Rates and Fees
Second Chance Payday Loans is not a lender. Because of this, we are not able to confirm the exact APR rate that you will be charged. Should you have reached our site via a paid Google advert, you will have seen repayment terms ranging from 3 to 48 months, together with illustrated rates of 4.95% to 35.99% for qualified customers (calculation consistent with the Truth In Lending Act, TILA). Although some providers offer rates from 5.99% up to 35.99%, that low APR rates are only available to certain customers. The repayment terms are for closed end loan products, and is not reflective of all loan products offered in our network.
Second Chance Payday Loans is striving hard to ensure that the lenders in our network strictly adhere to all applicable international, federal, state and local regulations and laws and able to provide fair credit practices within the industry.
Usually, this credit is associated with relatively high financial charges, rates and fees. For this reason, the industry is heavily regulated on federal, state and local levels. Moreover, the number or organizations, either governmental or non-governmental, which provide control over the agents in this industry and establish the best practices and regulative procedures, steadily grow and develop.
To apply for a loan, you will need to be 18 years or older. The rate of APR you will be charged will be set by the lender. The figure can vary and will be based both on the information that you provide to the lender within your loan request and the information the lender supplied to you. The lender will always notify you of the APR they can offer you.
APR rates are based on how creditworthy you are, the rates are subject to change without notice which could result in the rate and amount you pay back varying.
Once your application has been accepted by a lender, they will provide you with all the facts associated with the loan. This will include the APR, any associated loan finance charges and all of the terms you will be agreeing to. It is prudent that you read all information submitted to you by the lender to ensure that you can make an informed decision prior to accepting a loan offer.
Second Chance Payday Loans refers consumers to trusted, reputable lenders who are able to provide loan information and advice – we do not charge for this service.
Representative Examples (Qualified Customers) (**)
If you borrowed $2,000 over a 12 month period and the loan had a 3% arrangement fee ($60), your monthly repayments would be $189.12, with a total payback amount of $2269.44 which including the 3% fee paid from the loan amount, would have a total cost of $329.44. Representative 29.82% APR.
If you borrowed $5,000 over a 48 month period and the loan had an 8% arrangement fee ($400), your monthly repayments would be $131.67, with a total payback amount of $6320.12 which including the 8% fee paid from the loan amount, would have a total cost of $1720.12. Representative 18.23% APR.
(**) – Although some providers offer rates from 4.95% up to 35.99% APR that low APR rates are only available to certain customers. The repayment terms are for close end loan products, and is not reflective of all loan products offered in our network.
Second Chance Payday Loans streamlines the loan process from start to finish, though we do not lend you money ourselves. This also means we do not make any decisions on your request, we cannot influence the lender’s decision, and we are not privy to information regarding your fees, rates, APR, nonpayment rules, and renewal policy.
This website is an online service that works to put in touch borrowers like you with reliable lenders that are ready to satisfy your current financial needs.
All details, such as fees, rates, APR, nonpayment rules, and renewal policy are specified in your loan agreement and depend on local regulations by state. On our part we provide plenty of information that can help you better understand what a loan is, how it works, and how to use it wisely.
The service works for you for free. We do not bring you to accept the first available offer, allowing you to decline unsuitable options for as long as you are completely satisfied with all terms and conditions. Our activity has a simple goal: meeting our clients’ financial interests. That’s just how it has to be.
Once your request is approved, the lender will make you an offer, including the fees and APR, as well as the terms of repayment and loan renewal options, if any. We encourage you to read the agreement carefully and weigh all pros and cons and be fully equipped with the necessary information to not fall in an unpleasant financial situation.
Pay particular attention to non-payments that may result in additional fees, negative impact on your credit score, and even collection activities. In case you have no funds to repay the debt on a due date, immediately contact your lender and discuss ways how to handle the situation.
Some lenders can offer to resort to a loan renewal. Remember that each lender has its own renewal policy, so we recommend that you peruse it before accepting the offer.
If you need more information on your loan agreement, please address all your questions directly to your lender. As far as we are concerned, we are ready to answer only those questions that are relevant to our service.
Disclosures described above are for information purposes only. Do not regard them as legal advice.