Second Chance Loans: Bad Credit Accepted
Have you been rejected by the bank or another lender for a loan or a credit card?
It can be extremely stressful, especially if you're in an emergency - we've all been there too and know what you're going through.
So-called "second chance loans" give you another shot at borrowing without the hoops and red tape of the big traditional lenders. We work with a large network of direct lenders who fairly assess all applications and won't reject you automatically, just because you have bad credit.
Submit your details and we'll attempt to connect you right away - everyone deserves a second chance!
Want to know more? Then let's take a closer look...
What Are 2nd Chance Loans?
They are all about giving you a second chance at borrowing money when the banks and other big lenders have been unhelpful.
The lenders in our network will not automatically reject you based on a poor credit score and can offer you a realistic loan amount based on your financial situation.
So, if you can't find any banks that offer such loans, try our fast and simple online service instead!
You Could Borrow Between $100 and $1,000 for Any Situation
We've all had times when we've broken the monthly budget and are in need of cash urgently.
Perhaps you're faced with an unexpected bill, need to fund emergency home or car repairs or desperately want to make a large purchase up front, but your next paycheck is still some weeks away.
Whatever your situation, the direct lenders in our network can offer between $100 and $1,000 to tide you over until payday comes.
These personal loans are also issued with no collateral, meaning you don't have to pledge any of your assets or items of value in case something goes wrong.
What's more, if you are approved you could see the money in your bank account as soon as the next business day!
How's that for speed?
In fact, the process is so simple; you can use our matching service and apply with a lender just by using the browser on your phone - no waiting in line, no awkward meetings or phone conversations and best of all, no tedious paperwork.
Just one simple web form.
But more on that later...
Now, let's take a closer look at different types of loans available in 2021:
1. Second Chance Payday Loans
Second chance payday loans bridge the gap between expenses and payday.
They are not like regular personal loans that are repaid over several months or years - instead, they are specifically designed for the working consumer who needs to bridge the gap between expenses and their next paycheck.
Think of them as an advance on your wages, but not from your employer.
The lender will set the repayment date for on or just after your next payday, and you'll be expected to repay it in one full lump sum.
Even simpler, you don't have to worry about interest rates because there is only one single finance fee that is taken alongside this repayment.
2. Second Chance Installment Loans
An installment loan is a loan that is repaid over several months in installments (monthly payments), rather than in one lump-sum like a payday loan.
If you're looking to borrow money over a longer-term but have been rejected elsewhere, a second chance installment loan could be just the solution you need.
3. Second Chance Personal Loans
A second chance personal loan is simply a loan issued to an individual that does not require any collateral to secure it - i.e. no home or valuable item can be secured in the case of non-payment.
All loans found via our lender connect service are personal loans with no collateral.
4. Loans from Direct Lenders
If you want to deal with lenders directly, then you've come to the right place.
While ElcLoans is not a lender, we can quickly tap you into a network of over 100 direct lenders and if you're connected, you will complete your application with one of them.
All agreements are signed with the lender and there is no middle-man.
The benefit of using our service is that you don't have to waste time shopping around and applying to lenders one by one!
5. Loans with Bad Credit
If you're looking for such loans, chances are you have a poor credit score and have been rejected elsewhere.
While we cannot guarantee you will be connected with or approved by a lender, your application will not be automatically rejected based solely on a credit check.
Other important factors include your employment status and income level, which help lenders determine whether you're capable of repaying the loan (credit risk).
Many users with bad credit scores have used our service to successfully obtain loans - so could you - and if you do, that will work to improve your credit score and make it even easier to obtain more credit in the future!
6. Instant Loans
Warning: Websites that make bold promises like "no credit checks" or "instant/guaranteed approval" are just using misleading marketing language.
We like to be honest with our users and believe you will be 100% satisfied with our leading online service.
So, while no instant approval is possible, we will attempt to connect you with a lender in a matter of minutes after you've submitted our web form.
If you proceed to complete a lender's application, you will know onscreen if you have been accepted.
What's more, lenders aim to deposit funds on the next working day!
7. Legitimate Loans
We understand that the internet can seem a bit like the wild west, especially when it comes to borrowing money.
However, all of our network partners are accredited lenders in the United States and subject to federal and state law regarding payday and other forms of lending.
If you're searching for "second chance loan companies near me" or "second chance installment loans near me", you can simply apply online and will be covered by the regulations of the state you live in!
