Personal Loans Made to Fit Your Budget
A critical car repair, an unexpected medical bill or other time-sensitive expense can easily disrupt your spending plan. Personal loans provide a single, fixed amount of money that is repaid through regular monthly installment payments. At SlickCashLoan, you fill out a single online application, which is then used to connect you to a lender in our network. Once you have been approved for a loan, most people will have access to the funds in their checking account by the next business day.
Why More Borrowers Choose Personal Loans
Most Americans rely on personal loans to help manage one time financial obligations. Borrowers often use personal loans to eliminate high-interest debt from their credit cards, support home renovations, purchase large-ticket items, including appliances, fund moving costs or security deposits or finance family events such as weddings.
If you want a simple walk-through of how these loans work, see our guide on how personal loans work.
Benefits of Applying for Personal Loans Online
The digital process removes excess paperwork and provides a comparison of offers side by side. You can look at your rate without affecting your credit score (soft pull) and upload documentation from a phone or computer. You also receive real-time updates via email or text and sign the agreement anywhere.
Personal Loan Cost Example
The table below shows how loan size and term change the monthly payment and total interest at a 12% APR.
| Loan Amount | Term | Monthly Payment | Total Interest |
|---|---|---|---|
| $500 | 12 mo. | $44 | $33 |
| $2,000 | 24 mo. | $94 | $260 |
| $5,000 | 36 mo. | $166 | $979 |
Unsecured vs. Secured Personal Loans
With an unsecured personal loan, no collateral is required. Lenders review your credit, income and bank history to determine your eligibility for this type of loan. Payments are fixed each month, so it is easier to plan your budget.
A secured personal loan requires collateral, which may be your automobile or a savings account. Secured loans can have a lower rate than unsecured loans, but in the event you cannot pay the loan back, you will risk losing that item.
We offer access to unsecured personal loans through our lender network, so you do not have to put up your car or other assets in order to apply for a loan. For a simple breakdown of the differences, read our secured vs unsecured personal loans guide.
Simple Eligibility for Personal Loans
To qualify, you will usually need to be a United States citizen, 18 years of age or older, have consistent income from employment, benefits or self-employment, and a current checking account, as well as a valid photo ID and your social security number.
Your credit rating determines how much interest is charged on the loan; however, a lower than average credit rating may not result in a rejection for funding.
Three Step Application for Online Personal Loans
- Tell us the basics. Input the desired loan amount, loan term and personal information.
- Upload proof of income. Examples include pay stubs, bank statements or letters showing receipt of benefits.
- Review and sign. We will send the funds once the offer is accepted.
Personal Loan Rates and Fees Explained
Your APR is essentially what you pay to borrow money over the course of one year. Your APR includes your interest rate as well as a few potential lender charges (e.g., origination fees, late fees, failed payment fees) that lenders within our lending network can charge. For a closer look at how APR and interest rate compare, see our APR vs interest rate guide.
We will never ask you for an application fee. We also will not add any hidden fees to your loan agreement or charge you any penalty for paying off your loan early. All terms will be clearly outlined and visible to you prior to signing your loan agreement.
Borrow Smart with Personal Loans
While taking out a personal loan could be helpful, repaying that loan is an important obligation, and taking some simple precautions will help ensure the loan doesn't become a financial burden later.
- Only borrow what you need. Calculate all of your real costs and avoid borrowing more money than you need. Smaller loans generally mean less total interest paid as the years go by.
- Make sure the payment fits your budget. Review how much money comes into your household each month compared to how many bills you have to pay. The total of your loan(s) and your credit card debt payments should fit comfortably within your monthly budget.
- Look at the total cost, not just the payment. You might find that a longer repayment period (e.g., 48 months) results in a lower monthly payment; however, you will ultimately pay more in interest on the loan over its entire life.
- Set up a simple payment plan. Mark your loan's due date on your calendar or set reminders so you don't miss it. In addition, many of the lenders we work with allow automatic deductions directly from your bank account.
- Pay extra when you can. If your loan does not carry a prepayment penalty, paying more than the required minimum on your loan will enable you to pay off your loan earlier and reduce the amount of interest you will pay. Our personal loan repayment guide shares more ideas for staying on track.
What Happens After You Sign Your Personal Loan?
Following your acceptance of a loan, most borrowers will go through the process as outlined below.
- Day 0 – Approval and e-sign: If you are approved, you should receive from the lender via email both your loan agreement and a Truth in Lending Disclosure. These two documents outline your loan terms, including your interest rate, fees, and monthly payment amount. Please read these documents carefully and electronically sign the loan agreement. Save a copy of the signed agreement for future reference.
- Day 1 – Funds sent: When you sign the loan agreement, the lender initiates an electronic transfer (ACH) of funds into your banking account. Most banks make this deposit available the next business day, but your specific bank may take longer or be faster depending on their ACH policy.
- Day 30 – First payment due: Your first payment is typically due approximately 30 days after the loan has been funded. Prior to your first payment being due, the lender will provide you with advance notice of the upcoming payment due date.
- Months 2 to end of term – Ongoing payments: After your first payment, most loans will draft payments on the same calendar day of each month. If you wish to change your payment date, you may be able to do so once per year without charge if you contact your lender at least three business days prior to the next scheduled draft.
- Payoff and early payments: Most lenders also permit you to make additional payments at any time. When making a payment greater than the minimum payment required, any excess payment will be applied towards reducing the outstanding principal balance of your loan. This can assist you in paying off your loan earlier and will result in lower total interest paid over the life of the loan.
Frequently Asked Questions
How fast can I get the money?
Many of our approved loan funds are disbursed the next business day if your agreement is signed prior to 5 p.m. ET.
Do you run a hard credit check when I apply?
Initial rate check utilizes a soft pull and when you accept our offer, we will confirm all details by using a hard pull.
Can I pay off early?
Yes. You can make an extra payment or settle the full balance of your loan at any time without penalty.
What if I have bad credit?
Your score is just one part of our decision-making process. Other factors such as income, debt to income ratio and your payment history are also taken into account. Even some applicants who have "fair" or "poor" credit will be approved for a loan.
What documents will I need?
For most people, we need a recent pay stub or benefits letter, the last two months bank statements and a state issued picture ID. If you're self-employed, we accept a copy of your 1040 Schedule C in lieu of a pay stub.
Can I change my payment date?
Yes. If you contact us at least three working days prior to the scheduled draft date, you may be able to reschedule the draft date for free, once per calendar year.