Installment Loans With Clear Payments
When you apply for an installment loan through SlickCashLoan, you will see potential offers within minutes. Each loan option will include the loan amount, repayment term, and total cost of the loan, so you may see if it is suitable for your budget prior to signing any paperwork. Once you determine that the loan is acceptable to you based on your budget, you can electronically sign the agreement to receive the loan amount.
Why Choose an Installment Loan Through SlickCashLoan?
An installment loan allows you to avoid making a single large repayment and gives you time to repay the loan by dividing it into smaller payments made over time. Any loan offer that you’re provided should outline your payment amount, the payment due dates, and the last day you would need to pay off the loan. Making small payments on a regular basis may be easier than trying to handle one large payment.
We connect you with lenders that offer installment loans. It is a very easy process: you can view the terms of a proposed loan and decide whether to accept it.
What "Clear Payments" Means
The definition of clear payments means that, prior to accepting an offer, you will be able to view the amount of the payment as well as the entire payoff process prior to finalizing the offer. When comparing loan offers, it is important to review the entire total cost of the loan from beginning to end rather than just focusing on the monthly payment. Although a low monthly payment can appear attractive, it is possible that the loan can still be very expensive when considering the length of the loan.
How the Process Works
- Complete the quick application using simple information regarding your contact and income data. This generally takes just five minutes.
- Review your offer displayed on your screen. Your offer will have four items listed: Loan Amount, Number of Payments, Payment Amount, and Total Cost. Take your time to carefully review each item.
- Finally, if you wish to proceed, electronically sign the agreement as long as the loan terms are acceptable to you. Once an agreement has been signed, the lender can transfer funds to your account based on the bank's posting time and cutoffs.
Typical Costs
The cost of a loan will be based upon several factors, including, but not limited to: the type of lender; the borrower's creditworthiness; the length of the loan; and the laws governing loans in the State where the loan was made. The typical loan quote includes both interest and charges (fees).
- The Annual Percentage Rate (APR) can vary significantly from one installment product to another, depending on the risk associated with that loan. For example, you may find APR rates ranging from approximately 25% to 160% based on the lender and state regulations.
- Many lenders have an origination fee related to processing the loan. The typical range for an origination fee is 1% to 10% of the total loan amount; however, this can vary.
- If the agreement permits, a late payment can result in a fee. For example, some states permit the lender to charge a late fee in the amount of $15 or 5% of the unpaid payment, whichever is less.
You should always reference the actual offer and agreement for the true figures.
Who May Qualify?
Most lenders are concerned about your income and bank account transactions recently, as well as your overall ability to make payments on the loan. Having a low credit score doesn’t always prevent you from getting approved for a loan.
SlickCashLoan offers the opportunity to see loan options available to you without having a hard credit inquiry done for your initial offer check. Many refer to this as "no credit check installment loans," however, usually it just means there won't be a hard credit inquiry done initially. The lender will likely perform a hard credit inquiry after, depending upon their requirements and which offer you select.
The requirements for each lender and state are different, but typically, lenders require basic identification information and verification of income. Some lenders may require you to provide your pay stubs, bank statements, or bank login information to verify your income.
No Credit Check Installment Loans: What It Means
Sometimes, applicants seek out no credit check installment loans so they can review an offer before being subject to a hard credit inquiry. Often, the lender will use a soft credit inquiry or some other method to review your credit prior to offering you a loan, a method that does not impact your FICO credit score the same as a hard inquiry would.
Keep in mind that a lender may still run a hard credit check later if you choose to move forward and accept an offer. Be sure to review all of the details of the offer you receive so you understand what type of credit inquiry may occur and when.
Installment Loans With Bad Credit: What to Expect
Many people search for "bad credit installment loans" because they are seeking a fixed repayment plan with equal payments regardless of their credit history.
Lenders who are willing to work with applicants who have low credit scores often review their cash flow, deposit patterns, paydays, and recurring bills. A lower credit score may result in a higher interest rate. However, consistent income and bank deposits may help your application.
When your credit is poor, be sure that your loan payment fits into your monthly budget. If your loan payment causes you financial strain, you could end up with late charges and added stress.
Simple Cost Examples
The examples below compare how the loan term affects the monthly payment amount (the payment range) and the total amount repaid (estimated). These numbers represent example loans and are for educational purposes only and should not be considered an actual loan offer. The time to repay a loan varies from lender to lender and from state to state.
| Amount | Term | Approx. Payment | Approx. Total Repaid |
|---|---|---|---|
| $600 | 6 months | $120 to $150 | $720 to $900 |
| $1,000 | 9 months | $140 to $190 | $1,260 to $1,710 |
| $2,000 | 12 months | $220 to $320 | $2,640 to $3,840 |
Repayment Flexibility
Depending on the type of loan and your pay schedule, some lenders will allow you to make payments every two weeks or every month. A longer term can lower each payment, while raising the total cost over time. Always review the total loan cost before signing.
If a payment is too difficult to make, please contact the lender as soon as possible prior to the payment due date. Your options will be determined by the terms of the loan, state laws, and your account history.
Smart Borrowing Tips
Smart borrowing strategies include only borrowing what you need for the particular expense, and try to pick pay dates that fall on or immediately after your payday so you will have the money to pay it back as soon as possible. Also, treat this payment as a bill you cannot miss in your budget.
If you find yourself constantly borrowing, this is likely an indication that your budget should be reviewed. Creating a simple spending plan could help you more than taking out another loan.
Who Uses Installment Loans?
Typical uses for installment loans include larger expenses that require repayment over more than one payday. Most common examples include:
The most common uses for installment loans include:
- Medical bills
- Car repair
- Home appliances and other household items needing replacement
- School related expenses
Having a set payoff schedule helps avoid a single very expensive bill taking up an entire paycheck.
Start Your Application
Complete a brief application to see potential monthly payments, how long until you have to start making repayments, and the overall cost of the loan. There is no obligation to accept an offer.
If the loan terms fit your financial situation, you can electronically sign your acceptance of the loan terms. The funding of a loan is subject to the lender's approval, and the time it takes for the bank to post the loan funds.
FAQs
How quickly can funds arrive?
Once you've got an approval and have signed an agreement, usually you'll receive your money by the next business day.
Can approval happen with bad credit?
It is possible to receive approval. Many loan providers look at both income and banking activities in addition to credit. If you have a consistent history of deposits, it will likely help your application as well.
Will checking my options affect my credit score?
Many of the initial offers you see online will not perform a hard credit pull. However, after reviewing an offer and accepting it, the lender may then go ahead and perform a hard pull on your credit report. The decision to perform a hard pull is ultimately up to the lender and their policies.
Can I pay the loan off early?
Yes. If you pay off an installment loan before the due date, some lenders do not charge a prepayment penalty, which could save you money in interest payments.
What states are available?
Loan availability varies by lender and by state statute. Start the form and we will tell you immediately if your state is available.
What if a payment is missed?
It is best to contact the lender as soon as possible. Options will depend on the agreement you are signing with the lender, the state in which you reside, and how much you have paid on your loan prior to the request.