Why Bad Credit Loans Can Be the Ideal Solution in Emergencies

Why Bad Credit Loans Can Be the Ideal Solution in Emergencies

Many people who are stuck in the middle of an emergency don’t know where to turn. Emergency medical bills, home or car repairs, temporary unemployment, and unexpected schooling costs can overturn the most well-planned budget. As a result, many individuals resort to bad credit loans in times of crisis. The problem here is that most lenders demand that the borrower has a steady income. In effect, the lender wants to be sure that the borrower will repay what they owe on time, thus reducing their risk.

Rapid Access to Cash

So how exactly do you get quick access to cash in an emergency? The good news is that some companies will provide emergency cash loans for unemployed people. Some will provide loans no matter how bad your credit is. The reassuring bottom line is that if you need an emergency loan for rent or any other reason, then it’s possible — but you’ll need to carry out a bit of research to make sure that the lender is trustworthy. Slick Cash Loan is one such company. We provide bad credit loans with quick approval and no hard credit check process. Above all, the loans are affordable.

What Exactly Counts as Bad Credit?

What Exactly Counts as Bad Credit

It’s usually tough for people who are unemployed and suffering from bad credit to secure a loan. A poor credit score can make it much more challenging to receive loan approvals, credit cards, line of credit products, and more. In addition, having a low credit score tells the lender that you haven’t done a brilliant job at keeping up with your payments in the past. So, what exactly is “bad credit”? Well, a few companies analyze your financial behavior and give you a three-digit score based on your past money management.

The most widespread credit-scoring system is called the FICO score. FICO stands for Fair, Isaac, and Company. It’s one of the established credit bureaus that track your financial activity. A FICO score below 580 is considered a bad score. 

Options For The Unemployed

There are a few personal loans that you might qualify for if you’re unemployed and suffer from a low credit score. For example, you could apply for a payday loan, which is a type of unsecured loan. This means that you can get quick access to cash without offering any collateral. Instead, these loans are offered based simply on the borrower’s promise to repay the loan. Although some payday lenders may want to verify your income or check your credit history, Slick Cash Loan does not carry out any hard credit checks when you apply for payday loans. 

What to Avoid (If You Can)

Another possibility is a title loan. A title loan is a secured loan that enables the borrower to offer the title to their vehicle as collateral. When you present your vehicle, the lender examines it and calculates its value. You’ll be offered a loan based on a fraction of the car’s value. The problem is that if you fail to repay, the lender is legally entitled to seize your vehicle and sell it to recoup the money. So title loans, like pawnshop loans, come with significant risk. We recommend exploring all other available options first.

The Drawbacks of Some Emergency Loans

Drawbacks of Some Emergency Loans

Emergency loans come in many different forms. Usually, they are short-term, small-dollar loans that people need urgently. They promise fast approval and fast cash. However, just because a lender can give you money fast doesn’t mean that all lenders offer the same overall package.

The drawback is that many emergency loans come with excessively high interest rates, short repayment terms, and unreasonable loan conditions. Many lenders are predatory. You need to make sure you do your homework before applying. Another potential trap to be aware of is a process called ‘rollover.’

What Is Rollover?

Rollover is common practice with many bad credit loans. It is a means of extending your loan term, which often leads to more interest payments, more fees, and a nasty cycle of debt that’s difficult for the borrower to escape from.

This rollover practice is just one reason why loans for unemployed borrowers sometimes end up causing more damage than good. An emergency loan may help you in the short term, but it could bring you difficulties for years. 

Some lenders make more money from the rollover than they do when a borrower settles on time! Thankfully, Slick Cash Loan stands out from the crowd here. We offer competitive rates and repayment plans, so you can tackle short-term financial emergencies without being penalized in the long run.

What Is Installment Credit?

Installment credit refers to a loan that is for a specified amount of money. The borrower agrees to make a fixed number of monthly payments, each at a dollar amount. Repayment terms for an installment credit loan range from months to years.

Experts generally agree that affordable loans should not charge an APR higher than 36%. Make sure you compare the monthly payment to your budget — you can use a personal loan calculator for this. If you have any doubts, then it’s a good idea to consider cheaper alternatives first.

Speed is of the Essence

Our quick cash loans have helped many people to access emergency funds at fair rates. It’s usually easy to qualify, and approvals are fast. If you’re looking to get cash loans approved no matter your employment status, look no further! People are often surprised to learn that with no credit check loans online, instant approval is possible. However, speed is at the heart of our operation, which is part of the reason why happy customers keep returning to Slick Cash Loan in times of need. 


Sarah Taylor

Sarah taylor is a full-time content writer who previously worked as a freelance writer. Sarah is passionate in all things related to writing and content creation, and ensures client satisfaction in her work.


Apply Online Today to Get a Fast, Easy and Secure Loan

© 2021 SLICK CASH LOAN | All rights reserved | (888) 200-7445 | [email protected]

 

Material Disclaimer: Slickcashloan.com website’s owner doesn’t lend or represent any lender or provider of such service, doesn’t make decisions regarding credits or loans, and isn’t implicated in any way in the process of lending. Slickcashloan.com is a platform that connects potential loan borrowers with reliable and reputable loan lenders. It doesn’t regulate the lending process hence isn’t liable for the actions of the lenders. The particular lender offering the services is responsible for and controls loan terms, rates, fees, loan amount, terms of repayment, legal actions for late and non-payments, as well as cash transfer times.

 

APR Disclosure: An APR (annual percentage rate) refers to the specific rate at which loans accrue interest and is generally based on the cost, amount, and loan period, as well as the prescribed payment timing and dollar amounts. Any lender that offers loans to consumers must by law show a borrower the exact APR charged for the loan and all loan terms prior to the execution of any loan agreement. Certain states may have specific laws that limit the APR that lenders may charge any borrowers. The actual cash advance loan APR ranges from 200 percent to 1386 percent, whereas the APR for installment loans ranges from 6.63 percent to 225 percent. However, loans made in those states with no laws regarding APR limits for loans and any loans made by lenders that are not currently subject to state laws in these regards could carry even higher APRs. PLEASE NOTE: All APR rates on cash advance loans may be subject to change at any time.

 

State Regulations: Borrowers in some states might not be eligible to apply for some online loans. Additionally, loan services aren’t available to all jurisdictions or states.

 

Credit Implications: Lenders on slickcashloan.com can review a borrower’s credit history when making the lending decision. This process can involve contacting an applicant’s credit bureau to determine their credit aptitude, worthiness, and standing.

 

Loan Approval: Slickcashloan.com doesn’t guarantee approval of any loan. This website is just a platform for linking borrowers and lenders. Therefore, the decision to approve or not to approve the loan depends on the lender.

 

Borrowers Beware: Short-term lending is intended to address financial needs for a short time; hence, it can’t be used as a long term solution. Short term loans come with some costs that may make a borrower’s financial situation worse. Applicants are advised to consult with a financial expert about the risks involved in taking a short term loan and the best alternatives.

 

By using slickcashloan.com, the User acknowledges that they’ve read and understood the Privacy Policy, Terms of Use, Rates, and Disclaimer.