Second Chance Loans

Apply for second chance loans from $100 - $20,000. Fill out the form for instant approval and direct deposit.


second chance loans

1First Premier Lending

$100 - $20,000
All credit types accepted.

  • Fill out our short, secure online loan request and submit. Our network of lenders will then review your information to see if they can offer you loan options.
  • If approved by lender, you will be presented with the next steps related to your loan request details and documents for review.
  • Review your online loan documents and retain a copy. You may be required to electronically e-sign your agreement.
  • Your loan will then be deposited directly into your bank account, typically within one business day.
  • Flexible payments that accept all credit situations.
Click Here To Apply
high risk personal loans guaranteed approval direct lenders

Lendyou

$100 - $2,500
All credit types welcomed.

  • Receive your money direct deposit next business day.
  • 18 years of age or older.
  • Valid checking or savings account with direct deposit.
  • Minimum regular income of $1,000 per month.
  • Review your online loan documents and retain a copy. You may be required to electronically e-sign your agreement.
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.

What is the easiest loan to get with bad credit?

You can get a personal loan even if you have bad credit. Your financial situation will determine what options will suit you best. It would be best to do your due diligence first before taking a loan, and you should also ensure that you have understood all the terms of the loan you are taking to avoid paying substantial interest fees.

There are plenty of options to choose from if you have bad credit but need an easy loan. The downside is, most of these loans are a financial risk, meaning you need to be extra careful when applying for these loans. Suppose you are wondering, "how can I get a bank loan with bad credit?" keep reading to find out.


There is no standard bad credit because different lenders define bad credit differently. However, in general, if your credit score is 579 and below, that is considered bad credit and you are categorized as a risky borrower. All loans are not the same because two individuals could borrow the same amount of money, and one will end up repaying way more than the other.

Factors like your loan term and interest will affect how much you have to pay back. The most popular loans are personal loans and payday loans.

Second Chance Personal Loans

There are three approaches to getting a personal loan, and you can either get it from an online lender, credit union, or a bank. You do not qualify for a personal loan if you have bad credit except if you apply for it with a co-signer. Usually, you do not need any collateral to back up your personal loan, so they are unsecured.

You will typically pay a low-interest rate when you take a personal loan with collateral than when you take an unsecured personal loan. It is worth noting that the qualification requirements you meet and your credit score significantly determine your personal loan interest rate.

Several reasons influence people's decisions to take personal loans. This includes fertility treatment, home improvement, pet medical expenses, car repairs, unexpected medical costs, and weddings. Some lenders have restrictions as to what you can use the money for, while others are lax.

Personal loans are ideal and an excellent choice when paying for significant expenses because they have low-interest rates. However, the chances are that you will not qualify for a high loan.

Usually, the loan term for a personal loan is two to seven years, but it is one to five years for people with bad credit. Your loan will be approved depending on your reason for wanting a loan and how much you are asking for. It would be best not to take any loan beyond your budget and do not take a loan that you are incapable of paying back. You will have to make monthly loan payments when you take a personal loan.


Benefits of Personal Loan

There are several benefits associated with taking personal loans. Highlighted below are some benefits.

Easy to Manage

Most individuals may take a personal loan to consolidate debt. It is easier to pay off a personal loan with a fixed monthly rate than paying off several credit cards.

No Collateral

You do not need collateral if you are taking an unsecured personal loan, meaning you will not have to put up any of your assets or property as a guarantee that you will pay the loan back. If you cannot pay back the money, you will face the financial consequences that you and your lender agreed on. This is a better alternative than losing your home if that is what you had used as collateral.

High Borrowing Limits with Lower Interest

Compared to credit cards, the interest rates of a personal loan are significantly lower. Of course, the low-interest rates and higher borrowing limits only apply to individuals with a good credit score.

Flexible and Versatile

You can use your personal loan for several things, from medical bills to home renovations. You can finance any significant purchase with a personal loan. However, ensure that you check with your lender on the uses they approve personal loans for before applying for one.

Payday Loans

Cash advance, check loans, or payday loans are typically short term loans. Payday loans are usually a small fixed amount, but they carry huge interests. When you take a payday loan, you have to agree to pay back the full amount plus interest and any other fee quickly. Most if not all of these loans are usually due in thirty days.

Payday loans are generally unsecured loans that do not require any assets or collateral backing them. This is an excellent option for individuals with poor credit. Suppose you cannot get a credit card and are unable to get a personal loan.

