When it comes to financial issues, you may find yourself at the end of your tether, especially if you have bad credit. Having bad credit is not something new. In fact, about 16 percent of Americans have poor credit (which is having a FICO score of less than 579). That’s about 48 million people. Having bad credit results in most banks and financial institutions not approving you for loans, even if you do have the means to repay it. In cases like these, getting a loan can get very difficult when you may need one badly. Which is where Slick Cash Loan comes in.
Slick Cash Loan provides you with personal loans for bad credit. Sometimes, you may need a loan immediately to deal with emergencies like medical bills or unexpected repairs. Or you may need to deal with some car trouble that you didn't see coming. Regardless of the reason, Slick Cash Loan will help you with your financial problems, providing you with personal loans for up to $5000, irrespective of your credit score.
While poor credit scores are very common in the USA, how does one get bad credit?
You might get bad credit scores after failing to meet some previous financial obligations. This could be failure to pay rent, utilities, cell phone bills, credit card bills and more. Multiple instances of such situations end up tanking your credit score. This makes it difficult for you to get approvals for loans from major financial institutions.
There are multiple factors that are considered when your Credit Score is being calculated. The biggest factor that affects your score is whether or not you may have made your payments on time. 35 percent of your credit score depends on this. If you have missed your payment for more than 30 days, it tends to get reported to the relevant authorities and your credit score gets affected.
The next factor that is considered is the amount that you owe. You may owe money to banks because of loans you may have taken, or on your credit card. This amount is then compared to the credit that you have available. In case you have failed to repay your loan on time, or might have maxed out your credit card, your credit score gets affected. While new loans tend to drop your credit score because of the lack of any history of successful payments, loans that are about to be paid off may increase your score, as there is a record of successful payments on time.
15% of your credit score is accounted for by the length of your credit history. If you have a good history of making payments on time, your credit score increases.
Credit mix ends up being responsible for 10 percent of your credit score. If you have different accounts for mortgage loans, credit cards, installment loans, etc. your credit score ends up getting better.
The remaining 10 percent of your score is affected by your recent activities. If you apply for a lot of accounts in a small period of time, it may end up affecting your credit score negatively.
All these factors are taken into account when your FICO score is calculated.
Generally, personal loans are low-interest loans which can be used for various reasons. These can be medical bills, paying your credit card bills, educational needs, etc. These loans are repaid via monthly payments to the lender.
Bad Credit Personal loans, however, end up being different. Since low credit scores indicate a higher possibility of someone defaulting on their payments, they end up with higher fees and interest to make up for the risk.
Personal loans for poor credit usually come in two forms, secured personal loans and unsecured personal loans.
Secured personal loans are when borrowers with poor credit scores obtain a loan after using their personal assets as collateral. Doing so allows the lender to legally assume ownership of the property in the event of failure to pay back the loan amount on time. In cases like these, the limit of borrowing can be higher due to the security provided by the value of the assets.
Unsecured loans are loans which have no collateral. In loans like these, the lender is unable to own your assets and property in case of a failure to repay the loan. Such loans usually require a relatively good credit rating.
The need to get money can make people desperate, which some lenders seek to exploit. To do so, they offer loans to lenders with bad credit at high interest rates. This makes it difficult for the borrower to repay the loan on time, which leads to the lender adding additional penalties and fees on top of the original loan amount and interest. This leads to a vicious cycle which can be difficult to get out of. Be wary of lenders like these and avoid them. Instead, consider Slick Cash Loan who work with a network of reliable and reputable direct lenders.
At Slick Cash Loan, we strongly believe that everyone should have access to money, regardless of their credit standing, which is why they provide personal loans for bad credit for whatever emergency you might be dealing with. They have partnered up with reputable online direct lenders to provide their customers with personal loans quickly. These lenders are reputable and adhere to all regulations, which is what enables Slick Cash Loan to provide loans for bad credit all across the USA.
Individuals are not judged by their credit score. Instead of credit score, their employment status or income is considered and, once approved, the money is deposited into their bank account for immediate use.
People seeking loans with bad credit need to fill up a quick and easy application from the comfort of their homes. Once filled, Slick Cash approves your application instantly. This way, people don’t have to wait for weeks for an answer and get access to the money instantly so that you can address whatever needs you may have. Slick Cash Loan is the best choice for personal loans for people with bad credit.