Second Chance Loans
- Online application 24/7
- No credit check
- Bad credit accepted
- Payday loans & alternatives
- Same-day funding from a direct lender
Why Trust Us?
1F Cash Advance has been providing emergency loans since 2019. We are licensed and operate under state laws. Over 140,305 consumers have already benefited from our services, both online and in stores.
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Loan options for subprime borrowers often come with high interest rates and potential debt traps. 1F Cash Advance stands out by offering fair loan solutions to help people with bad credit access emergency money quickly. We believe that financing should be available to everyone in need of fast cash. With us, you can apply online, get almost instant approval, and receive up to $1,000 or $5,000 within a day. Get the second chance you deserve today with our payday and installment loans.
What Is a Second Chance Loan?
A second chance loan is a borrowing option designed for people with poor credit who can’t qualify for traditional financing. This last-chance loan product refers to subprime borrowing and carries more risk to lenders, which often results in high interest rates, extra fees, and short repayment terms.
Why Might Your Credit Score Matter?
A credit score is a digital representation of how you manage your finances. Lenders use it to analyze how likely you are to repay the loan on time and determine your approval chances and particular loan terms. Most lenders use the FICO scoring model with a credit score range from 300 to 850. Here’s a breakdown:
- 800–850: Excellent Credit
- 740–799: Very Good Credit
- 670–739: Good Credit
- 580–669: Fair Credit
- 300–579: Poor Credit
Borrowers with FICO ratings between 300 and 669 are considered risky. This score range often indicates a limited credit history, recent late payments, or other derogatory marks that show an applicant has had issues managing their debts and finances. This way, they usually find it difficult to get a traditional loan from a bank.
How Does a Second Chance Loan Help?
Second chance loans allow you to access funding based on factors beyond just your FICO score. Lenders offering them usually pay attention to your income, employment status, payment history, and overall financial stability. This makes it easier to qualify for people with less-than-perfect credit ratings.
In most cases, second chance loans are payday loans that are due within 2 to 4 weeks. You can request them online in minutes, get up to $1,000 within 1 business day, and repay the funds in one lump sum by your next paycheck. However, lenders may also offer second chance personal loans and mortgages.
Get a Loan Online with 1F Cash Advance
At 1F Cash Advance, we make the borrowing process simple:
Complete a request form
You can do it online in just 5 minutes with no faxing and no paperwork.
Get approved
The verification process with no hard credit check allows you to receive an almost instant loan decision via email.
Receive your loan
If approved, the money will be transferred to you via a direct deposit, often on the same day.*
*Approvals before 10:30 am on weekdays can be funded on the same day. Applications submitted after 10:30 am, on weekends, or on federal holidays will be processed on the next banking day.
What You Need to Apply
Prepare the following items in advance to make your application with us as fast and smooth as possible:
- Personal data: Full name, valid ID, Social Security number
- Income confirmation: Proof of stable monthly income (pay stubs, bank statements)
- Banking information: Active checking account and routing numbers
- Contact details: Valid email, cell phone number, proof of address
Should You Get a Loan If You Need $4,000 Now?
While payday loans may be a great source of emergency assistance for subprime borrowers, they also come with several substantial risks.
Pros
- Easy access to money. Simple application and approval processes makes these loans available to those who can't qualify for conventional options.
- No impact on your credit score. You can get much-needed financing without lowering your FICO rating.
- Fast funding. Most payday loans can be deposited into your bank account within 1 business day, with same-day transfers often available.
- No collateral or co-signer. You don't need to provide an extra repayment guarantee and don't risk losing your property in case of default.
Cons
- High interest rates. Payday loans often carry high APRs that exceed 400%, making borrowing money expensive.
- Short repayment terms. You need to repay the funds within a couple of weeks, which increases the financial burden, especially if you already have money issues.
- No ability to build credit. Most direct payday loan lenders do not report your on-time payments to credit bureaus.
- Extra fees. Besides a high APR, you may also be charged origination fees or late payment fees.
Make sure you review all the advantages and drawbacks carefully to ensure a second chance payday loan can meet your current needs. If you’re looking for a higher amount with more repayment flexibility that can be obtained with bad credit, consider the alternative installment option offered by 1F Cash Advance.
Second Chance Installment Loans
An installment loan is a borrowing option with flexible repayment terms that is designed for larger purchases and long-term financial goals. At 1F Cash Advance, you can borrow between $500 and $5,000 with no minimum credit score requirements. The approved amount is deposited into your bank account within 24 hours and is repaid in equal monthly installments over up to 24 months. An interest rate is fixed and starts at 16%**. This predictability and repayment flexibility make your loan easier to manage.
**Your particular interest rate is subject to approval based on qualifications. Bad credit borrowers are likely to get higher APRs.
Need a Second Chance? 1F Cash Advance Can Help!
1F Cash Advance aims to help people with limited borrowing opportunities get much-needed support and improve their financial health to access better loan offers in the future. Here’s how you can get a second chance through our products and other services.
Get Quick Assistance
Our online payday loans provide same-day assistance for financial emergencies. Borrow up to $1,000 and meet your immediate money needs till your next paycheck. Loan terms may vary by state.
Consolidate Debts
Replaces your high-interest loans or credit card debts with a single one. Use our installment loans with a starting APR of 16%** to consolidate debts of up to $5,000 in total balances.
Educate Yourself
Self-education is essential for managing your finances effectively. Our expert blog can help you make informed decisions.
Create an Emergency Fund
Having a nest egg gives you peace of mind in case of emergencies. Start your savings smart by taking out a credit-builder loan and benefit from boosting your credit score.
Rebuild Your Credit
Your credit score affects multiple areas of your financial life, including borrowing. By increasing your FICO rating, you can access more loan options and qualify for better loan terms.
What’s Next: How to Raise Your Credit Score
Boosting your credit is not an overnight process. However, there are some steps to help you see the difference within about 6 months.
- Pay on time. Don’t miss the due dates of your loan and bill payments. Your payment history makes up 35% of your overall credit score.
- Reduce credit utilization. Use up to 30% of your available credit card balances. This indicates you can handle your finances responsibly and are not overburdened with debt.
- Get a secured credit card. By managing it responsibly, you can improve your payment history and diversify your credit mix.
- Use Experian Boost. It allows you to get credit for on-time utility, cell phone, rent, bill, and insurance payments.
- Check your credit reports regularly. Review free copies of your credit reports at least once a year via each of the three major credit bureaus or the Annual Credit Report website.
FAQ
I have bad credit. Can I apply?
You're welcome. We accept applications from borrowers with bad or no credit and look far beyond just your FICO score. Factors like your income, employment stability, current debts, and recent payment history are more important to us as they show your real ability to repay.
Do you guarantee approval for my loan request?
We do not offer second chance loans with guaranteed approval as we need to assess your financial situation first. This is made to ensure you can manage your loan responsibly and pay on time. However, we don't prioritize your credit score, making it easy to qualify even with poor credit.
What is the difference between a payday loan and an installment loan?
A payday loan is a short-term loan of up to $1,000 with lump-sum repayment by your next paycheck. An installment loan offers loan amounts of up to $5,000 with the ability to repay in fixed installments over several months or years. Payday loans typically have higher initial interest rates.
How to borrow safely?
Safe borrowing starts by determining the right amount, finding a reliable lender, and understanding the total cost of borrowing. Make sure you only borrow what you need and can repay on time. Check out the lender's reputation and know how it protects your data. Read the loan terms and conditions carefully and use the borrowed funds responsibly.