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Bank Personal Loans

As a borrower, you naturally seek loans with the best possible lending terms in three vital areas: interest rates, underwriting requirements and repayment structure.  Bank personal loans score well in two of these areas: interest rates and repayment structure. But prospective borrowers with less than perfect credit may find themselves closed out of bank personal loans. For many such borrowers, LoanNow is the best possible option!

bank loansInterest Rates

Credit union and bank personal loans usually carry the lowest interest rates and APRs.  Banks offer low interest rates to creditworthy customers in an attempt to attract business. Credit unions operate as nonprofit entities, and frequently offer lower interest rates than bank personal loans. However, credit unions typically only extend loans to their members rather than to the general public

Repayment Structure

Credit union and bank personal loans are typically structured with monthly installment payments. Payments include both interest and principle, with a higher proportion of payments going toward interest at the beginning of the repayment period, and a higher proportion of each payment going toward the principle as the loan is paid off.

Underwriting Requirements

Banks, and to a somewhat lesser extent, credit unions, rely heavily if not exclusively on FICO scores in making lending decisions. Borrowers with less than good or excellent credit are often obliged to provide collateral or a credit worthy co-signer as a condition of approval for bank personal loans. Such customers must also usually to pay higher interest rates than customers with higher FICO scores.

Alternatives for Bank Personal Loans

Borrowers who find it difficult or impossible to be approved for bank personal loans may turn in desperation to non-bank lenders such as payday lenders, car title loans and pawn shops. But such lenders offer only a quick fix – and their loans come at high price. Pawn shops and car title loans put personal property at risk, and payday loans draw borrowers into a trap of endless debt that often persists for months, if not years.

LoanNow: Possibly the Best Option

For many borrowers, LoanNow represents the best possible option. Our online application can be completed in the privacy of your own home. If you have less than perfect credit, you may still be approved. We look beyond your FICO score to consider your entire financial profile – no collateral required.  LoanNow repayments are structured as manageable monthly payments, just like bank personal loans. Our APRs are also way lower than payday loans, and LoanNow says NO to rollovers. Isn’t it time you checked out the LoanNow difference for yourself?

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Why LoanNow

  • 5-Minute Application

    All it takes is a few minutes. We’re fast, easy and headache-free.

  • Fast & Easy Approval

    Get your quick loan approval online. Money in minutes. †

  • Deposit to Your Account

    Funds are deposited fast into your bank account! ‡

How It Works

  • Apply Now

    Complete our easy online application. It takes 5 minutes and there is no paperwork and no faxing required.

  • Get Approved

    You will get a quick loan approval decision. We are a direct lender so there is no long wait for an answer.

  • Get Your Money

    We deposit your money right into your bank account. Your installment loan payments come from the same account - automatic, no hassles.

What We're About

  • "We believe we can change the world by helping people with less than great credit get back on track."

    Miron, The Team

  • "Our loans reward you for good behavior instead of trapping you in an endless spiral of interest & penalties."

    Harry, The Team

  • "Our mission is to build the fastest & easiest way to get a loan."

    Jesse, The Team

Grow Your Score

Our personal loans reward you for good behavior instead of trapping you in an endless spiral of interest & penalties. Together, we grow your LoanNow score to unlock better rates.

LoanNow Score

More Resources on Bank Personal Loans

* Funds will be distributed via ACH. Most banks will post the funds to your account by the next business day. Subject to underwriting approval.

** Subject to online availability and underwriting may request additional items prior to final approval.

† Loan approvals are subject to underwriting criteria and the approval process may take longer if required items are not able to be verified online or additional items are requested.

‡ Funds will be distributed via ACH. Most banks will post the funds to your account by the next business day. One’s bank will determine when funds are actually available.

LoanNow Trustpilot Rating: 9.3 out of 10 based on 570 reviews as of March 2016. SuperMoney Rating: 9.5 out of 10 based on 55 reviews.