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Poor Credit and 2nd Chance Payday Loans


Have you just received a rejection letter from the bank or credit union? The lender just informed you that they can’t approve your loan because you don’t meet their requirements.

By law, the lender should tell you the reasons why they rejected you. Some of the common reasons that cause banks to decline loans include:

Poor credit score: A below-average score may cause banks to reject your application. Banks often set a minimum score of 660. It’s below this year’s average of 706. Chances of being approved for a traditional loan decrease as the credit score decreases. Below the minimum score advertised, borrowers are automatically rejected. If a bank rejects you on the grounds of your credit score, they must tell you the credit bureaus they consulted and provide your current score.

Insufficient earnings: Banks look at the borrower’s income to determine if they can repay the loan. Most often, banks provide high loan amounts to borrowers with high earnings, which excludes many people.

Lack of sufficient proof of earnings: Self-employed people often find it hard to qualify for bank loans because they can’t provide sufficient proof of stable earnings. Banks might also consider the time you have been at your current job. They may require continuous employment of 6 to 12 months.

Significant debt & fixed obligations: Do you have debts in the form of student loans, auto loans, mortgage, or outstanding personal loans? Taking on multiple loans consecutively might make traditional lenders uneasy. Similarly, having high monthly obligations like rent or alimony payments weakens the lender’s confidence. They will doubt if you’ll have enough cash left over to cover regular monthly loan payments.

Failing to provide enough documentation: Documents are very essential to banks, and you’ll have to submit documents dating as far back as two years for tax returns. You’ll also need to submit your government-issued photo ID card, bank statements, pay stubs, W2s, utility bills, etc. Not doing so will cause your application to be denied.

2nd chance payday loans may be the solution


Being denied a traditional loan is a bitter pill to swallow. Most borrowers end up asking, “Which other solutions are available to me at the moment?”

You can apply and qualify for 2nd chance payday loans from direct lenders, despite having poor credit, low income, etc. These loans are well suited for emergencies because most borrowers receive their loans in one business day. If you can’t use your credit cards anymore because they are maxed out, a payday loan of $100 to $1000 might help bridge the gap between now and your upcoming payday.

Here are more features of 2nd chance loans offered by both in-store and online payday lenders:

Loan term


The loan term ranges from 8 days to 30 days. Though, it stretched to 35 days in some states. You can also repay your loan early before it’s due. Some unconventional payday loans have terms of up to 90 days, but a short term leads to a cheaper loan.

Simple loan application


You can apply for this loan in less than 10 minutes. You’re only asked for basic details about your employer, bank account number, whether you rent or own, driver’s license, etc. Some 2nd chance lenders will not ask for documents to be sent. They have other ways of verifying your information using data from consumer reporting agencies.

Quick approval and fast processing


You’re approved several minutes after the lender receives and reviews your application. The next step is underwriting and preparing the loan agreement, which is fairly quick. Funds may be released in less than one hour after you applied.

Direct deposits


It’s the main way of receiving loans from direct lenders. You only need to provide details of your checking or savings account. Most lenders will ask for checking accounts so that they can set up automatic payments or ask for pre-dated checks.

The delivery of electronic ACH payments takes 24 hours on average. Banks do not process the transactions on weekends, so you can only get funds within the next business day from Mondays to Fridays.

Same-day funding


A select number of 2nd chance payday lenders offer same day loans. It means that you can get your funds by the close of the business day. Just apply before the lender’s same day cut-off time.

One lump sum payment

If you borrow $100 at a finance charge of $15 for two weeks, the lender expects the full payment to be made on the due date. There are consequences for failing to meet repayments.

The bank will charge you NSF fees ranging from $27 to $35 for bounced checks. If the payment goes through, the bank charges overdraft fees. It’s vital to monitor your bank account and ensure that your current balance is sufficient for payments.

Advantages and drawbacks of 2nd Chance payday loans


You can use funds as you see fit with no restrictions.Customers are more prone to fall into a circle of debt after failing to pay off the loan.
The chances of getting approved are very high.Loans with bad credit have higher interest rates
Online application & processing makes them convenient & time-saving.The loan amount offered is low
Cash advance loans have no credit score restrictions
Online applications are also secure
No collateral required

Payday loans with terms of up to 3 months may accrue so much interest that you pay twice what you borrowed. Again, it’s better to opt for loans with short terms, so you can clear them early and get back on track.

Best uses for Second Chance Payday Loans


The best use for payday loans with bad credit is for emergencies, for instance, financing an unexpected trip, paying medical costs, solving an overdue rent problem, etc. Don’t take out this loan just to improve your credit score. You will not see any improvement as most payday lenders don’t report to the 3 main credit reporting agencies.

The only time payday loans are reported is when they are handed over to collection agencies. Also, avoid making payday loans regular borrowing options. If you need a higher loan amount and a long-term solution, consider borrowing second chance installment loans.

Tips for landing the best second chance loans


Think of comparing several 2nd chance lenders to find the best rates. You can fill out several forms on different websites. For a much quicker solution where your effort is multiplied, try sending your loan request through a loan matching service. You fill out one loan form which is sent to multiple lenders. Immediately, you’ll start receiving offers.

Looking for a 2nd chance payday loans direct lender?


Use Just Right Loans as your trusted loan matching service. We do not offer direct second chance payday loans, but we ensure you get offers for payday loans from direct lenders in our network.

Fill our simple request form on this page fast. Choose an amount ranging from $100 to $1000 for a cash advance, or even more if you’re looking for installment-type 2nd chance loans.