Loan Questions and Answers

Find answers about loan requests, credit checks, costs and repayment. Start with a topic below.

Using SlickCashLoan

How do I send a loan request through SlickCashLoan?

Use our online request form and provide accurate details about yourself, your income and your bank account. Read our sharing and credit check permissions before you submit. Your request may be shared with providers for review. Our guide on lenders and matching services explains the difference. This service does not compare every lender in the market.

Does it cost anything to send a request?

It's free to request a loan through SlickCashLoan. Providers or marketing partners may cover the cost. A loan may carry interest and fees. Read the offer carefully before you agree to it. The Terms of Service give more detail on how the service operates and how it may make money.

Who can use the site, and are loans available in every state?

To use this site you must be a U.S. resident aged 18 and above and able to enter into a legal contract. Each lender has rules for income and credit checks. Meeting the rules on the site does not mean you will be approved by a lender. The service and loans are not offered in all states.

What happens after I send a loan request?

The service tries to connect you with a provider. A lender may request more info, review your info, extend an offer, or deny your request. You may be directed to another website for the next step. A match is not a approval. You may not receive any loan offers.

When would approved loan funds reach my account?

The timing of funding is different for each loan. It depends on the lender, the status of any checks needed, and the banking processing times. Ask the lender when they expect to send the funds, and when the funds will be available. Relying on the funds to pay a bill due date is not advised, unless you’re certain when the funds will be available.

Can I turn down a loan offer?

Yes. Sending a request doesn’t mean you agree to accept the loan. Review the loan costs and payment plan to help you make your decision. If you’ve signed or agreed to the loan, ask the lender what your cancellation options are. You may be charged a fee for cancelling.

Credit and loan checks

Can I get a loan with bad credit?

Approval is not certain. Each lender makes its own rules. The amount you want to borrow, your income, debts, and payment history as well as your credit score may be taken into consideration. Although an offer may be made, the cost may be high. Be sure to check if the payment fits your budget before you accept.

Will a loan request affect my credit score?

It may, depending on the type of check involved. A soft inquiry will not affect your score. A hard inquiry may affect your score. Do not assume that an online request only uses a soft check. Read the credit consent and ask about the type of check that will be done before you proceed.

Does “no credit check” mean there are no checks at all?

No, lenders can still verify your identity and check your income, debts and/or bank records. They may also use other consumer reports. The label does not guarantee you will be approved or receive a reduced rate. Find out what checks are allowed by reviewing the consent terms. For more information, review our guide to see how lenders may review your request without a traditional credit check.

How does my income affect a loan request?

How your income is assessed by a lender will depend on the type of loan you want to apply for and your individual circumstances. Lenders are likely to assess whether your income is stable, likely to continue and is enough to cover your financial obligations. Having a high income doesn't necessarily mean you will be approved. Each lender has their own requirements. You should read about how your income is assessed when you make a request to borrow.

Why might a lender ask for bank statements?

Bank records may help a lender verify income, ownership and how money is moved in and out of the account. Not all lenders request the same records. Review any consent before providing access to bank records, and use a secure method to send the records. Learn about the impact of bank account history and a loan request.

Understanding loan types

Are personal loans and installment loans the same?

The terms are similar. A personal loan is for personal use. An installment loan has scheduled payments. Many personal loans use that payment structure. Other loans with that payment structure include auto loans. The labels do not tell the full story. For example, you need to see the price and payment terms to determine how much the loan costs. See how personal loans work.

What is the difference between a secured and an unsecured loan?

With a secured loan, the lender takes a security interest in the collateral (property). If you don't repay the loan, the lender has the right, under the agreement and the law, to take the collateral. With an unsecured loan, there is no pledged collateral. You still owe the debt. Understand the differences between a secured and an unsecured loan before pledging collateral.

What is a personal line of credit?

With a personal line of credit, you can borrow up to a specified limit and pay it back later. Repeating this may let you borrow again. But you must make payments on time. There may be fees and interest. The lender may limit future access. This is different from a personal loan, in which the money is given to you all at once.

What does a co-signer agree to do?

A co-signer is someone who legally agrees to repay a debt if the borrower does not. The co-signer's credit can be affected negatively by the borrower's missed payments. Co-signing does not guarantee the borrower will be approved or get a better interest rate. Consider what a co-signer is responsible for and what it means to a co-signer before signing.

