Second Chance Payday Loans

Start Your Speedy Form!
By clicking [Get Started!], you agree that this acts as your digital signature, that you accept the Terms of Use, and Privacy Policy.
  • Safe & Secure

  • Fast Lender-Approval

  • Submit Online

What Are 2nd Chance Payday Loans?

Second chance payday loans are those that are available to borrowers with bad credit. These borrowers often have no hopes of getting a loan from mainstream financial institutions. Hence, a second chance payday loan is crucial for them as the demand for subprime lending that is, there are plenty of people with poor credit who want to be given a second chance to take out loans. Second chance payday loans carry a higher interest rate than the loans offered to those with good credit histories to compensate for the increased lender risk.

How Do 2nd Chance Payday Loans Work?

Reputable direct lenders and financiers who specialize in the subprime-lending market offer second chance payday loans. A payday loan resembles other loans in many ways. However, the key difference is that second chance payday loans have a shorter repayment duration. Since they are short-term loans, they may also carry higher interest rates.

Hence, if you have a poor credit history and are interested in improving it, you should request a second chance payday loan, especially when facing a cash crisis. Once you have your loan, you can use your next paycheck to make loan repayments. With timely repayments, not only will you discharge your loan, but you can also repair your credit history. Once your credit history has been revived and your credit rating improves, you may once again become eligible for credit cards and other kinds of loans. Therefore, as its name suggests, a second chance loan is a great way of making a comeback if you have had debt problems in the past.

Second chance payday loans came into existence because a significant percentage of the population has a poor credit score. Just because people have faced misfortunes in the past that prevented them from making timely payments does mean that they should never be allowed to borrow again. Unfortunately, many mainstream financial institutions do not believe in this approach. As hapless borrowers have found out the hard way: a bad credit score is nothing short of a financial death sentence. This all-too-important number can close the gates of mainstream finance. However, no one should be reduced to a mere number. Those with a poor credit history should be given a second chance and allowed to improve their financial habits. Second chance payday loans are the light at the end of the tunnel for such individuals.

Start Your Loan Request
Get Started Now

Who Can Apply for 2nd Chance Payday Loans?

In order to qualify for a second chance payday loan, you will have to fulfill the minimal requirements. You must be a US citizen or a permanent resident in the country. You need to be over 18 years of age with a job that gives you at least $1,000 each month after tax deductions. You also need to provide a valid email and phone number for a short-term personal loan.

Since the requirements are so lenient, almost anyone with a job can apply for a second chance payday loan. The good news is that even those with poor credit scores may still qualify for it. Even if your loan application has been rejected by a bank or a conventional financial firm, you can apply with confidence for a second chance payday loan.

Can You Get a 2nd Chance Payday Loan With Bad Credit?

Although bad credit second chance loans are not guaranteed, with a poor credit score, you still have much brighter prospects with payday lenders than you do with banks.

The only way to find out is by trying. Several reputable payday lenders allow loan applicants to submit loan requests online, so you can make a loan request from the comfort of your home. After a credit check is performed, you will receive an answer in around 24 to 48 hours. It is not uncommon to get an answer in just a few hours. So, you really have nothing to lose by taking your chances. You just might get your second chance payday loan with bad credit.

How Long Does It Take to Get Approved for a 2nd Chance Payday Loan?

In all likelihood, you can gain approval in under 48 hours. Most approvals take far less time. Due to the short time duration, second chance payday loans are a popular option for those facing cash shortages and overdue liabilities that need to be repaid quickly.

How Much Cash Can I Get With 2nd Chance Payday Loans?

You can get anywhere between $100 and $5,000 by way of a second chance payday loan. The final amount you receive depends on your monthly income as well as state regulations.