What Are Second Chance Loans And How Do I Get One?

If you have poor credit or no credit, second chance loans can help you get out of tricky situations when banks would not be willing to give you a loan.

Nobody likes scrambling to bring money together in times of need. So, acquiring second chance loans in the form of title loans or installment loans might be a good strategy for you.

What Are Second Chance Loans?

Second chance loans are a type of financial aid designed for borrowers with a poor credit history who are unlikely to qualify for standard financing programs. Because of the definition, these loans offer some good help when you need this help the most.

How Do Second Chance Loans Work?

Generally speaking, second chance loans are provided by lenders like Missouri Title Loans, Inc. These loans are typically used as short-term financing. They often help you when you need money urgently and don’t have the time or requirements to go through a traditional financial institution.

The Advantages of Second Chance Loans

Below, you can find out how you can benefit from taking out second chance loans:

1. All Credit Is Welcome

At Missouri Title Loans, Inc., we work with all types of financial backgrounds when providing you with second chance loans. Whether you have good credit, bad credit, or no credit at all, we have the funding options for you.

2. No Collateral Needed

Usually, borrowers who have a less-than-average credit score are required to put their homes up as collateral. Depending on the type of second chance loan you opt for, this won't be necessary. This provides a stress-free environment for borrowers since you won't have to worry about possible repossession of your home.

3. No Cosigner Needed

If you have tried to apply for traditional bank funding, you may have been asked to supply a cosigner or guarantor due to your low credit score. Ideally, a friend or family member would help you out, but this isn't always possible.

Second chance loans, therefore, offer a great incentive for poor credit borrowers — no cosigner or guarantor is needed! 

How to Get Second Chance Loans

1. Opt for Title Loans

Car title loans are a short-term type of second chance loans that do require collateral to secure. You must hand the title for your car, van, or truck over to us before we can loan you.

The final amount we agree to lend you is based on the value of your vehicle and is capped at $15,000.

You don't need a checking account to qualify for one of our title loans. What we ask is that you are over 18 and have a driver's license (or another form of photo identification), a lien-free vehicle title, and a vehicle.

We work with all credit scores. You shouldn't be penalized for past monetary mistakes, so here at Missouri Title Loans, Inc., we are committed to getting you the cash you need.

Follow these simple steps to acquire a title loan from us:

1. Go to Missouri Title Loans, Inc.
2. Find the store closest to you by using our store location webpage.
3. Fill out the car title loan inquiry form found on our website.
4. Wait for a Missouri Title Loan Inc representative to give you a call. They will walk you through the entire process and define the documents you need to bring. Now is also a good time to ask any questions you may have.
5. Drive to the Missouri Title Loans, Inc.’s branch closest to you after the phone call. Don't forget to bring your vehicle, lien-free title, and photo identification.
6. Wait while one of our loan experts appraises your vehicle.
7. Fill in the simple paperwork with the help of our loan specialist.
8. Get your cash on the same day as you apply in as little as 30 minutes!

2. Opt for Installment Loans

Installment loans are another way to acquire second chance loans. You don't need to own a car, truck, or van to obtain an installment loan, but you will need to have an active checking account in your name.

You can borrow up to $1,500 with our installment loans by following the steps below:

1. Go to Missouri Title Loans, Inc.
2. Click the "Over the Phone" button when you fill out the Missouri Installment Loans inquiry form.
3. Once you have submitted the completed form, a representative from your closest Missouri Title Loans Inc location will call you back. They will explain the rest of the process.
4. Make sure you have a photo identification card, your most recent pay stub as proof of income, and a checking account statement in your name.

Second Chance Loans: Get The Financial Help You Need

You never have to struggle with money troubles alone. Just get in touch with us today at Missouri Title Loans, Inc, and we will talk you through your second chance loans options.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.