Personal Loan Options for Everyday Financial Needs
By filling out one secure loan request, you can check out the amount, APR, fees, the payment plan, and total cost offered by a lender if your request is matched.
What Is a Personal Loan?
Personal loans are general-purpose consumer loans rather than loans tied to a specific purchase, such as a mortgage or auto loan. They are commonly closed-end loans: a lender provides a lump sum, and the borrower repays it according to an agreed schedule. Depending on the lender and agreement, a personal loan may be unsecured or secured by collateral.
Personal loan describes the credit product, while installment describes how a debt is repaid. Many personal loans use an installment repayment structure, but installment loans are not limited to personal loans; auto loans, mortgages, student loans, and other forms of credit may also use scheduled payments. SlickCashLoan's primary request service focuses on personal loan options. Our installment loan guide explains scheduled repayment, costs, and risks; it is not a separate request path.
What SlickCashLoan Does
SlickCashLoan is an online loan request service that connects borrowers with potential lenders. The information provided in a loan request form may be shared with third-party lenders that decide whether to extend a loan offer. The amount of the loan, APR, fees, the payment schedule, the credit review, the funding time, and the terms and conditions of the loan offer are determined not by SlickCashLoan, but by the third-party lenders with whom the borrower is connected.
Filling out a request form does not guarantee an offer will be extended or that a borrower will be approved. The availability of loans is determined by the third party lender, the borrower's financial standing, and state laws. A borrower may reject an offer after reviewing the agreement.
When a Personal Loan May - or May Not - Fit
Personal loans can cover expenses due to a broken leg (or any other medical expense), a broken washing machine, moving costs, or consolidating various debt obligations. These expenses do not necessarily justify borrowing. You should consider the total cost of the loan and the alternative courses of action, such as payment plan arrangements offered by the service provider, assistance offered by a community organization, savings, credit union products, or additional time to pay.
Care should also be taken with debt consolidation loans. Repayment should be scheduled within a time period that is acceptable and within the budget. It is important to consider that there are loans that allow a longer payment window, and these loans may have an overall higher cost. One of the biggest indicators that a personal loan is not necessary is the need to use personal loans for expenses that are either routine or ongoing. Routinely replacing one loan with another, or indebtedness from multiple personal loans, may also suggest that nonprofit credit counseling is warranted.
Secured and Unsecured Personal Loans
An unsecured personal loan is a loan in the absence of collateral. The lender instead assesses the borrower's credit history, income, and existing debts. Just because a loan is unsecured does not mean it has a lower cost.
A secured personal loan is a loan that is offered in conjunction with collateral. Common collateral is a savings account or a vehicle. Collateral may influence the loan terms, but the borrower may still lose the asset if they default on the loan. The secured and unsecured personal loans have varying terms and conditions, so it is important to review those variations before selecting a personal loan.
How an Online Personal Loan Request Works
- Provide accurate information. Before filling out the form, your information must be accurate and up to date. We collect contact information, identification information, income information, employment information, and banking information. Please fill out our form using a secure internet connection, and ensure that the information you enter is correct.
- Wait for a provider decision. Once you submit the form, a provider may evaluate your request. Different providers may assess your request differently, which can result in a provider requesting additional documentation and/or verification from you. No match or offer is guaranteed.
- Review the lender's offer. Although there are many variables, review the Annual Percentage Rate (APR), finance charge, fees, amount received, payment, payment dates, the total number of payments, the payment term, late payment, and payment policy.
- Accept or decline. If the terms are not satisfactory to you, you can decline the offer. Once the offer is accepted, save the agreement. Please note that questions regarding the agreement should be directed to the lender, not SlickCashLoan.
Prequalification, preapproval, and final approval can all be different. For more information, please refer to the information for prequalification and preapproval.
What a Lender May Review
Review standards may vary. A lender may consider your identity and employment information, income, existing obligations, your bank account activity, your credit history, your consumer report, and whether the payment is deemed affordable. Each lender may request different documentation to support your application, but required documentation may vary for multiple applicants.
If you have bad credit, review loans for bad credit and compare alternatives. A low credit score may influence whether a lender makes an offer and how expensive it is. Again, bad credit may not result in an approval or denial.
