Subprime Lending - For People With Poor Credit Scores

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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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A LOAN CALCULATOR; Enter your loan amount, how many years, the interest rate, and payment frequency (14 for biweekly, 30 for monthly, 7 for weekly. Very helpful so you know exactly what the loan will cost you in interest payments and you will know the total COB (cost of borrowing).

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4 Responses to “Need a Bad Credit Loan – $5000-$3000-$10000 in Akron, Columbus and Cleveland?”

  1. 4
    michelle arndell Says:

    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

  2. 3
    Jason Rice Says:

    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.

  3. 2
    Pamela G. Says:

    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.
    of

  4. 1
    Robin Lawrence Says:

    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.

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