What Are 2nd Chance Loans?

May 18, 2021 | Daniel Dewitt

2nd chance loans

If you need money as quickly as possible, you don’t need to worry or think that you’re out of options. A lot of people get in the same boat from time to time and many of them find help in 2nd chance loans. In fact, over two million consumers seek 2nd chance loans every year. So, what are 2nd chance loans and how do you get them? Here's what you need to know.

What Are 2nd Chance Loans?

Being one of the available loans in Delaware, second chance loans are extremely convenient, and they're designs for people who have less than perfect credit. Instead of focusing primarily on your credit rating, they use alternative forms of collateral to get you approved for quick cash. On top of that, you don't have to wait for the bank or jump over a bunch of red tape for the funds you need.

As a matter of fact, there are only a few stipulations to qualification and the process is swift and easy. Generally, you'll need to provide a few key pieces of information. Payouts are usually given within 24 hours and the entire application process can be completed on the same day.

NOTE: You must be at least 18 years old to qualify for any kind of loan in DE.

Why Would You Need 2nd Chance Loans?

Needing fast cash is not a sign that you're irresponsible with money. There are many reasons why you might need 2nd chance loans in Delaware. Here are just a few of them.

stressed due to emergency

1. Reduced Income

Banks won't even give you the time of day if your income isn't high enough for their underwriting team. So with traditional bank loans, the decrease of your income further decreases your chances of getting help.

2. Illness or Injury

It's very difficult to keep up the pace when you're sick or injured, but bill collectors don't care about that. They want their money one way or another, so 2nd chance loans can be a helpful answer.

3. Emergency Travel

You never know when you might need to take off at a moment's notice. But traveling can be expensive. And when you don't have a choice, going on a trip can ruin your budget.

4. Low Credit Score

It is virtually impossible to get approved for a loan by a traditional bank when your credit score isn't 700 or above. Just when it seems like help is only available for those who don't even need it, 2nd chance loans are able to save the day.

In some cases, applicants who can meet a few basic requirements can get approved for up to $15,000 in instant cash. That sort of loan takes three things to get, though:

  1. A car that you fully own.
  2. Five minutes to fill out an application.
  3. A great lending company like Delaware Title Loans, Inc.

For more information on the different loan options available, call ahead to speak to a loan agent.

How Do I Get 2nd Chance Loans in Delaware?

It's easier than ever to get 2nd chance loans in the state of Delaware. The law allows the process to be quick and simple. This is all you have to do to get one today.

approved for a title loan

Step 1 - Apply Online or Over the Phone

You don't even have to leave your house to get approved for your loan, regardless of your credit score or income level. Either call to answer some simple questions or visit the Delaware Title Loans, Inc. home page. There, you'll find a short intake application that takes only a few minutes to complete. After that, an agent will contact you shortly.

From there, they'll work with your schedule to set up an appointment for the rest of the process. Usually, they can arrive on the same day you apply and finish everything on the spot.

While you wait for your appointment, get prepared with the right documents, and try to write down any questions you may have.

Step 2 - Provide the Required Items

Your agent will either arrive at your location or wait for you to come to the office. Either way, you'll be asked to provide specific items to get your approval. Here's generally what's expected.

TITLE LOANS (up to $15,000)

  • Driver's license or photo ID.
  • Lien-free car title.
  • Vehicle for inspection.

SIGNATURE INSTALLMENT LOANS (up to $1,500)

  • Driver's license or photo ID.
  • Proof of income.
  • Checking account statement (in your name).

Get The Money You Need When you Need It

Don’t worry about all the qualifications that banks consider a must-have. The simpler way to get the money you need quickly and with ease is 2nd chance loans. Apply for loans in Delaware today.