You will only find legitimate direct lenders via our service, with no false promises or hidden fees. If you are connected with a lender you will be able to review a digital copy of the terms and conditions before signing the contract!
8. Last Chance Payday Loans
The last chance loan is simply another term for 2nd chance loans. These are aimed at those who aren't being approved for loans and credit from traditional lenders and don't have any options left.
While there is no specific loan product called a "last chance loan," our network of lenders offers payday loans with no collateral that can meet the needs of people looking for that last chance.
Because banks that give such loans are few and far between, our online lender connection service is a much-needed lifeline!
9. Last Chance Loans with Poor Credit
Our lenders recognize that if you're searching for that last chance, you may be struggling with a poor credit score.
That is why they do not automatically disqualify applications from those with bad credit history.
All factors will be fairly assessed before a final loan decision is made, including income, employment status, and other personal details provided on the application.
10. Last Chance Installment Loans
Unlike payday loans, these loans are repaid over a longer period of time, making them easier to manage in certain circumstances. You may, however, end up paying more interest because the loan is outstanding for longer.
11. Last Chance Auto Loans
If you need a car loan to fund the purchase or repair of a vehicle, then the 2nd chance loans provided by our lenders can help.
In fact, if you are approved, there are no restrictions on what you can use the loan for.
We just advise that you don't use it to refinance existing debt as this can lead to long-term financial issues.
12. Home Loans
The loans provided by our network of lenders may also be suitable for home-related costs, such as home repairs and improvements, the purchase of appliances or furniture, or home electronics.
They are also useful for covering those unexpected home utility bills.
There Are Other Options
2nd chance payday loans are not necessarily for everyone and we want our users to be fully informed before using our service.
That's why we have extensive information on our FAQ and How It Works pages.
If you're struggling to get loans or credit you might also consider borrowing from friends or family or going to a credit union.
However, we believe our service is fast and reliable and can meet the needs of many.
Who Can Apply?
Do you need cash quickly? Does $100 - $1,000 cover your needs? Can you repay the money when you get your next round of wages?
If yes, then ElcLoans is just what you're looking for.
All you have to do is meet a few basic requirements to be eligible:
- Over the age of 18?
- A legal US resident and can provide us with an address and contact details?
- Employed or otherwise earning a verifiable income of $1,000 or more per month?
- Able to accept deposits and debits from your bank account?
Then you are eligible for personal loans from our lenders.
Stress-Free and Time-Saving Application
Financial problems and stress go hand in hand, especially when you've spent days applying for loans with different lenders and gotten nowhere.
ElcLoans solve this by tapping you into a network of 100 plus direct lenders with one easy web form.
That's right, simply pull up our loan request page, select how much you need to borrow, let us know about your income and employment, and we'll pass this on to the lenders.
You'll know if you've been connected then and there onscreen.
Next, you will be directed to the lender's page where you may need to enter a few more details and you could know if you've been accepted in a matter of minutes!
Then all you have to do is read the terms of the offer and digitally sign the contract.
It really is that simple...
And if you make sure to apply during the working week and make allowances for bank holidays, in most cases, you should see the cash in your account on the next working day - perfect if you need to pay bills or cover expenses right away.
Myth: Second Chance Payday Loans Are Expensive
The fact that you've been rejected elsewhere doesn't mean you're going to be charged an excessive interest rate.
All of our lenders are regulated at the federal and state level, and some states have limits on the amount your loan could cost.
Lenders also recognize that charging too much in fees just increases the risk to both parties.
You will only be charged one single fee if you repay the loan on the agreed-upon date and this will be revealed to you when the lender makes their offer.
You will also receive a full copy of the loan terms and conditions prior to signing the contract, which outlines the interest rate, the repayment date (or dates if there are more than one monthly payments), the loan amount offered, potential late fees and charges, whether you can renew or extend your loan and all of the lender's other policies.
Note: You are not obliged to accept a loan that has been offered to you, and you can walk away at any time prior to making loan decision and signing the contract.
You can also re-apply at any time in the future.
The Best Choice
If you're looking for quick cash with no collateral, ElcLoans is your number one choice.
We streamline the application process by forwarding your details to multiple lenders, who will fairly assess your loan application even if you have bad credit score.
Submit your second chance payday loan request for $100 to $1,000 today and if approved, you could see the money as fast as the next business day!