12 yrs before she passed very recently and working a full time management job in an industry I’ve been in for 14 years, I am also a volunteer firefighter and emt. On top of that I donate my time and services to a local Christian based homeless shelter where I perform free medical screenings to the homeless community. Just wanted to give a look into my character. I feel character should be just as equally weighted as a persons computer generated “credit score” which has no inclusion of the person or their character or the life circumstances they may have had to deal with in their life. As I stated, a lot of my score has to do with certain things/situations/sudden expenses that were incurred by taking care of my Mom the past 12 before her very recent passing. I don’t regret anything in my life or for what I did for my Mom. I have a heart and general caring for people. I risk my life running into burning buildings for strangers, what would you think I would do for a family member I love more than anything? It would be awesome if even just one company out there looked at the individual and their character and what they’ve gone through in their past , not a # spit out by a machine.
April 25th, 2011 at 7:39 pm
My name is michelle im seeking a loan in the amount of 10,000 with an interest rate of 3% for 3 years. i have a full time employment as a school teacher. The purpose for the loan is too pay bills. get my self back on track i do have bad credit. Sincerely, Michelle Arndell
April 20th, 2011 at 8:58 pm
I live in Evansville,IN. I have horribly bad credit and because of recent circumstances my once stellar credit score has gone into the tank. I owe money for so much right now. If possible,I could really use $15,000 to help get me out of the hole. I owe for a medical bill that I got back in 2007. I was paying on it for a while,but after a time,the hospital took the attitude that what I was paying them wasn’t enough and turned it over to a collection agency. I maxed out one of my credit cards paying on unrelated medical expenses. My other credit card is beyond maxed out because I just stopped paying on it. I had a serious issue that I tried taking up with the company but they wouldn’t help me out in any way. Then I have a revolving line of credit with a company in Minnesota that lets you get things and pay them off over time. Both credit card companies have stopped my accounts and turned them over to collection agencies. On more than one occasion,I even took payday loans to cover bills when I did not have enough in my bank account. They hurt,but I was always able to pay them back. I can’t keep doing that forever. I am on disability and only get a pittance each month,just enough to live on and cover the smallest of my expenses – utilities,food,medicine,etc. I am stressed to the point that even suicide is looking like a viable option at this point. Any help would be appreciated. I have already been talked at enough that I know the spiel by heart right now. “Cut back,get a job,yada yada yada,” Lectures have their place,but the money would help me more. Thank you.
December 30th, 2010 at 5:44 pm
I live in Richmond Va and I have bad credit and low credit score. I keep borrowing from payday loan companies and it’s hurting me. I am borrowed out. I need help to pay off these loans into one small payment. I am trying to borrow $5000 or $10000 with a monthly payment of $350 or less. No bank will help me and if I could get what I need I know I can keep up the payments with no problem.
I am paying back all of these payday loans every 2 weeks when I get paid but there is no money for anything else. I need a helping hand because things are getting outrageous. Please help. I am trying so hard and if you know of a company that could help me I would greatly appreciate it. Please find someone to give me a chance. That’s all i need is a chance to catch things up.
I have been at my job for 24 years and have lived in the same place for 12. I have been with my bank for 8yrs. I am desperate for financial help. I filed Bankruptcy in 2007 and am paying back my creditors thinking that would help me but it has not. I am still paying on it. Which is fine but then when i need extra money I go to the payday loan companies because they are the only ones that will help me. I keep looking on the internet but have not been very successful. I don’t trust doing that. PlePlease see if you can help or know a company that will. Thank you. Sorry this is so long.
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November 21st, 2010 at 5:49 pm
I live in NC, retired, need to borrow $5k to be paid back in 24 months. Can have deducted automatically from my acct.
each month. My credit score is in the 620 range. Having a dispute with a credit card company that it is dragging score down.