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Florida Debt Consolidation Services

FL Debt Consolidation:
Bad Credit Applicants

Updated September 30 2018 Home | FL


APR Estimator for Florida
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Your Credit Score Designation


Debt Consolidation Application
Accessing Bad Credit Lenders

FL Fair Credit Consolidation
(credit scores 640 - 680)

1) Miami Federal Credit Union
51 SW 1st Ave, Miami, FL 33130
www.miamifcu.org
+1 305-377-1017

2) Orlando Federal Credit Union
2150 S Semoran Blvd, Orlando, FL 32822
www.orlandofcu.org
+1 407-835-3500

3) We Florida Financial
634 NE 3rd Ave, Fort Lauderdale, FL 33304
www.wefloridafinancial.com
+1 954-745-2400

4) Jax Federal Credit Union
562 Park St, Jacksonville, FL 32204
www.jaxfcu.org
+1 904-475-8000

5) Tampa Bay Federal Credit Union
3815 N Nebraska Ave, Tampa, FL 33603
www.tampabayfederal.com
+1 813-247-4414

Law for Florida Lenders

Source: Florida State Statutes

All legal verbiage below for the state of Florida is published in it's exact form. We try to keep all legal information as up to date as possible, but there is no warranty or guarantee (of any sort) implied regarding the absolute accuracy of this Florida legal information. This information is NOT legal advice. If you believe you need legal advice, consult a Florida based attorney, and/or contact the Florida State government's department of finance and banking.

Key Excerpts:

§687.01 Rate of interest in absence of contract. In all cases where interest shall accrue without a special contract for the rate thereof, the rate is the rate provided for in s. 55.03.

§687.02 “Usurious contracts”
(1) All contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt, or upon any obligation whatever, at a higher rate of interest than the equivalent of 18 percent per annum simple interest are hereby declared usurious. However, if such loan, advance of money, line of credit, forbearance to enforce the collection of a debt, or obligation exceeds $500,000 in amount or value, then no contract to pay interest thereon is usurious unless the rate of interest exceeds the rate prescribed in s. 687.071.

(2) As amended by chapter 79-592, Laws of Florida, chapter 79-274, Laws of Florida, which amended subsection (1):
(a) Shall apply only to loans, advances of credit, or lines of credit made on or subsequent to July 1, 1979, and to loans, advances of credit, or lines of credit made prior to that date if the lender has the legal right to require full payment or to adjust or modify the interest rate, by renewal, assumption, reaffirmation, contract, or otherwise; and
(b) Shall not be construed as diminishing the force and effect of any laws applying to loans, advances of credit, or lines of credit, other than to those mentioned in paragraph (a), completed prior to July 1, 1979.

FL Good Credit Consolidation
(credit scores > 640)

6) First Bank of Miami
50 NE 9th St, Miami, FL 33132
www.1firstbank.com
+1 305-358-0618

7) Fidelity Bank
10024 San Jose Blvd, Jacksonville, FL 32257
locations.lionbank.com
+1 904-825-1860

8) Florida Community Bank
8910 Conroy Windermere Rd, Orlando, FL 32835
local.floridacommunitybank.com
+1 407-909-1744

9) Bank of Pensacola
500 S Palafox St #100, Pensacola, FL 32502
www.bankpensacola.com
+1 800-874-3121

10) The Bank of Tampa
601 Bayshore Blvd #100, Tampa, FL 33606
www.bankoftampa.com
+1 813-872-1216

11) Achieva Credit Union
3000 Bee Ridge Rd, Sarasota, FL 34239
www.achievacu.com
+1 239-471-3560

12) Suncoast Credit Union
12003 28th St, St. Petersburg, FL 33716
suncoastcreditunion.com
+1 800-999-5887

13) MIDFLORIDA Credit Union
1817 Crystal Lake Dr, Lakeland, FL 33801
www.midflorida.com
+1 863-688-3733

14) Prime Meridian Bank
1897 Capital Cir NE, Tallahassee, FL 32308
www.primemeridianbank.com
+1 850-907-2301

15) Centennial Bank
635 E Baldwin Rd, Panama City, FL 32405
www.my100bank.com
+1 850-873-4131

