If you have an active bank account and regular income, then the chance that you will get a loan is quite high.
What is 2nd Chance Payday Loan?
If you have previously applied for Payday Loans Online, then you probably know that in order to get approved, you need to have a good or even excellent credit history. It can be difficult for borrowers with bad credit to get a loan even if they are in an emergency.
Fortunately, some lenders believe that bad credit should not be the main factor in the approval of an application. Such lenders say that the borrower’s past mistakes should not affect his ability to get a loan when he needs it. Such lenders have created a 2nd Chance Payday Loan.
Second Chance Payday Loan is a type of financing that allows borrowers, whose applications were previously rejected, to obtain a loan. These loans are called “second chances” because despite your credit history, you will have another opportunity to get money and show the lender that you are the borrower who can repay the debt on time. Second Chance Direct Lenders offer loans up to $ 1000 so that you can solve all your problems.
Is there a difference between a traditional Payday Loan and 2nd Chance Payday Loan?
In fact, Traditional Payday Loan and Second Chance Payday Loan are quite similar. You don’t need to provide collateral, have a good credit history, or meet a large number of requirements in order for your application to be approved. Both types of loans are aimed at helping borrowers in difficult life situations.
You probably know that more than 80% of applications for a Payday Loan are approved. If you are applying for a Second Chance Payday Loan, then the chance of approval is even greater! If you were denied somewhere else, then now you will most likely be able to receive the required amount and solve all your financial difficulties. However, remember that both types of Loans have fairly high interest rates so it is worth making sure that you can repay the loan before applying.
How can I get a Second Chance Payday Loan?
Lenders have simplified the application process as much as possible, so now you don’t need more than 5 minutes to fill out the form. Moreover, in order to get a Second Chance Payday Loan, you do not have to go to the lender’s store, as you can apply online. Pay attention to a few simple steps to get funding:
- Application. Having studied the offers of different lenders on the Internet, you can choose the one that best suits your wishes and needs. Visit his website and click on the “apply online” button on the main page of the site. You will need to provide information about yourself, such as name, residential address, income information, etc. Make sure that all the data is entered correctly, otherwise you may be disqualified, and then submit the application.
- Approval. Lenders respond to applications almost instantly, so you don’t have to wait long. If you are approved, the Lender will contact you to discuss the terms of the loan. You can also ask all your questions and refuse a loan offer if it does not meet your desires and needs.
- Financing. Study a loan agreement carefully and pay special attention to repayment terms, interest rates, and hidden fees and charges. If you are satisfied with the loan offer, you can sign a contract. The money will be transferred to your bank account within one business day. This way you get financing within 24 hours.
Why choose a Second Chance Loan from a Direct Lender?
First, you should know that not many lenders and lending companies offer Second Chance Payday Loans, as it is quite risky. Secondly, now there are a huge number of third-party lenders who claim to be able to find the best deal for you. Oftentimes, these lenders will offer you loans with the highest rates and will also charge you interest on their work. Moreover, by providing information to third parties, you risk the confidentiality of your data. Third party lenders share your details with other lenders, so it is not secure. Why would you have to deal with a third party when you can go to a direct lender?
A direct lender is a person or company who lend you his own money. Thus, you do not have to pay interest to the intermediary for his services. Moreover, direct lenders approve applications much faster, as there is no need to wait for a response from intermediaries. And finally, direct lenders take care of your safety and do not share your data with third parties. Thus, a Second Chance Payday Loan from a direct lender is the most convenient, fast and reliable way of financing at the moment.
What are the eligibility criteria for a Second Chance Payday Loan for bad credit?
As already mentioned, this type of loans is aimed specifically at borrowers with bad or poor credit history, whose applications were rejected. Now you don’t have to meet a lot of eligibility criteria. Although they vary from lender to lender, you can pay attention to the main ones. You must:
- Be a US citizen or official resident
- Be at least 18 years of age or older
- Have a regular monthly source of income
- Have a valid checking account
- Provide government issued ID or driver’s license
- Provide contact details such as phone and email.
Remember, before applying, you should also pay attention to the laws of your state and make sure that Second Chance Payday Loans from a direct lender are available where you live.