Second Chance Loans: Instant Cash Loans for People with Defaults

If you’ve failed to comply with the terms and conditions of a credit agreement during the last 7 years, this is recorded by all three credit reference agencies. When lenders or issuers perform a credit check, any past credit indiscretions will be quickly revealed. This typically leads to an outright decline.

Don’t give up hope as there are second chance loans with no credit check available from specialist bad credit lenders. These typically have a high rate of interest and are only available for a relatively short timeframe. They are not a long-term solution to your financial difficulties. If you have money problems, consult a credit counselor.

Payday Loan Stores are Specialist Second Chance Lenders for Bad Credit

A no credit check unsecured loan is specifically designed for people who have defaults and have been rejected elsewhere. Rather than credit scoring your application, they use a variety of different measures to underwrite your creditworthiness. These are related to identifying you and ensuring that you have the means to pay back the money you’ve borrowed 30 or 60 days from now.

Provided that you’re over 18, are a U.S. citizen and are in full-time employment, you’re guaranteed to be accepted for a payday cash advance loan. Employed people can borrow $1,000 within 24 hours. Some payday loan companies also offer second chance loans for unemployed people for up to $500. Although they’re far less common, you can identify second chance lenders who are able to offer instant cash loans when you’re jobless and claiming state benefits.

Despite the fact that second chance credit from a payday lender is a form of unsecured debt, you should never borrow money if you’re likely to find it difficult to pay back the money you owe in the future. Interest and charges will accrue quickly and debt collection agencies will pursue you for the balance. Talk to the lender directly to see if they’re prepared to help if you find yourself in a position where you cannot repay the debt.

Pawn Shops Offer Customers Second Chance Loans with No Credit Checks

If you’re in desperate need of second chance credit and have been rejected elsewhere, possibly because your currently jobless, a pawnbroker may be able to help you. A pawn shop loan is an option for customers who are able to offer collateral, such as gold, silver, jewellery, art work, watches or even art work. All that they need is sufficient equity in the collateral to pay off the balance should you default on the agreement.

Take in your item of value and they’ll professionally assess it to better understand how much it’s worth. They’ll then be prepared to offer low credit score loans for up to 50% of the items value. The reason that you can’t borrow a higher sum of money is because they need sufficient equity to cover any interest that accrues. They also like there to be additional equity available, just in case you experience difficulty repaying the debt and need to renew the agreement.

You’ll be handed your money in cash along with a receipt for the transaction. The pawnbroker will hold on to the collateral until the debt is settled on the due date. If you find yourself unable to pay off one of your second chance loans, go in early to ask them if they’re prepared to accept payment of the interest and extend the term of the agreement. Failing to clear the debt gives them the right to sell the item to recover their money.

Obtaining Cheap Personal Loans with Bad Credit

Bad credit can happen to anyone running low on cash, any person who is defaulted on repaying an existing loan or in some cases have so much outstanding debt that they are opting for debt settlement or even bankruptcy. In this condition, handling another financial crisis is simply out of the question. Sometimes, for filling your basic needs will even be hard to do. However, there are some loan programs available that will allow you to breathe a bit easier at this stage in life. Since loans can be obtained from many different sources, your primary concern should be not the source of a loan, but your ability to repay the funds. It’s best for you to opt for a loan that has flexible and generous terms soon your requirements, but still maintains an interest rate that is well enough not to get you further into debt.
Due to the less than perfect nature of your credit history, it is sometimes hard to obtain a loan from a traditional lender. There are numerous websites available that will allow you to apply for a personal loan with multiple companies simultaneously. While we don’t discuss all of the choices available, we will focus on 2 different sites. Thee site is Both sites offer similar features including fax less-applications, helpful customer service hotlines, and ACH repayment options. The nature of personal loans lends itself to the fact that most customers don’t want to drive to a physical building, fill out laborious paperwork, and explain their need for a loan. If your personal and financial information can be verified by the company (using the Internet), you can skip the need to fax in traditional forms.

While one should contact a loan servicing company for specific details, most 14-day loans are serviced with an interest rate of 782.14%, which is $30.00 per every $100.00 borrowed. For borrowers with less than perfect credit, this may be the only available option. For some borrowers, they are only able to repay the finance charges associated with the loan, rather than the full amount. Normally this process is called a loan renewal. Most lenders will allow this type of behavior only 3 times per application. This type of behavior can lead to increased debt loads as one is only repaying the increasing levels of interest on the loan. Sometimes, it’s easier to approach a friend or family member to obtain the temporary funds you may need.

How to Avoid Rising Credit Card Payments: Efficient Ways to Manage a New Terms of Service

If an individual has been loyal to his or her credit card company and has maintained a solid standing and reputation with the company, all things would appear to be in order.

However, when a change in terms of service involves a rising minimum payment, the situation can drastically change. Learn what steps customers need to take in order to avoid an impending payment increase.

Credit Card Payment Options

Here are four basic strategies designed for individuals who want to counteract or eliminate a new payment increase:

Close the current account. When an individual receives notice that his or her minimum payment will increase, it can be wise to close or “opt out” of the current account and find a way to maintain the original terms of service. If the customer can maintain the original terms, he or she will not face a new payment increase.

Loyal customers are encouraged to contact his or her card issuer and seek the ability to close the account. The individual’s credit score will suffer by closing the account; however, by reverting to the old or original terms of service the individual’s credit score will automatically increase and improve.

Contact the creditor. Many people are scared to close an account due to the fear of a credit catastrophe. If closing the account is not an option, individuals are advised to gather all payment history, credit score, and any other vital information to prove a strong customer standing.

The idea is for the customer to build up his or her “loyal standing,” and then ask for a way to remain at the original minimum payment structure. Remind the creditor what a loyal customer is all about and how important the service of the customer is in the big picture.

Remain diligent. Of course “diligence” does not mean “harassment,” but it’s always a strong idea to make the presence of the customer known to the creditor. Let them know the situation, and also let them know what an increase in minimum payment may do to the customers future dealings with a given credit card company.

As a loyal customer, it’s important to always be treated in a respectable fashion. Never harass or insult by any means, but never be afraid to demand what the individual believes to be fair. Let the creditor know the consequences of increasing the minimum credit card payment.

Balance transfer credit card. If it becomes apparent to the customer that he or she is stuck with the new increased minimum payment, consider opening a balance transfer card or transfer the balance to another card that is currently open and available.

Credit Card Payment Evaluation

Before the customer decides to consider any of the options listed above, it’s important to evaluate the financial situation caused by the increased payments. Customers are advised to “speak up” when the new terms do not meet an individual’s financial situation.

However, it’s not wise to make a swift decision just because the terms of service have changed. It’s never a good idea to risk a solid credit standing just to avoid paying a new minimum payment.

Many times customers can simply find a way to work around the payment increase without resorting to contacting his or her creditor. Customers are advised to evaluate all personal options before seeking other alternatives.