FL Debt Counseling Services

Christian Debt Counselors
200 W Palmetto Park Rd #200 Boca Raton
FL 33432
christiandebtcounselors.net
888-906-3328

Consumer Debt Counselors
4830 W Kennedy Blvd #678, Tampa
FL 33609
consumerdebtcounselors.com
800-820-9232

123 Credit Counselors Inc
6161 Blue Lagoon Dr, Miami
FL 33126
www.a123cc.org
305-269-9201

Florida Financial Advisors

Tobias Financial Advisors
1000 S Pine Island Rd #250 Plantation
FL 33324
www.tobiasfinancial.com
954-424-1660

WaterOak Advisors
145 Lincoln Ave Suite A, Winter Park
FL 32789
www.wateroak.com
407-567-2956

TrustWell Financial Advisors
8825 Perimeter Park Blvd #304, Jacksonville
FL 32216
www.trustwellfa.com
904-996-7800

Six Pillars Financial Advisors
2073 Summit Lake Dr #100, Tallahassee
FL 32314
www.sixpillarsfa.com
850-410-3568

Map of FL Consolidation Providers
(tap for interactive)

Florida Debt Consolidation Loan Providers Map

Debt Settlement/Relief Services

National Settlement Services
5830 W Cypress Street H, Tampa, FL 33607
www.nssfl.com
+1 813-302-7100

Debt Negotiation Services
2500 Quantum Lakes Dr Suite 201, Boynton Beach, FL 33426
www.thednsway.com
+1 877-964-6404

New Beginnnings Debt Settlement
675 W Indiantown Rd, Jupiter, FL 33458
+1 888-662-3446

Debt Consolidation Florida
5379 Lyons Rd #737, Coconut Creek, FL 33073
www.debtconsolidation-fl.net

Bankruptcy Services in FL

Florida Bankruptcy Services
2808 Beach Blvd South #9, Gulfport
FL 33707
www.flabankruptcy.net
+1 727-322-5881

Lodging a Complaint?

Florida Office of Financial Regulation Division of Consumer Finance - Address for mail: Florida Office of Financial Regulation - 200 East Gaines Street, Tallahassee, Florida 32399 - Street Address: Florida Office of Financial Regulation - 101 East Gaines St Tallahassee, Florida 32399 Landline: 850.487.9687 - Submit your complaint



Old Capital Building in Tallahassee FL

Brian's Consolidation Loan:
in Miami

For informational purposes only. See disclaimer.

Brian lives in Miami and wants to purchase several condos as an investment and either rent them out or put them on the market to sell once they have been upgraded.

The units he has his eye on need some work including new flooring, paint and some minor repairs.

He has more than enough for the down payment and plans to borrow $100k to fund the repairs and upgrades that he needs before placing them on the rental market.

He has run the numbers on a spreadsheet and feels that he can make this all work provided that he can obtain a consolidation loan with an interest rate at 6% or lower.

Anything higher than that will place in a negative cash flow situation which he obviously would like to avoid.

Even if he is in a negative cash flow situation, he expects to gain from the appreciation of the units once all of the work he has planned is completed.

While he has not decided how long he will hold these units, he does expect to make a profit in one or two years from appreciation of the units alone.

His application for a consolidation loan along with supporting cash flow assumptions is being reviewed.

This presents an opportunity for many lenders to do business with someone who may bring a great deal of future business to them if he is successful at what he plans to do. Note as well that Brian also got an APR estimate for his consolidation loan using our free tool.

A $100000 loan with an twenty five year term and 7.4% interest rate for Brian would cost him the following per month:

• Loan Amount (principal) = $100000
• Interest Rate = 7.4%
• Term Length = 25 year
• Monthly Payment = $732.5
• Total Paid Back = $219,749.66
• Total Interest = $119,749.66

There are many assumptions associated with what Brian is trying to do and it is not without risk. One of the questions Brian will have to address is what sensitivity analysis he has completed with respect to his cash flow assumptions.

They will want to understand if vacancies suddenly are higher than expected with expenses for repairs etc. escalating at the same time.

What impact will this have on cash flow and will Brian be able to absorb the associated cash flow impact?

