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Second Chance Loans in Cleveland, OH
1F Cash Advance offers payday and installment loans up to $1,000–$5,000 with same-day funding and no credit check in Cleveland, Ohio.
Data compiled from public sources · Rating from CreditDoc methodology
Second Chance Loans Review
1F Cash Advance is a licensed financial services provider operating in Ohio since 2019, with physical locations in Cleveland, Columbus, and Cincinnati. The company specializes in short-term small loans designed for emergency expenses and income gaps, targeting borrowers who may have limited credit options. They operate both in-store and online, serving the Cleveland market from their location at 700 West St. Clair Avenue.
The company offers two main loan products: payday loans (up to $1,000, 91 days to 12 months) and installment loans (up to $5,000, repayment over 2–24 months). Applications are processed with no credit check, focusing instead on income stability and ability to repay. Same-day funding is available for in-store cash pickups or direct deposits approved before 10:30 a.m. on weekdays. They also provide check cashing services. Online applications are available 24/7, with in-store hours Monday–Friday 8 a.m.–10 p.m. and Saturday 9 a.m.–6 p.m.
The company distinguishes itself through transparency about loan terms, trained loan specialists, and explicit compliance with Ohio's 28% APR cap and $1,000 payday loan limit. They market accessibility for bad-credit borrowers and emphasize quick processing (5-minute applications). The website includes a direct acknowledgment that these loans are not intended for long-term financial problems and recommends credit counseling for ongoing issues.
However, this remains a high-cost lending product. While compliant with Ohio law, the APR ceiling of 28% is still substantially higher than traditional personal loans or credit union alternatives. The company's business model depends on short-term, repeat lending, and the website's honest caveat about appropriate use suggests these products carry real risk of debt cycles for vulnerable borrowers.
Services & Features
Check cashing services
Direct deposit funding (same-day if approved before 10:30 a.m. weekdays, next business day otherwise)
In-store and phone support with trained loan specialists
In-store applications and instant approval decisions
Installment loans up to $5,000 with 2–24 month repayment options
No credit check underwriting
Online loan applications available 24/7
Payday loans up to $1,000 with 91-day to 12-month terms
Private, secure application process
Same-day cash pickup at Cleveland location
Feature Checklist
Mobile App
Online Portal
Score Tracking
Credit Education
Personal Advisor
Identity Theft Protection
Pros & Cons
Pros
- Same-day funding available for in-store approvals before 10:30 a.m. on weekdays, with cash issued instantly for payday loans
- No credit check required; focus on income stability makes qualification possible for borrowers with bad or no credit
- Ohio-regulated with 28% APR cap (lower than many states), fully compliant with state law
- Flexible loan products: payday loans up to $1,000 or installment loans up to $5,000 with extended repayment (2–24 months)
- 24/7 online application option plus in-store support with trained loan specialists
- Transparent about terms and explicitly states when these loans are not appropriate (long-term financial problems)
- Additional services include check cashing for immediate cash access
Cons
- 28% APR, while compliant with Ohio law, remains significantly higher than personal loans, credit unions, or employer advances
- Short-term payday structure (91 days minimum) can trap borrowers in rollover cycles despite company's stated guidance against misuse
- In-store hours limited to 8 a.m.–10 p.m. weekdays and 9 a.m.–6 p.m. Saturdays; Sunday closure limits accessibility
- Requires post-dated check or bank account access, excluding unbanked or underbanked consumers
- Marketing emphasizes speed and ease, which may obscure the high cost and short-term nature of debt for vulnerable borrowers
Rating Breakdown
Value 5.0
Effectiveness 3.0
Customer Service 3.5
Transparency 3.5
Ease of Use 3.9
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Frequently Asked Questions
Is Second Chance Loans legitimate?
Yes. Second Chance Loans is a registered company, headquartered in 5204 Memphis Ave, Cleveland, OH 44109.
Quick Facts
- Headquarters
- 5204 Memphis Ave, Cleveland, OH 44109
- BBB Accredited
- No
- Starting Price
- Contact provider
- Setup Fee
- None
- Money-Back Guarantee
- No
CreditDoc Diagnosis
Doctor's Verdict on Second Chance Loans
1F Cash Advance is appropriate for working individuals with stable income facing genuine short-term emergencies when faster alternatives (employer advances, credit union PALs, emergency assistance programs) are unavailable. The critical caveat: 28% APR and short-term structure create real risk of debt cycles; this product should be a last resort, not a regular funding source, and borrowers must have a clear repayment plan.