What is a credit builder loan, and will it raise my score?

Funds are typically held in a credit builder loan until the loan is paid in full. Because of this, a credit builder loan typically is not a way to get cash immediately. Making payments on time may improve your credit history. However, an improvement to your credit score is not guaranteed. It is important to review the fees associated with the loan and which credit bureaus the loan will provide payment reports to.

Loan costs and offers

What is APR, and what else should I compare?

The APR (annual percentage rate) on a personal installment loan is the interest and certain fees expressed as an annual rate. APR is often different from the actual interest rate. Be sure to examine the cash received, payment dates, and the total amount repaid. When reviewing credit lines, check fees separately; the APR may not include them.

Why could the money I receive be less than the loan amount?

A lender can charge an origination fee, and take that fee from the loan amount before sending the money. This means that you would receive less money than what is originally loaned to you, but you still owe the full loan amount. Ask about this to ensure there are no surprises. You can also ask how the cost of credit is calculated, including interest and fees and the payment schedule.

How can I tell whether a loan payment is affordable?

Consider your take-home income. Now consider your costs. Subtract housing, food, utilities and travel costs and other debt payments. Don’t forget costs that occur less frequently. The payment must be affordable without taking out another loan to cover it. Use a loan payment calculator to estimate your payment, but keep in mind the calculator’s results are an estimation and may omit fees.

Repayment and other options

Can I pay a loan off early?

Check the agreement and inquire to the lender what the early payoff amount would be. This may include interest due and/or early payoff fees. Making an extra payment does not necessarily decrease the balance in the way that you expect. Ask how the lender applies extra payments. Keep documentation to prove that the debt has been paid in full.

What should I do if I may miss a payment?

Contact your lender or loan servicer as quickly as you can. Find out if they can give you a different due date or offer a payment plan. Get anything new that they can provide you with in writing. Find out about possible additional interest, fees and if they report to the credit bureau. Missing a payment can cost you and may affect your credit if they report it. Help is not guaranteed.

When does debt consolidation help?

You may want to take the new loan to reduce your overall cost and if the payments fit in your budget. However, the total cost of the new loan could still be higher if the new, longer repayment period incurs additional costs and fees. Also, avoid building new debt on accounts you have paid off. Debt settlement, which seeks to reduce the balance owed, is a different process.

How can I pay down debt without taking another loan?

If you can meet essential expenses, you may be able to make extra payments to one debt at a time. The debt snowball method advocates paying the debt with the smallest balance first. From a strictly financial sense, you may want to pay the debt with the highest interest first. If the required payments don't fit, contact your creditors for help or contact a nonprofit credit counseling service.

What can I try before borrowing for a bill?

Talk to your bill provider about extended due dates, a payment plan or other options. Look for help in your area for food, housing or utility bills. Always check the full costs and risks of a loan before you borrow. Consider these alternatives to loans with bad credit. A new loan will not fix an ongoing gap between your income and bills.

Privacy, safety and help

Who may receive the details in my request?

Your information may be provided to lenders, lender networks or third parties involved in your request. Read our Privacy Policy and consent terms before sending your personal or banking information. View who can contact you and the reasons. No website can ensure complete protection of your information. Do not send sensitive information using an unverified email or text message.

How can I stop marketing messages or make a privacy request?

Use the unsubscribe or opt-out instructions included with the message. Alternatively, you can contact SlickCashLoan using the contact information provided in the Privacy Policy. If another company has your details, you may need to contact it as well. Ending marketing messages will not cancel your loan. You will still need to make any payments you are obligated to make.

How can I spot a loan scam?

There are signs to look out for. One of the biggest is a lender promising "guaranteed" approval for an upfront fee. Requesting payment in gift cards or cryptocurrency is another huge red flag. Verify the company with your state financial regulator and get written loan terms first. The FTC has a guide to advance-fee loan scams where they explain the signs and how to report it if it happens to you.

Who should I contact about an offer, payment or website problem?

If you have questions about an offer, funds or payments, you can use the contact information found in your loan documents. Your servicer or lender can help you with that. Confirm who you are speaking to before providing sensitive information. If you need assistance with this website, you can contact us via the Contact page. Never send your full Social Security number or Bank account details via email.