Lower rents, higher expenses and unforeseen problems can sometimes ruin the best laid plans. Lenders are looking for these kinds of sensitivities to protect themselves and also the borrower in situations like this.

While it may be frustrating for people like Brian to spend time reviewing these kinds of questions, they can actually be excellent business steps that will help to ensure success for the condo owner in this case.

Once Brian is finished with all of the analysis, it will be time to sit down with the lenders and review all of the assumptions and the cash flows.

Based on the initial analysis, this consolidation loan stands a good chance of being approved as requested. The final interest rate and term is still to be discussed and finalized.

It is an important element in all of these assumptions and will affect the cash flow in a significant way.


Florida City Directory

Miami FLJacksonville FL

Daytona Beach FLPensacola FL

Gainesville FL
St Petersburg FL

Orlando FLTallahassee FL

Panama City FLHialeah FL

Coral Springs FL Lakeland FL

Fort Lauderdale FLTampa FL

Port St. Lucie FLCape Coral FL

Pembroke Pines FL ¶ Sarasota FL

Clearwater FL ¶ Miami Gardens FL

Kristen's Consolidation Loan:
In Orlando FL

For informational purposes only. See disclaimer.

Kristen lives in Orlando Florida and works for a credit union (yes, people who work for banks find themselves in financial hot water too). Her credit score was bad for many reasons but the biggest reason simple over spending.

In her pre-app she went on at length about her shopping sprees which stressed their family purse strings to the max.

She said she would go to stores like Ross Dress For Less, Home Goods, Target, and TJ Max. She would buy clothing until her closets were bulging. When the closets couldn't take anymore filling she would start storing "stuff" in the basement.

The end result was a divorce with her husband of 12 years and a shopping addiction that wiped her out financially.

Fast forward from 2000 when she declared personal bankruptcy to 2017 when she was starting to get credit cards again. It's sad to say but Krista never really learned from her bankruptcy.

Even though she suffered with no credit, it wasn't bad enough for her to fully get a grip on her spending habits. She never completed a realistic budget plan either.

As 2017 wore on she started accumulating debt on a scale in which she was on the way back to another bankruptcy. She had to find a way to finally correct her lifestyle.

She started reading books and blogs on being frugal. She wanted to learn everything there was to know about saving money and spending wisely.

After only 3 months learning, she had stopped all spending on "stuff" and "junk" she didn't really need. She also paid down over $10000 in debt by selling everything off using Ebay and Craigslist.

A great start, but she still had $17000 owing in credit card bills. Here is the what her balances were before the consolidation loan approval.

$6000 Visa card
$4000 Mastercard
$3000 Target card
$4000 Discover card

Of course all of these credit card balances are rounded to the nearest $1000 for the ease of publishing her story, but you get the point in the bullet list above.

The rates were all between 18% and 25% as typical with almost all credit cards for consumers with fair to bad credit.

And here we have the $17K debt consolidation loan that Krista applied for:

• Amount = $17000
• Interest Rate = 7.76%
• Term Length = 3
• Monthly Payment = $530.84
• Total Paid Back = $19110.17
• Total Interest = $2110.17

With a principal of $17000 at a rate of 7.76% for 3 years her payments were just over $530 dollars per month. The total monies paid back the lender was just over $19K with total interest paid just over $2000.

Really not a bad deal considering what her situation was. The lender she chose (which is shown below) was a nation wide lender based out of Florida.

These are the three offers she was given by lenders who emailed her for further discussion.

Nation wide lender @ 7.76%
Florida lender @ 8.89%
Local Orlando lender @ 9.02%

Note that in Krista's case the highest rate was offered by a local lender based out of Orlando. Usually it's other way around. More often than not lenders will give a better rate than their State wide or nation wide lenders.

Even better usually are local credit unions. If you've ever claimed bankruptcy before you'll know that second chances don't come easy. Krista got lucky in my opinion.

It's no doubt the lender in this case was looking at far more data than just her credit scores and bankruptcy history. They were looking at her employment record and pay stubs.

She has been working for corrections for over 20 years and her monthly cash flow has never been interrupted in all that time. She had excellent references too. She had a letter from her employer and from recent creditors.

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