What is a Slick Cash Loan?
A slick cash loan is a short-term, fast-disbursing loan taken out with an average term of 3 months, which in most cases has no prepayment penalties. This is typically done by setting up your own online business and then leveraging the funds to advertise or grow it from there. The terms are typically flexible and require no collateral other than the business set up originally for the loan request. A slick cash loan can be used for anything from small purchases to large expenses that incur long-term obligations.
How do Slick Cash Loans Work?
Slick cash loan works in much the same way as any other form of a small-ticket loan. The process starts with a form, which will generally contain several questions about previous credit history, employment information, and other personal information that can be used to create a profile on your credit report. Once the form is submitted, an online loan officer will review your credit report and make a final determination on whether or not the loan request is approved. If your loan request is approved, you may be required to submit collateral in the form of personal assets or real estate to secure the funds.
The total amount of money available as well as the time frame for repayment will also be determined by this initial credit check. This information is relayed to you via email at which point you are free to go ahead and apply for a slick cash loan with little more than email confirmation. Once your application has been approved, you will be given instructions on how to fund your account as well as the terms of the loan itself. From there you can shop for items you want or invest in areas to grow your business.
Advantages and Disadvantages of Slick Cash Loans
There are a few advantages to taking out a slick cash loan that is unique from traditional forms of consumer loans. The most common advantage is that slick cash loans may be available to people with a poor credit rating or even no credit at all. This is primarily because the businesses set up for these loans don’t require extensive background checks or verification processes in general.
However, there are also a few disadvantages to taking out a slick cash loan. Since these loans are short-term in nature, this often leaves customers with little to no time to repay the funds. They have no choice but to take on high-interest debt to make up for the time lost. Furthermore, if your business fails for any reason, you will face an even longer repayment period before you can refinance your slick cash loan with another lender or business.
As mentioned previously, there are no prepayment penalties when taking out a slick cash loan. However, there is still a risk of defaulting from time to time, which may jeopardize your credit rating in the process.