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Installment Loans | Your Online Financial Help
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.
Slick Cash Loan 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.
What Are Installment Loans?
Unlike payday or cash advance loans, which have to be paid back in full right away, installment loans are paid over an agreed-upon period of time, with a fixed monthly payment that allows you to budget for repayment. And, unlike revolving lines of credit, such as a credit card, installment loans also often have a fixed interest rate instead of a variable one.
Unless you alter your payment plan with your lender, you'll pay your installment loan back in equal monthly payments, covering both the principal loan amount and the interest it accrues. This allows you to commit to a repayment schedule that you can handle unknowingly.
Installment Loans of Up to $5,000
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 Slick Cash Loan, installment loans offer loan amounts of up to $5,000 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.
Popular Reasons To Take Out an Installment Loan
We've noted that vehicles, homes, and student loans for college are among the most popular reasons for taking out an installment loan, but you can take out smaller ones for other purposes, including:
- Home improvement or repairs. Sometimes, an unexpected repair can be pricey, like a burst pipe that costs thousands of dollars to fix. Or, maybe you're dreaming of putting in a pool, updating a tired kitchen into a chef's dream, or creating a luxurious master bath. Installment loans for home repairs or upgrades are pretty common.
- Personal loans, which can be used for anything. Maybe you need money to cover an unexpected medical expense or another emergency, and a personal loan makes sense.
- Vacation loans can help you have that dream vacation when you want it. Instead of putting your entire vacation on a credit card, which can have high interest rates, consider a loan for your vacation instead.
- Downpayment for a major purchase, such as a car, or to increase a downpayment for a home. This can save you years of saving on your own and help you realize your dream sooner.
Advantages of Online Installment Loans
An online 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 Works
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 are Installment Loans 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.
Am I a Good Candidate For an Installment Loan?
Many people may wonder if they're considered a good candidate for an installment loan. If you aren't sure whether you're qualified, you can fill out pre-qualification paperwork. However, since this can affect your finances and your credit, you should look at your personal situation and evaluate it honestly.
Do you have the financial means to pay a loan back each month comfortably? If your budget is already stretched thin, do some math and see if you can add a couple of hundred extra dollars to your monthly bills.
Do you have consistent employment so that you know that you can meet your loan obligations? For example, if you're looking for a job and take out an installment loan to cover bills or rent, you might be in a pickle if you don't land a job soon.
Many lenders also require a valid ID and that you're above 18 before loaning money. You may also need to have a valid checking account, and some lenders may require that you set up an automatic payment plan.
Things To Remember About Installment Loans
While there are many great reasons to take out an installment loan, it's always best to evaluate your financial situation before taking out any loan. Installment loans depend on your ability to repay the balance and interest over time consistently. If the monthly payments aren't something that you can fit in your monthly budget, you risk defaulting on the loan, which impacts your credit score. Worse, you may be in a position where you have to repay the outstanding amount all at once.
Another thing to keep in mind when taking out an installment loan is the integrity of the lender. Not all lending companies are created equal, and it's important to find one you can trust. Less reliable loan companies may have shorter repayment terms and higher interest rates, similar to payday loans.
Beware also of prepayment penalties. You may have the means to pay your loan off early so that you can save money on interest. However, some companies may charge a prepayment fee, and you might end up dinging your credit score, as well. It's best to find a loan with the shortest term you can comfortably afford, reducing the amount of interest that will accrue.
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 Slick Cash Loan, 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.
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 Slick Cash Loan. 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 Slick Cash Loan to provide you with the assistance that you need!