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LoanNow: a Better Direct Lender

Your car needs a new transmission, but your bank account is running on fumes. You may whip out the plastic, either to pay the bill directly or to get a cash advance.  Or you may raid your jewelry box for gold chains or diamond rings to take down to your local pawn shop. If you have marginal credit and nothing of real value to offer as collateral, you may feel your only hope is a payday loan.

But the prospect of dealing with a payday loan store is less than appealing.  On the other hand, online direct lenders for payday loans are few and far between.   Fortunately, there is a better solution than maxing out your credit cards, running the risk of losing your valuable possessions or settling for a payday loan. Savvy borrowers don’t need a map to find the right online lender: LoanNow.

Direct LoansCredit Card Cash Advances Are Easy – but Costly

If you have the available credit available, credit card cash advances represent one of the least detrimental quick cash options.  Unlike pawn shop loans or direct lender payday loans, you aren’t expected to repay a credit card cash advance in a single lump sum. The APRs for credit card cash advances are also lower than those for pawn shops and for payday loans.  However, interest begins to accumulate for credit card cash advances from the moment the cash is dispensed from the ATM.  And if you only make the minimum monthly payments on your credit card bills, you could eventually pay many times what you actually borrowed before the balance is paid off.

Brick and Mortar Lenders Make High Demands

Brick and mortar direct lenders range from reputable operations like banks and credit unions to unsavory options such as pawn shops. Banks and credit unions offer the lowest APRs for loans, along with manageable monthly installments. But borrowers are subjected to stringent credit checks, not to mention lengthy waits to receive responses. Applicants with marginal credit scores are often required to present collateral or a credit-worthy co-signer or both to have any hope of being approved. Prospective borrowers with poor credit are denied outright.

Unlike other institutions that provide direct lender loans, pawn shop loans require collateral. Borrowers must present personal property such as jewelry or high tech gadgets and surrender those items on the spot. Pawn shop loans typically only total a fraction of the value of the property surrendered as collateral, and loan repayments must be made in full within a specified period – usually 30 to 60 days.  Borrowers who fail to repay their loans risk losing their possessions for good.

Dealing with Payday Loan Stores Can Be a Hassle

For individuals with bad credit and few assets, payday lenders represent one of the few options available for obtaining cash to deal with financial emergencies.

Payday loan stores require borrowers to submit one or more post-dated checks in exchange for receiving cash on the spot.  But payday loan store loans carry high interest rates combined with extremely short repayment periods.  If borrowers’ bank accounts cannot cover the checks when they are deposited, banks impose NSF fees – and payday lenders may attempt to present the checks a second time, triggering even more fees.

Another drawback with payday loan stores is that they often have limited hours. Depending on the store hours and their work schedules, borrowers may have to take time off from work to apply for a payday loan. And there’s always the risk of an embarrassing encounter with a friend, neighbor or work colleague while entering or leaving a payday loan store.

Hunting Online Direct Payday Lenders Is Often Frustrating

Searching for online direct lenders for payday loans can be an exercise in frustration. Falling for too good to be true promises like “100 Percent Accepted!” and “No Credit Check!” can result in borrowers finding their email inboxes stuffed with loan “offers” from companies they’ve never even heard of.  In the worst case scenario, many of these “offers” are scams or straight up attempts at identity theft.

“This Site Is Not a Lender”

Back in the day, borrowing money involved collecting paperwork and driving across town to interact with a lending officer. Direct lenders were strictly brick and mortar institutions such as banks.  But if you’re dealing with a financial emergency, waiting weeks to get a response from a bank loan application is not an option.  But many of the alternatives carry serious drawbacks

For instance, online direct lenders offer the convenience of applying from the privacy of your own home, often with immediate processing. However, locating online direct lenders is frequently easier said than done.  In fact, finding direct payday loan lenders online can be like a scavenger hunt. A large proportion of payday loan websites are not direct payday lenders, but merely collect borrower information which they distribute to third parties.

The clue is in both the headlines and the fine print. Many websites claiming to offer payday loans feature headlines like “100 Percent Acceptance Rate!” and “No Credit Check!”  The fine print reveals the truth behind these headlines. Phrases such as “This site is not a lender” demonstrates how these websites can make such claims, when direct payday lenders cannot.  Unlike direct lenders, these websites don’t make lending decisions and don’t provide any loans.

In some cases, the websites operate as intermediaries between prospective borrowers and a select group of lenders. Others are merely aggregators that collect borrowers’ financial and personal information to distribute indiscriminately to third parties – frequently selling sensitive data to the highest bidder. Email inboxes stuffed with SPAM tell the sorry tale. As they sort through dozens of “offers” from companies they’ve never heard of, they wonder how they could have avoided being taken in.

LoanNow is a Better AlternativeDirect Lender

LoanNow understands that when you’re faced with an urgent financial situation, waiting weeks to get a response from a bank loan application is not an option.  LoanNow offers borrowers the convenience of online applications with speedy processing that takes place in minutes or hours – not weeks. Even if your credit is less than perfect, we may still be able to approve you. That’s because we look beyond your FICO score to consider your entire financial profile.  We approve many applicants turned down by banks.

As a direct lender, LoanNow never shares your information with third parties. We also have an A+ rating from the Better Business Bureau, so you can apply with confidence.  Our online application system generates responses in minutes or hours, and approved borrowers receive their funds by convenient direct deposit as soon as the next business day†.  We never require collateral and our repayments are structured with manageable monthly installments. Isn’t it time you checked out LoanNow 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.

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* 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.