How to Compare Personal Loan Offers
| Offer Detail | Why It Matters |
|---|---|
| APR | The Annual Percentage Rate (APR) clarifies how much credit costs. APRs can help evaluate different credit offers with similar terms. |
| Finance charge and fees | Display dollar costs that are not evident in a payment. |
| Amount financed and amount received | An upfront fee may diminish the cash you actually receive. |
| Payment amount and frequency | See what must fit within each pay period or monthly budget. |
| Term and total of payments | Evaluate the obligation period and the total scheduled payment to be made. |
| Late and early-payoff terms | Disclose likely delinquency costs and if paying early alters the amount due. |
APR and interest rate have a relationship, but they can't be used interchangably. For a more in-depth analysis, see our comparison of APR and interest rate on personal loans.
Personal Loan Payment Example
The details provided here use a fixed 12% interest rate, equal payments, and a no-fee loan scenario. This is for example calculation only. Actual interest rates, fees, amounts, and terms offered by lenders will vary by lender and state.
| Loan Amount | Term | Approx. Monthly Payment | Approx. Total Interest |
|---|---|---|---|
| $500 | 12 months | $44 | $33 |
| $2,000 | 24 months | $94 | $260 |
| $5,000 | 36 months | $166 | $979 |
Use the loan calculator to calculate your loan payment at different term lengths and interest rates. The calculator is an estimate and may not include all lender fees.
Check Affordability Before Borrowing
- Protect essential expenses. The loan payment should not put your housing, food, utility, transportation, insurance, medical, or other needs in jeopardy.
- Keep some money for infrequent expenses. Try to account for irregular costs like your vehicle and annual bills.
- Consider the total cost. A lower payment may mean a higher cost if the loan term is longer.
- Consider potential issues. How would you cover your payment if your income was reduced or you had an emergency?
- Avoid taking multiple loans. Needing to take additional loans increases both the cost and the strain on your finances.
After You Accept a Lender's Offer
The lender may have additional verification requirements before they fund your loan, and the time it takes for the funds to be available to you depends on the lender, when the agreement is completed, banking cutoff hours, if it's a weekend or holiday, and the bank you are depositing money into. Do not make financial obligations assuming you will have the money due to an estimated fund date until the money has posted to your account.
Save the signed agreement and payment schedule. Contact the lender for the answers to the following: how payments are credited to the account, if they report to consumer reporting agencies, instructions to request the payoff amount, and the next steps if a payment may be late. The provisions of the agreement and applicable law govern how payments may be applied to the balance and the right to request prepayment; do not simply assume that each lender will follow the same policy. The personal loan repayment guide elaborates on the elements of principal, interest, and scheduled payment.
Protect Your Information and Avoid Loan Scams
Beware of loan offers you find through unconventional or unsanctioned means, such as through an unsecured post on the Internet offering "guaranteed loans". Read the offered website's privacy policy to ensure your information will be protected and that you are on the correct website. Exercise caution if someone offering a loan asks for money before releasing the funds, requires you to use a gift card or cryptocurrency, or asks you to pay a processing fee to receive the loan. Confirm that you are working with a legitimate lender before you agree to their proposed loan terms.
Frequently Asked Questions
What can a personal loan be used for?
Uses of personal loans depend on the lender. People consider personal loans for expenses such as home repairs, medical bills, moving expenses, and consolidating debt. However, some agreements will restrict certain uses. Ensure the use is allowed and the expense you incur will not put a strain on your budget.
Should I use a personal loan to consolidate debt?
Only if you have thoroughly analyzed the new Annual Percentage Rate (APR), fees, term, payment, and the total cost of the consolidated debt, a consolidated debt with longer payment terms can still cost a lot more even with a reduced payment. Consolidating a debt does not cure overspending.
Does submitting a request guarantee an offer?
A request submission does not ensure a match, offer, approval, rate, amount, or funding date. SlickCashLoan is not a lender.
Will submitting a request affect my credit?
A provider may obtain a credit or consumer report as allowed and authorized. The inquiry type and timing vary by provider. Evaluate the authorization in the request process and those of the provider(s) before you submit.
How soon could approved funds arrive?
Funds availability timeline is dependent on a lender's verification and processing, completion of an agreement, and a receiving bank's schedule for transactions posting. Assuming funds will be available the same day or the next business day is not prudent.
Can I repay a personal loan early?
It may be possible, but the terms of the contract would have to be reviewed first. The payoff amount should be confirmed with the lender, and any fee that may be incurred with the payment should be reviewed first before the payment can be considered early.