An installment loan provides an individual with the opportunity to borrow a sum of money that is expected to be paid back in a series of regular payments, otherwise referred to as installments. SlickCashLoan makes getting the funding you need for emergencies and other expenses easy and hassle-free. We understand that there are a world of situations that you can't plan for, situations where you need money quickly and can't afford to wait days for a bank to make a decision on your loan. That's where we can help.
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What is an Installment Loan
Life doesn't always give you a lot of warning. You think you have your finances in good order, but then your child gets sick, your car breaks down or your furnace stops working in the middle of winter. Suddenly your emergency fund doesn't look quite adequate and you hate to have to borrow from friends or family.
Installment loans are the ideal remedy in a financial situation that perhaps requires more than what a cash advance is capable of offering. A primary difference between a cash advance and an installment loan is in regards to the amount that is allocated. Installment loans typically lend larger amounts than what cash advances offer. With SlickCashLoan, installment loans offer loan amounts of up to $3,000 depending on which state you are in, while a cash advance allows up to $1,000. Installment loans also offer a longer repayment period, allowing for increased flexibility for the borrower.
With an installment loan, once you are approved, you will adhere to the predetermined repayment period. Over the course of a few months, you will be required to pay a set amount to ensure that little by little, the amount owed is paid back, without taking a major toll on your finances. Depending on which kind of a loan you apply for, the repayment period will differ, as well as the amount owed per month.
Why Apply for an Installment Loan
An installment loan helps relieve financial stress in various situations. In addition to being there when you need us, an installment loan offers a host of benefits:
- Flexibility. You don't have to tell us what you're going to use the money for. That's up to you and your family.
- Transparency. Our lenders tell you upfront what fees and interest you'll owe on the loan and when you'll be expected to make each payment. There are no surprises to our installment loans.
- No collateral. Unlike a car or house loan, you don't have to put any of your property at risk to take out an installment loan.
- No hassle. For most loans, all of the paperwork and information necessary for the loan can be shared online. That means no visits to the bank or having to take time off of work to sign paperwork.
- Can help your credit rating. An installment loan from one of our lenders, repaid on time, can actually help your credit rating. Don't just assume you can't get a loan with poor credit. Our team of lenders includes those who specialize in families who are rebuilding their credit.
- Quick turnaround. The application process is quick and simple so that you can begin receiving the financial assistance that you need, immediately
How Installment Loans Work
Our installment loans are easy to apply for. Our convenient online application form means that you can get started on the loan process 24 hours a day, seven days a week, 365 days a year. We only ask that you...
- Are a U.S. resident, age 18 or older.
- Can provide valid and verifiable contact information.
- Are legally employed and have a steady, verifiable income.
- Have an active bank account that accepts direct deposits.
We match you with the lender that is most appropriate for your financial situation. Since most information can be verified online, most loans are processed in just one business day. Our loan applications can be e-signed, further expediting the loan process. Once the paperwork is completed, the money is deposited into your bank account. It's that easy.
The amount of the loan offer depends on your credit history, your income and the state in which you reside. You repay the monthly in equal monthly payments, usually over a term of 24 months or less.
How installment loans are different from payday loans
While payday loans and installment loans both get you the cash you need for unexpected emergencies, there are a few fundamental differences.
- Installment loans are repaid in equal amounts over time. Payday loans are repaid in one payment that includes fees and interest.
- Interest rates on payday loans are usually higher than those associated with installment loans.
- With an installment loan, you choose when you will repay the loan (within the guidelines and due dates). Payday loan repayments are deducted from your next paycheck.
Interest rates and fees
Since we are not a direct lender, we can't give you any guidelines on fees or interest rates. Each of our lenders offers slightly different terms, but we make it our priority to see that all of our lenders are following all applicable government regulations regarding lending.
At SlickCashLoan, we are adamant about following responsible lending practices. Although we are not a direct lender, we are very picky about the lending companies we work with, and we put a lot of effort into making sure that the lenders we use adhere to all of the federal, state and local lending laws as well as industry best practices.
We insist that our lenders follow the guidelines set forth in the Fair Debt Collection Practices Act, and any lender we find in violation of these guidelines will be removed from our roster of lenders immediately.
Our short-term installment loans are designed for emergencies, those financial situations that just can't be anticipated. Using such loans for other longer-term reasons can be extremely costly and we strongly discourage such use.
About Slick Cash Loan
Our goal is to take the "scary" and guilt out of borrowing money. "Good" people need money unexpectedly for all kinds of reasons. In addition to installment loans, we offer short-term payday loans of up to $1,000, online hassle-free cash advances.
We think everyone should have options when it comes to needing fast cash for emergencies like a car repair or unexpected medical bill. And, we don't think you should be financially strapped for months just because you needed to borrow a little money. That's what our installment loans are designed to do. Help the average working family get the emergency money they need, quickly, without a lot of hassle.
If you feel that an installment loan is the right choice for you and your financial needs, then apply today through SlickCashLoan. This simple application process only requires three steps: fill in your personal information, provide employment information, and enter your bank account information that you would prefer your loan to be deposited. This process takes only a few minutes of your time, upon which our lenders that we partner with can approve and fund your loan as quickly as the next day.
Reduce the stress and pressure from your financial responsibilities and trust SlickCashLoan to provide you with the assistance that you need!