Trying to find Second Chance Loans?
The following will help you get the most out of second chance loans
Second chance loans give people the opportunity to get back on their feet financially while at the same time giving them access to funds that they so desperately need (especially in a pinch) without holding their poor credit or negative credit history against them.
Though it used to be rather difficult to come across second chance loans or companies that were willing to offer these kinds of opportunities, more and more traditional and not so traditional lenders are getting into the swing of things.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
Most people have at least a few credit blemishes against them (especially after the global economy took a nose-dive and has yet to fully recover), so it is a lot easier to get second chance loans than it might have been before.
Even still, you’ll want to make the most out of this opportunity, so here are things that will help you do exactly that!
Look for flexible loan amounts
It may be impossible to know exactly how much money you need when you’re asking for second chance loans, so if you’re able to, it might make all the sense in the world to ask for a flexible loan amount.
This (as opposed to a traditional loan) will usually open up the opportunity to take advantage of a flexible credit line (say any amount between 3000 and 3500, for example), and are perfect for those that are not able to get a flexible credit line in any other way.
Work with second chance loan companies that offer credit leniency
Most of the companies offering second chance loans are going to practice credit leniency, but not all of them.
If you want to get the most favourable terms possible, you’re going to want to try and work with companies that are going to give you the second chance that you deserve without holding your poor credit history against you at the same time.
Bring collateral to the table
If you are able to bring collateral to the table, your odds of getting larger second chance loans go up significantly.
Though there are a lot of lenders out there more than happy to offer these kinds of loans to people that do not have sterling silver credit, not many of them are willing to offer unsecured loans of enormous amounts to those that haven’t established or re-established a track record for timely repayment.
If you need a larger loan, it’s going to be in your best interest to bring as much collateral to the table as you can.