When most people think of loans, bank loans are what come to mind. But bank loans represent only one type of loan. And while bank loans represent the best option for many borrowers, that isn’t the case for all borrowers. For many borrowers, bank loans simply aren’t an option, either because of urgent financial need or past credit problems. For many such borrowers, a loan from LoanNow is the answer to their financial prayers.
If you’re buying a house or a car, bank loans are often your best choice. Interest rates and APRs for bank loans are often lower than for nearly other type of lending institution. And since buying a car or a home is a decision most people make after careful consideration, the processing time required for bank loans isn’t an issue.
But for financial emergencies, bank loans often require too much processing time to be a viable option. Even If you have insurance that covers the cost of the emergency room visit, there’s still the matter of paying for the mediations prescribed by the physician. If the medications are expensive, you may nor able to afford to fill the prescription. Waiting for approval for bank loans under such circumstances is a non-starter.
Bank Loans and FICO Scores
According to the truism, bank loans are only available to people who don’t need the money: individuals with high income, abundant assets and high FICO scores. It’s true that banks strongly prefer to lend to borrowers they perceive as being low risk. On the other hand, borrowers with few or no assets, limited income and marginal FICO scores are considered to be high risk. For such borrowers, approval for bank loans may require collateral, a credit worthy co-signer, or both.
The LoanNow Solution
Whether you can’t afford to wait for a bank to process your application or your FICO score is too low to qualify for bank loans, you realize that you won’t get the money you need from bank loans. But that doesn’t mean that you must settle for undesirable alternatives that put your personal possessions and financial future at risk.
LoanNow features the convenience and speed of online applications – no driving across town and no waiting weeks for a decision. Even if your credit isn’t perfect – you may still be approved – no collateral required. LoanNow looks beyond your FICO score to consider your entire financial profile. If you’re facing a financial emergency, LoanNow can provide the money you need, when you need it. Why not check us out today!