Payday loans are some of the most straightforward loans one can qualify for. All you require to be eligible for a payday loan is proof of employment, a bank account, a valid ID, and be above 18 years.

Theoretically speaking, you can get a payday loan when you are short on cash and are in an immediate emergency. You take a payday loan with the intent of repaying it when your paycheck comes in. However, it is easier said than done.

A lot of individuals who get a payday loan usually struggle to pay it back. If you cannot raise the money, you can rollover the interest, fees, and loan into a new loan. Note that a new set of fees will apply.

Essentially, this will create a debt cycle that is almost impossible for you to get out of. Many individuals renew their payday loans several times, meaning that they end up paying higher interest and fees than what they had borrowed initially.

Suppose you do not renew your payday loan before it is due. Your lender will try to take it from your bank account. You will be charged overdraft fees if your bank account does not have enough funds until you deposit more money. Simply put, payday loans can be pretty costly.


Benefits of Payday Loans

Listed below are some benefits of taking payday loans.

Excellent for Individuals with Bad Credit

Individuals with bad credit typically struggle to borrow money since many traditional finance options consider them high-risk applications. However, payday loans make it that much easier for people with bad credit to borrow money, and the qualifications are pretty simple.

Simple Application Process

The application of getting a payday loan is relatively easy, and most of the applications can be made online with a few exceptions. You can also be sure that third parties will not have access to your information.

Payment Reminders

Most lenders will send you reminders via email or text asking you to repay your loan. Paying your loan earlier could also reduce the overall amount you will pay.

Easy to Manage

It is easier to manage your payments since you can do them online. You will also be able to track your loan balance online and check the due repayment date as well. This makes it both easy and convenient to pay off the loan whenever you have money.

If you have a money emergency, this is an excellent way to get a quick loan. Sometimes, you may be in dire need of money because you have run into an emergency, and there is no time for you to wait for loan approval.

You can Use the Money for anything

You do not need to give a reason for what you need the loan for, and there are no restrictions.

It would be best to take payday loans if necessary, and you are sure you will pay them back. Otherwise, you will be trapped in a never-ending cycle where you keep rolling over the loan, meaning you will end up paying so much more than you had borrowed initially.

Essentially, what differentiates a payday loan and a personal loan is the term. A payday is a short term loan paid within a month of borrowing, and a personal loan can go to at least two years. Your financial need will determine which loan is the best option for you. Generally, payday loans are that much easier to access and get in at least 30 minutes.

It is worth mentioning that personal loans are the only ones that reflect on your credit report, so they can improve your credit when you make timely payments.


FAQs

Can I Get a Loan with a 500 Credit Score?

If you are in a predicament and you are wondering, "can I get a loan with a 500 credit score?" the answer is yes, you can. Chances are, you may not qualify for a personal loan, but you can try and apply for it since making timely payments will contribute to improving your credit. You could opt for a payday loan or other alternatives like family and friends, credit unions, a home equity loan, online personal loan, peer-to-peer lending, and getting a co-signer.

It would help to do extensive research on the various available options and confirm what the rates are. Try and go with an option that has the lowest interest rate possible. It is also essential to avoid taking loans, especially if you are not in a financial position to pay back the loan comfortably. It would be best if you also worked towards improving your credit score to qualify for low-interest rates.


How Can I Get a Personal Loan for the First Time?

One of the most frequently asked questions is, "how can I get a personal loan for the first time?". With an excellent credit score, you have several available options. Generally, if it is your first time getting a loan, you should have a checklist to guide you.

Some of the things you should consider are selecting the right lender, consider the rate of interest, have the necessary documents, check your credit score, check the charges, check the foreclosure rules, have a plan of how you will repay the loan before you take it, and consider your liabilities.

This checklist will help you be thorough about your loan process. Once you have evaluated several lenders and finally found one with the best rates, apply and wait for them to approve your application. Please remember to carefully read the terms and rules of the loan before you apply for it. You should also confirm that the lender approves your reason for the loan request before applying for the loan.


How Can I Get a Bank Loan with Bad Credit?

You can get a bank loan with bad credit. The best approach is to get a loan with your bank, although this depends on the bank but they may have a fixed maximum flat rate. The repayment period may be much shorter in this case.

Alternatively, you could get a co-signer to help improve your chances of qualifying for a better loan rate. Usually, they will be liable if you fail to make a payment.