Entries by Miron Lulic

LoanNow: No Prepayment Penalties

Once you’ve received your loan funds, you enter the repayment period. Depending on the terms of your loan, you may or may not have a grace period during which no payments are due. If you’ve borrowed an installment loan, the repayment period includes installment payments due on specified dates, often one per month. Your installment loan from a direct lender will also have a final due date by which you’re expected to have repaid your loan in full.

No problems there. It’s also customary for lenders to impose late fees for missed installment payments. Customers expect this and accept

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How To Build Your Credit Score Fast

Building good credit is super important – someone with a good credit score can save over $100,000 over the lifetime of their mortgage just by having good credit. But building credit can also be a little bit tricky. You need credit to build credit, but without credit, it’s hard to get credit (say that five times fast!). But there are definitely some clear ways to work your way up to an excellent credit score.

What is good credit?

So, what is good credit?

First it is important to understand exactly what “good” credit is. Credit scores range from a low of 300 up to … Read full article..

Bank Overdraft Policy Reform Is Overdue

Quickly – what lending product can charge 10x the average payday loan APR, yet makes up a 4x larger market? Give up? Bank overdraft fees.

That’s right. Nearly five years after federal rules designed to protect consumers went into effect, banks are still raking in the fees. And while strong progress to improve consumer safeguards and combat predatory lending across the board, banks seem to be getting overlooked as the proverbial wolves in sheep’s clothing.

Where Do Overdrafts Come From?

Overdrafts are a relatively new form of short-term credit that is touted by some of the most venerable and respectable … Read full article..

LoanNow Unveils Group-Signing at Finovate Spring 2015

This month we were honored to present at Finovate’s annual event in Silicon Valley.  For those unfamiliar with Finovate, it’s the premier event for showcasing the latest, most innovative developments in financial service technology.  A writer from the Wall Street Journal described it well by saying, “For finance nerds, Finovate is the Super Bowl and World’s Fair rolled into one.”

Start-ups such as Mint, Credit Karma and Prosper as well as industry powerhouses such Visa, Google and PayPal are among the hundreds of companies that have debuted their game-changing innovations at Finovate over the years.

Needless to say, we … Read full article..

LoanNow Launches Group-Signing

We are very excited to formally introduce Group-Signing today. This new feature is the first of many ways we are working hard to save people money on a loan. Group-Signing allows anyone with a LoanNow loan to cut their interest by as much as half – while they’re still paying on the loan.

By recruiting friends and family to pledge as little as $25 in support of your loan, you can prove your creditworthiness. This helps us reduce our risk in lending to you, and we pass that savings and peace of mind along as loan credits for you. Read … Read full article..

10 Tips For Getting Personal Loans For People with Bad Credit

Having bad credit — also know as sub-prime credit — is indeed a substantial, and unfortunately common, barrier to obtaining a personal loan.  But it’s not necessarily an insurmountable hurdle.

Here are a few tips on improving your chances at securing a personal loan despite a poor credit score:

1. Make Sure Your Credit Reports are Accurate & Up-to-Date.

It’s human nature to want to avoid unenjoyable activities, and going over your credit report line-by-line when you have bad credit is about as fun as stepping on a scale after Thanksgiving dinner.

That said, it’s a very import step to … Read full article..

5 Reasons Why A Personal Loan Is Better Than The Alternative

There are so many types of loans to choose from, finding the best type of loan for your needs can be a challenge. Loans are not a one-size-fits-all product and the best loan type for you will depend on personal factors, such as your risk tolerance, income, objectives and your credit history.

When evaluating what type of loan to take out, some people forget to consider personal loans.  This is unfortunate because personal loans offer many advantages, particularly for borrowers with less-than-prime credit scores.  Topping the list of advantages is the fact that they tend to provide a much safer … Read full article..

The Challenges of Building A Payday Loan Alternative

Every year, about $50 billion is funneled into the coffers of payday lenders, according to stats from the Online Lenders Alliance. These lenders provide a life-line to approximately 12 million Americans who would otherwise not have access to credit in times of need. The problem is, these loans perpetuate an expensive cycle of fees that trap many borrowers.

Who are payday loan borrowers?

According to the Federal Deposit Insurance Corp.’s latest National Survey of Unbanked and Underbanked Households released October 2014 [PDF] , roughly 34 million households, representing 68 million adults, had limited or no participation in the … Read full article..

History of Payday Loans

Before the 1980’s, payday loans were very rare within the United States. This is not to say that predatory lenders did not exist. So called loan sharks have been around since the Great Depression. And pawn shops have long been the lender of last resort for many people who have found themselves out of work or otherwise down on their luck.

These days, payday lenders promote their trade on every form of media, including television commercials featuring celebrities and internet ads. For desperate individuals, receiving cash overnight with few questions asked can seem like the answer to their prayers. But … Read full article..

How do payday loans work?

Your car needs a new transmission, or one of your kids is sick and needs to see a doctor. But you’re broke – and payday is more than a week away. If you aren’t able to borrow from family or friends, and you don’t have credit cards from which you can take cash advances, you may wonder where you can obtain cash to deal with emergency situations like these.

No problem. Simply search online for an online payday lender or make the trip to your local payday loan store. Either way, you can obtain the cash you need, either through … Read full article..