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Consumer Protection

When you’re facing a financial emergency, you may be less vigilant about checking out potential lenders than you otherwise would be. Unfortunately, unscrupulous operators are all too eager to take advantage of individuals facing desperate circumstances.  However, a number of consumer protection measures have been put in place to shield individuals from predatory lenders and creditors

installment loansThe Military Lending Act of 2006

You might have noticed that many online payday lenders actively discourage military personnel and their families from applying – or refuse to lend to military personnel altogether. That’s due in large part to the Military Lending Act of 2006, a consumer protection measure approved by Congress and signed into law by President George W. Bush.  The Military Lending Act of 2006 prohibits lenders from making loans with annual percentage rates (APR) of more than 36 percent to military personnel and others in their households. It’s telling that instead of lowering interest rates and APRs, many payday lenders simply stopped lending to the nation’s men and women in uniform.

Operation Choke Point

The Consumer Finance Protection Board, a newly-formed consumer protection agency championed by the Obama Administration, has taken an active role in reducing the number of predatory loans, including payday loans.  The CFPB has been especially vigorous in pursuing banks that collaborate with payday lenders. By processing ACH transactions from online payday lenders, banks effectively allow payday loan transactions in states where brick and mortar payday loan stores are prohibited.  By focusing on banks, the CFPB is working to figuratively deny the necessary breathing room for online payday lenders perpetuate their predatory lending practices.

State Laws Prohibiting and Restricting Payday Loans

Individual states have also enacted consumer protection legislation designed to prohibit predatory lending practices.  Several states, along with the District of Columbia, have placed outright bans on brick-and-mortar payday loan stores. Others have passed less stringent legislation – including limits on the number of payday loans individual consumers may hold or requiring a minimum repayment period for payday loans.

LoanNow: the Un-Payday Loan

LoanNow shares a few characteristics in common with payday lenders: we provide an online-only **application and fast processing, usually within 24 hours. † We also issue funds quickly after borrowers have been approved – in some cases within minutes.* But that’s where the similarity between LoanNow and payday lenders ends.

Unlike payday lenders who often approve almost anyone with an income, LoanNow employs a risk-based underwriting system that results in far fewer defaults than payday loans.  We also structure our repayment period with manageable monthly installment payments rather than demanding payment in full within a week or two. And we say no to rollovers and renewals that can jack up the total amount that borrowers owe.  We’re the un-payday lender! Let us show you the LoanNow difference today!

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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

* 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.