LoanNow: Your Choice for Cash Today
Your bank account is running on fumes and you don’t get paid for another week. It’s obvious that you need cash today. The good news is that you have several options for cash money loans. The bad news is that all loan options are not created equal. In fact, some options for obtaining cash today loans are potentially hazardous to your ultimate financial health. Don’t let panic drive you to make a bad choice. For many borrowers, a loan from LoanNow represents the best source for obtaining cash now.
Banks are the traditional source for cash money loans. For borrowers with good credit, banks offer loans with low interest rates and desirable repayment terms. But if your credit is marginal, you may be required to provide a creditworthy co-signer or collateral to be approved for a cash loan.
Banks are also not the best source if you’re seeking a cash loan now. Even if you have excellent credit, banks often require weeks to process. That’s not realistic if you need money urgently for a car repair or to deal with your daughter’s broken arm.
Non-bank Online Lenders Share Your Info with Third Parties
Going to an online lending broker for cash today loans may or may not be a viable option. Online lending brokers collect your information and distribute it to a select group of lenders. If you have excellent credit, you could receive several offers quickly for loans with extremely favorable terms. However, if your credit is marginal, you may receive only one offer, or none at all.
With peer-to-peer lenders, the probability of obtaining a cash loan now is very low. That’s because peer-to-peer lenders conduct a preliminary screening process for all prospective borrowers, automatically rejecting all applicants with FICO scores that fall below the mid-600 range. Applicants who pass the initial screening are required to post extensive profiles that include personal as well as financial information. Those profiles are posted on the peer-to-peer website, where potential donors have the option of funding some, all or none of each borrower’s request. The process can be lengthy, as borrowers only receive their loans if and when their requests are fully funded. There is no guarantee of receiving funding, and many borrowers find the process intrusive.
Credit Card Cash Advances Can Result in Years of Debt
Credit cards can be a real life saver. When you’re shopping for a big-ticket item, the ability to spread out payments over time can mean the difference between making a purchase – and putting it off for months – or even years. Credit cards can even cover smaller purchases when you’re short on funds.
But some merchants don’t accept credit cards. In those instances, if you don’t have cash on hand, cash money loans are called for. If you have sufficient credit available – the nearest ATM can be a source for cash loans today via credit card cash advance. But unlike purchases, credit card cash advances begin to accumulate interest as soon as you get your cash. What’s worse, the APR for credit card cash advances is usually much higher than the APR for purchases. If you carry balances on your credit cards, you could be repaying loans from credit card cash advances for months or even years after you’ve spent the money.
Loans from Friends and Family Can Put Relationships at Risk
As the old Beatles song goes, sometimes you need a little help from your friends to deal with cash shortages. Asking a buddy or a family member for cash now to cover your grocery bill or fill up your gas tank is no big deal. It’s highly unlikely that anything more than a handshake or a hug will be needed to get the cash you need.
Bigger loans, on the other hand, could present pitfalls. If you fail to repay the loan, or if the lender faces a financial emergency and needs to be repaid sooner than expected, your relationship with your friend or family member could be strained beyond the breaking point. If you opt to borrow from friends and family members, draw up an agreement. It doesn’t have to be printed on parchment and stuffed with legalese, but it should state how much you’ve borrowed along with when you expect to repay the loan.
Raiding the Attic May Yield Danger Instead of Cash
As the saying goes, “one person’s trash is another person’s treasure.” Raiding your attic is a time honored strategy for obtaining cash now. Those dusty keepsakes and knickknacks can potentially yield big bucks. If you place your sale items on Craigslist or a similar online service, you could finalize your sale within hours. But there is no guarantee that your objects will fetch the price you are seeking, or even that they will sell at all. There are also potential physical and financial hazards associated with online sales. Meetings between strangers that were set up supposedly to carry out transactions made on Craigslist have resulted in violent attacks. Sellers have also been victimized by scams on eBay and Craigslist.
The Gig Economy Makes You Work Hard for the Money
You may have heard of services like Fiverr or TaskRabbit and wondered if you could really earn cash now from performing one-off tasks. In fact, the so-called “gig economy” generates millions of dollars in revenue. However, with very few exceptions, there is very little money to be made from one-off tasks – unless you’re willing to devote several hours per day and possibly sign up with several different services.
Pawn Shops Provide Small Loans with Big Risks
If you have gold jewelry, gold coins – even gold fillings – you have the potential source for obtaining cash today from numerous cash for gold stores and exchanges located around the country. While cashing in on unused gold fillings may not carry any emotional baggage, parting with jewelry inherited from a favorite relative could be difficult. There’s also the possibility that pawn shops won’t accept what you have to offer. They’ll take gold and diamond jewelry or your high-end iGadget, no problem. That old flip phone or your cubic zirconium tennis bracelet – not so much.
Pawn shops also typically advance only about 25 percent of the value of the items you surrender as collateral. Loans must be repaid in full within 30 to 60 days or you risk forfeiting your items for good. You must also deal with the inconvenience of driving across town and possibly taking time off work to get to the store during their business hours – not to mention the risk of embarrassment if someone sees you going in or coming out of the establishment.
Car Title Loans Put Your Car on the Line
You may have seen commercials for cash money loans from car title companies with smiling people boasting that they “got their title back”. Car title loans allow borrowers to obtain cash in exchange for the title of their paid-up (or nearly paid-up) vehicles. When the loan is paid in full – the car title is returned. However, borrowers who fail to repay their car title loans risk losing their cars – regardless of the amount of the original loan. That’s right. It’s possible to lose a car worth $20,000 over a $500 loan.
Avoid Payday Loan Stores at All Costs
While it’s true that payday loan stores provide cash loans today – those loans come at a very high price. Payday loans combine high interest rates, a demand for payment in full and short repayment periods to create the perfect storm that prevents many borrowers from honoring their original repayment dates. That triggers a vicious cycle of partial payments and rollovers that keeps many borrowers in debt for months, and sometimes for years. Nobody has time for that.
LoanNow understands that if you are facing a financial emergency, you can’t afford to wait weeks for a response from a bank – you need cash now. Financial emergencies demand fast action, and our convenient online application system produces responses in minutes, not weeks†, and you can complete the entire process from the privacy of your own home. Approved borrowers receive their funds by direct deposit as soon as the following business day.
With LoanNow, if your credit isn’t perfect, you may still be approved. We look beyond your FICO score to consider your entire financial profile. We often say yes when banks say no. And we never demand collateral, not even your car title. There is no need to put your relationships, your car, your possessions, your personal safety or your financial well being at risk. Let LoanNow provide the funds you need – when you need them!