New Loans  623.266.9163
Payments  623.266.9163
Make a Payment

How To Get Second Chance Personal Loans With Bad Credit

May 21, 2021 | Emma Frost

second chance personal loans bad credit

 

Life happens. Life also offers many second chances and do-overs. Banks and money lenders aren't always as generous. Some of them give you one shot and one shot only.

Over half, or 53% of Americans have been denied a credit card or a loan because of the condition of their credit. Makes you wonder if you would be able to qualify for a loan with bad credit in an emergency. Can you realistically find second chance personal loans with bad credit?

The good news is that there are lenders that will shine a ray of light on folks with bad credit. You just need to know where to find them. If your credit really does have you in a precarious position, don't jump at your first offer. Among second chance personal loans with bad credit are some really bad chances.

Get a small pool of several options for a short-term personal loan. These are loans that are usually intended to help you take care of an unexpected expense. This could be an emergency room visit or an unforeseen and critical car repair.

Is Your Credit That Bad?

Bad credit is any credit score below 630, generally speaking. This holds true for both major scoring models, FICO 8 and Vantage 3.0. Both systems operate on a scale from 300 to 850.

Are you wondering how your credit got to be that bad? Maybe you were making late payments on your credit accounts. It's possible that a credit account had been reported to a credit bureau, which only compounds the problem of mismanaging it.

It could also be that you've used up a large portion of the credit available to you. It might seem like you should be able to use any and all credit that's offered on the table, but it's like riding a bike next to a cliffside. The closer you are to the edge, the more onlookers – creditors – will judge you to be risky.

How To Get Second Chance Personal Loans With Bad Credit

Bad credit is bad credit, but it may not be "weighed" the same among all lenders. For example, some online lenders might be more relaxed with evaluating your credit than a traditional lender would.

There is a specific market aimed at people with bad credit, and it's affectionately termed The Subprime Market.

Subprime loans tend to have high interest rates. This is because customers with bad credit are considered high-risk, and high-interest rates guarantee that the lender will profit from their investment. It also serves as an incentive to repay the loan in a timely fashion.

The good news is that if you make your payments on your loan in a timely fashion, your credit score will be repaired bit by bit and your financial situation won't be as sensitive the next time you need a loan.

Preparing To Apply For A Second Chance Personal Loan

Since applying for any loan with bad credit is a delicate matter, there are a few things to have in order before actually going through with the application process. That preparedness is a big part of how to get second chance personal loans with bad credit.

  • Be of legal age in your state to contract
  • Be a US citizen or permanent resident
  • Be resident in the state where the loan is offered
  • Have a valid, active bank account
  • Have a regular source of income
  • Have a valid contact number and an active email address

 

title loans bad credit Arizona

 

Southwest Title Loans Can Help--Bad Credit is Okay!

If you're searching for second chance loan options, give Southwest Title Loans a call. Our title loan process is quick and simple for anyone to go through. And we look to give people second chance personal loans with bad credit that will help them out of a financial emergency.

But if you have good credit and you need cash in a hurry, you're welcome to apply as well. Our auto title loans are painless. You will use your car title as collateral, but that doesn't mean that you have to give up driving your vehicle. We keep the title, and you keep driving your car.

Start the Title Loan Process Today!

You don't have to come into our locations to begin the process for one of our auto title loans. You can start online and then just head to the nearest title loan location to get assessed in a fraction of the time it takes to apply for a traditional loan.

Here is a quick rundown of how our process goes when you come to Southwest Title Loans:

  1. Go to our home page and fill out our online form to get started. It will get sent to the nearest location where you will get a phone call from one of our loan representatives;
  2. Wait for the loan representative to give you a call back to give you further instructions. They will also answer any questions you have;
  3. head down to our store with your driver’s license or state-issued ID, your car for a quick inspection, and your car’s lien-free title;
  4. They will assess your driver’s license or ID and title. They will also quickly inspect your vehicle to determine how much you could qualify for. If they approve you, you will get the cash you need.

We do want to take a moment to let you know that auto title loans aren't something for a frivolous expense. And it won’t permanently eliminate your debt. This really works out best when auto title loans are used for an emergency.

Visit us and get your credit back onto a smoother road today. When you are ready to get your emergency expenses handled, and think title loans are the right fit for you, fill out our online form today.

Arizona Title Loan Association Logo Go-Daddy Logo

Southwest Title Loans Facebook Page Southwest Title Loans Twitter Page Southwest Title Loans YouTube Page

Avondale Store
1485 N Dysart Rd, Ste 101
Avondale, AZ 85323

Mesa Store
1025 S Power Rd, Ste 108
Mesa, AZ 85206

Glendale Store
9284 W Northern Ave, Ste 104
Glendale, AZ 85305

Tempe Store
937 E Broadway Rd, Ste 3
Tempe, AZ 85282

San Tan Valley/Queen Creek Store
530 E Hunt Hwy, Ste 105
San Tan Valley, AZ 85143

North Phoenix/Scottsdale Store
3510 E Bell Rd, Ste 1 & 1A
Phoenix, AZ 85032