Loan Now: Better and Faster Than Cash Advances!
If you are faced with an emergency, you probably can’t afford to wait weeks for a bank loan. But if you don’t have cash on hand, cannot earn extra money and have nothing of value to sell, borrowing is your only option. So what do you do? The best cash advances have three features In common: they’re fast, convenient and affordable.
With LoanNow, you can get a cash advance without maxing out your credit cards, risking family heirlooms or being trapped in endless payday loan debt. It’s the fast, convenient and affordable way to get the cash you need!
Friends and family score on all three areas, plus they often represent the most sympathetic lenders. But unless the people you know are rich, they’re not necessarily the best sources for large loans. And borrowing from family and friends can damage relationships, and even the best cash advance credit cards carry significant disadvantages. Fortunately there is a fifth option: an installment loan from LoanNow.
Credit Card Cash Advances Are Convenient, but Costly
Tapping into one or more credit cards for a cash advance is another option if you don’t need too much money. You may not think of credit card companies as cash advance lenders, but whenever you get a cash advance from a credit card, you’re actually taking out a loan. And if you have available credit available on your credit card, getting a cash advance loan involves only a trip to the nearest ATM.
Credit card companies definitely recognize the difference between cash advances and purchase transactions. When you make a purchase with a credit card, you usually have the benefit of a grace period during which no interest is charged. If you repay the purchase in full during your grace period, it’s like getting an interest free loan, which can be a big advantage.
But with credit card cash advances, you’re being charged from the minute you clutch the bills in the palm of your hand. And the interest rates and APRs for cash advances are often far higher than interest rates and APRs for regular transactions – even for their most creditworthy customers.
In addition, in most cases credit card cash advances are limited to relatively small amounts. Even the best cash advance credit cards rarely allow you to obtain cash advances that are well into four figures. If you’re facing a major financial emergency which necessitates obtaining cash, such limits potentially present a major disadvantage.
Cash Advances from Your Employer Are a Short Term Fix
Depending on your circumstances, you could ask your employer for an advance on your salary. Getting a cash advance from your employer usually doesn’t generate interest charges. But depending on how much you borrow, you could be putting yourself in the hole for the next paycheck or even several paychecks. And if you’ve only been on the job for a short time or if your company policy prohibits advances, that’s not really an option.
Pawn Shops Put Your Valuables at Risk
If you’re really desperate you could take one of your gadgets or your mom’s diamond ring to a pawn shop – for a loan. You may also find it unusual to consider pawn shops as cash advance lenders, but they actually are. You’re obtaining a cash advance against the value of whatever jewelry, electronics or other objects of value that you bring into the store, which the proprietor holds as collateral. You have a deadline by which you must repay the loan or risk losing your property. You also pay interest on the money you borrow when you reclaim your property.
Payday Loans Are Hazardous to your Financial Health
If you’re one of many people who don’t have credit cards (or whose cards are maxed out) and can’t get cash advances from your employer, the cash advance lenders you turn to in desperation are often payday lenders, check cashing services or online payday advances. But the initial convenience of payday loans is more than overshadowed by their many drawbacks. Their ridiculously high interest rates and short repayment periods make payday lenders among the LEAST affordable cash advance lenders. Payday lenders grant loans based on money you expect to earn from your job or receive from a government benefit program, and set repayment periods according to the date of their borrowers’ next paychecks or payment from Social Security or a pension. That usually means that the entire cash advance must be paid in full after only a week or two.
If you’re like the four out of five borrowers whose loans are renewed or rolled over, then you’re at risk for being trapped in an ongoing cycle of debt that can persist for months and ultimately result in paying many times the original amount of the loan before you finally pay it off. The end result is that borrowers often wind up repaying many times the value of their original loans before they’re able to close their accounts.
Fortunately, there’s a better way to cover a financial emergency, even if your credit isn’t perfect. LoanNow cash advances feature fast, efficient processing. How fast? If you submit your application before 4 p.m. Pacific standard time Monday through Friday, you’ll typically receive a response the same day.
Applications submitted after 4 p.m. weekdays or during weekends and holidays receive responses the following business day. Once you’re approved, funds typically post to your bank account the next business day.
Unlike many payday lenders that approve nearly anyone with an income, LoanNow utilizes an innovative, more holistic, underwriting process that looks beyond your credit score to evaluate your entire financial situation. Our superior risk-based underwriting process results in lower default rates which enable us to offer APRs significantly lower than payday lenders.
And unlike payday loans, LoanNow won’t trap you with rollovers and renewals, because our repayment periods are measured in months, not days or weeks, giving you a reasonable time to repay – just like a bank. And our interest rates and APRs are usually way lower than payday loans. Some borrowers qualify for interest rates as low as 29 percent! ◊
LoanNow also has says no to hidden fees and prepayment penalties that can significantly increase the amount that you owe. If you opt to repay your loan early, you won’t be hit with an early repayment penalty. And because LoanNow loans are installment loans, the amount that you pay remains consistent throughout your repayment period.
Convenience, speed plus reasonable repayment terms. That’s the LoanNow difference!