A company like slick cash loans plays a massive role in the welfare of the American people. They provide cash loans to people with bad credit scores. Pursuing the American dream has fueled the increase in the net worth of American households. The total net worth of American families has crossed an incredible 140 trillion US Dollars. However, the debt of American households has also risen to over 14 trillion US Dollars. The average American debt is close to 60 thousand dollars. More than 75 percent of homes in the United States are burdened with at least one type of debt.
Not All Payment Defaults Are Done Intentionally
According to research on the human psyche, it has been observed that most humans intend to be honest. This rule has very few exceptions. It is also proven that more than 70 percent of the people who default on repayments of their debts are not willful defaulters. They cannot make the proper repayment of their debts out of compulsion and dire circumstances rather than malice.
Even a month’s overspending and splurging on a credit card might have led to a bad credit score. According to officially published statistics, more than 70 percent of American adults have at least one credit card. The average household credit card debt in the United States is over 14 thousand US Dollars. More than 40 percent of credit card holders do not need monthly pay off their credit card debt. A change in circumstances like a job loss or pay cut could lead to involuntary non-payment. Therefore, a person with a full intent to repay might default on his regular credit card debt repayment and land up with a bad credit score. This would start a downward spiral for the person as their poor credit score would make it difficult for them to get a loan.
Personal Loans For Bad Credit From Slick Cash Loan To The Rescue
Even student loans in the United States are growing by more than 150 percent. Student loan debts take a lot of time to get repaid. Even Americans who are 70 or more-year-old are collectively riddled with more than 25 billion US dollars of student loans. People default on their payments due to dire circumstances and have bad credit. This need gap is being filled by companies like Slick Cash loans, which provide quick personal loans for people who have bad credit scores.
The Advantages Of Slick Cash Loans
- Their paperwork is minimal, and they can pay out loans to people with bad credit.
- This service is simple and immensely helpful for people who are going through a financial crisis and need money.
- The loan application process is also simple and entails filling out a form.
- Proper repayment of these loans also improves the credit score of the person with a previous bad credit rating.
- They offer secured and unsecured personal loans for people with bad credit ratings.
These amounts in debts have been paid out with the intention of it being repaid. The people who have taken these amounts have also voluntarily consented to pay back the debts and interest rates and have signed documents to that effect. Non-payment of installments of obligations for a certain period attracts penalty charges and leads to poor credit scores.