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No collateral, a bad credit history or no credit history can cause quite some difficulty when one needs to borrow money from a lender in the market. Not everybody’s friends and relatives can manage to help them during their tough financial phases of life, since they may be facing hardships themselves. After all, it is impossible to know and understand another person’s financial situation till the time they open up about it, which is why many people choose not to cause any stress to their close ones, even if they just need a few extra bucks.

If you or somebody close to you is facing a financial crisis for which s(he) needs some extra funds, but has a bad credit rating and yet needs a loan ASAP, approaching a direct lender could massively help.

The reason why a few lenders and even borrowers may discourage you from applying for a traditional loan would be due to the following reasons:

  • A bad or no credit score won’t go a long way: Majority traditional lenders do not agree to fund borrowers with poor or no credit histories since they majorly depend on a borrower’s repayment history in order to agree to fund them. To them, a borrower with a bad credit history isn’t too trustworthy since it proves that s(he) hasn’t been repaying previous loans either at all or on time.
  • The need for collateral: In case a borrower has a bad credit rating or none at all, it is unavoidable for the lender not to ask for collateral. Since collateral is security which can be resold by the lender in case the borrower fails to repay the loan, it eliminates the risk of not being repaid.
  • Lengthy approval procedures: There is no doubt about the fact that traditional loan lenders conduct time-consuming approval procedures before agreeing to fund a borrower. Credit checks, collateral processing and more take days before a lender approves a loan and in a time of crisis, that is the last thing that a borrower needs. Also, even after all these time-taking procedures, funding is not guaranteed so just in case your lender disagrees to fund you, it may just lead to more waste of time and you may have to look for other options. Certainly not worth the wait, is it?

Second Chance Loans with Guaranteed Approvals in Minutes from Direct Loan Lenders

Direct lenders, unlike traditional lenders, believe in giving second chances. So, if you have been denied funding by a traditional lender, you may choose to apply for a second chance loan with a direct lender instead. Why? These loans are not dependent on a borrower’s credit score, thus making it fairly easy for almost every borrower- with or without good credit- to get the required funds.

The other benefit offered by lenders providing such loans is that they do not ask for collateral, irrespective of an individual’s credit rating. A stable income along with some basic additional documentation is enough to be able to get funded through these loans. Also, since direct loan lenders do not conduct time taking procedures during their approval process, one can receive a second chance loan within minutes of applying for one. Even though lenders claim to offer these 1 hour direct deposit loans in minutes, one can receive them in just minutes. That’s because once you apply for such a loan, your lender shall review it almost immediately, and when approved shall transfer funds right then.

These funds usually reach borrowers within 24 hours at the max (24 hours since it could take that long for a borrower’s bank to approve the transfer).

Second chance loans offered by lenders such as CashTodayExpress are ideal in situations that need urgent funding, since these loans are processed quickly and are easy to get since they require very basic documentation. If you need a loan instantly and have bad credit, these second chance payday loans can come handy. The best part is that one doesn’t have to travel all the way to a store and can instead apply online directly, without wasting time travelling.


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