Best For
- Employed borrowers with stable income facing genuine emergencies (car repair, medical expense, utility shutoff) needing funds within 24 hours
- Individuals with bad credit or no credit history who cannot qualify for traditional personal loans or credit cards
- Short-term income gaps between paychecks when faster alternatives (credit union PALs, employer advances) are unavailable
Updated 2026-04-29
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Read guide →Financial Terms Explained (10 terms)
New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
Interest & Rates
APR — Annual Percentage Rate
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Why it matters
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
Compound Interest
Interest calculated on both the original amount borrowed AND the interest that's already been added. It's 'interest on interest' — and it makes debt grow faster than you'd expect.
Why it matters
Credit cards and many loans use compound interest. If you only make minimum payments, compound interest is why a $3,000 balance can take 15 years to pay off.
Example
You owe $1,000 at 20% annual interest compounded monthly. After month 1 you owe $1,016.67. Month 2, interest is charged on $1,016.67 (not $1,000), so you owe $1,033.61. After 1 year without payments: $1,219.
MAPR — Military Annual Percentage Rate
A special APR calculation used for military servicemembers that includes ALL costs — fees, insurance, and add-ons — capped at 36% by federal law.
Why it matters
The Military Lending Act protects active-duty servicemembers and their families from predatory lending. Any lender charging above 36% MAPR to military is breaking federal law.
Example
A payday lender charges a $15 fee per $100 borrowed for 2 weeks. For civilians, that's technically legal in some states. For military: that works out to 391% MAPR — illegal under the MLA.
Usury Rate — Usury Rate (Interest Rate Cap)
The maximum interest rate a lender can legally charge in a particular state. Charging above this rate is called 'usury' and is illegal.
Why it matters
Usury laws are your main legal protection against predatory interest rates. But beware: some states have weak or no usury caps, and federal banks can sometimes override state limits.
Example
New York caps interest at 16% for most consumer loans (25% is criminal usury). If a lender tries to charge you 30% in NY, that loan is unenforceable — you could fight it in court.
How Loans Work
Collateral — Loan Collateral
An asset you pledge to the lender as security for a loan. If you stop paying, the lender can seize and sell that asset to recover their money.
Why it matters
Secured loans (with collateral) have lower interest rates because the lender has less risk. But you could lose your home, car, or savings if you default.
Example
A mortgage uses your house as collateral. A car loan uses your vehicle. A title loan uses your car title. If you miss payments, the lender can foreclose or repossess.
Fees & Costs
Late Fee — Late Payment Fee
A charge added to your account when you miss a payment deadline. Most credit cards charge $29-$41 per late payment, and many loans have similar penalties.
Why it matters
The fee itself hurts, but the real damage is to your credit score. A payment 30+ days late stays on your credit report for 7 years and can drop your score 60-110 points.
Example
Your credit card payment of $150 is due March 1. You pay on March 18. The bank charges a $39 late fee. If it's 30+ days late, it gets reported to credit bureaus and your 760 score drops to 670.
NSF Fee — Non-Sufficient Funds Fee
A fee your bank charges when a payment bounces because there isn't enough money in your account. Also called a 'bounced check fee' or 'returned payment fee.'
Why it matters
NSF fees hit you twice — your bank charges you AND the company you were trying to pay may charge their own returned payment fee. That's $50-70 for one missed payment.
Example
Your auto-pay tries to pull $350 for rent, but you only have $280 in checking. Your bank charges $35 NSF fee. Your landlord charges $25 returned payment fee. Total damage: $60 in fees.
Legal Terms
Usury — Usury (Illegal Interest)
The practice of charging interest rates higher than what the law allows. Usury laws set state-specific caps on how much lenders can charge.
Why it matters
If a lender charges usurious rates, the loan may be void, penalties can be reduced, or you may be entitled to damages. Know your state's limits.
Example
Your state caps consumer loans at 24% APR. An online lender charges you 36%. That loan may be unenforceable, and you might only need to repay the principal — no interest or fees.
Credit Cards
Cash Advance — Credit Card Cash Advance
Using your credit card to get cash from an ATM or bank. It's one of the most expensive ways to borrow — higher interest rate, immediate interest accrual (no grace period), and an upfront fee.
Why it matters
Cash advances are a debt trap: 25-30% APR with no grace period plus a 3-5% fee. Interest starts the second you withdraw, not at the end of the billing cycle.
Example
You take a $500 cash advance. Fee: $25 (5%). Interest: 28% APR starting immediately. After 30 days, you owe $536.67. After 6 months of minimum payments, you've paid $85 in interest on $500.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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