2nd Chance Payday Loans

Do you have a bill or emergency expense that you can't cover because you can’t get a loan? Have you already been denied after applying for a loan, or are you worried that your credit isn't good enough to get a loan? If so, a 2nd chance payday loan may be the answer you need.

What Are 2nd Chance Loans?

Second chance loans are designed to give almost everybody an opportunity to get a loan — even if you have bad credit or have been denied before. They're called 2nd chance for a number of reasons.

You might have been denied for a previous loan, you might have had credit trouble in the past, or you might have tried to raise the money you need another way. When you're out of options, these loans give you a second chance to get through your money problems.

A 2nd chance loan is usually a short-term solution. You might need to cover a bill before your next payday, or you might be looking for a temporary product to rebuild your credit and get a better interest rate later.

Whatever your goals are, we offer free online financial education courses to help you avoid debt traps and improve your finances.

Types of 2nd Chance Loans

There are several different types of second chance loans. You can choose which one is right for your financial needs and for when you plan to repay the loan.

Short-Term Loan

A short-term loan is often a traditional installment loan that works like a car loan. You receive money from the lender and repay it over a set number of months. The repayment period is often less than one year.

Short-term loans are usually unsecured. This means that you don't have to put up collateral like your car or jewelry.

Interest rates can be higher than for car loans or other traditional loans, but the cost of a short-term loan can still be much less than late fees on your bills or potentially losing your home.

Payday Loan

A payday loan is a loan against your next paycheck. These loans are for when you have to cover a bill before you get paid.

Payday loans often allow you to receive money in as quickly as one day. When you get your paycheck, you pay back the entire loan plus a fixed finance charge.

Cash Advance

There are two types of cash advance loan. The first works almost exactly like a payday loan. You apply for the loan, get cash, and repay the entire loan at a set date.

You may also be able to take out a cash advance on your existing credit card. When you do this, you'll pay a fixed fee plus interest until you pay off the balance.

However, if your credit score is low, your credit card company may not allow you to use this feature.

Bad Credit Installment Loan

Bad credit installment loans include things like auto loans, mortgages, and personal loans. These work like traditional loans, but are designed for people with less than perfect credit.

You may need to pay extra financing fees, and the interest rate will likely be higher.

Your goal with this type of loan is to cover your financial emergency now, while you start building your credit so that you can get a better loan in the future.

Applying for a 2nd Chance Loan at LendUp

LendUp offers a variety of 2nd chance loans to fit your situation - including for borrowers with bad credit.

We look beyond traditional credit scores at a variety of factors to see your whole financial situation. What happened in the past won’t necessarily matter if we think you'll be able to repay your loan today.

To see your available options and to receive an instant decision, start the application now.

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