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Emergency Loans From LoanNow – Easier, Faster, and Better

Financial emergencies can wreak havoc on a budget.  That’s why many financial experts advise individuals and households to establish emergency funds. But that’s easier said than done – and for many people, saving money is nearly impossible.

Despite careful planning on your part, instances occur when emergency loans are necessary. Your car may break down or one of your kids becomes seriously ill.  You need money right away, and you’re understandably anxious.  However, where you get the money you need is also important. LoanNow provides emergency loans with manageable repayment plans that work with your budget.

emergency LoansThe Problem with Banks

When you consider sources for loans, you probably think of banks.  Banks offer the lowest interest rates for loans and the most favorable repayment terms, at least if you have good credit. But banks aren’t the best source for emergency loans, even if you have excellent credit.  Many banks require prospective borrowers to wait weeks for a response, which isn’t a viable option if you need money immediately.

Pawn Shops Are Not Ideal

Many desperate borrowers turn to pawn shops for emergency loans.  Pawn shops provide money on the spot with no questions asked – if you’re willing to provide valuable items as collateral.  But pawn shops only lend about 25 percent of the value of the property you surrender as collateral.  You’re also expected to repay the loan in full, plus interest, within about 30 to 60 days. Otherwise, you forfeit your property for good.

Payday Loan Stores Are an Even Bigger Headache

Payday loan stores represent another source for emergency loans, especially for borrowers with bad credit and nothing to offer as collateral. At first glance, payday loans seem convenient, and a logical choice for emergency loans.  If you visit a payday loan store, you can walk in with your paperwork and walk out with cash in your pocket, all in the space of an hour or less.  If you apply for payday loans online, you can complete your application in the privacy of your own home. You don’t have to worry about getting to a payday loan store before closing time or running into someone you know. Your money appears in your bank account the next business day.

The repayment periods are structured to coincide with your next upcoming pay period.  If you’re paid every week, your loan could be due in full just a few days after you get your money. Of course, many people seek emergency loans precisely because they don’t have extra cash on hand, which makes it unlikely that they’ll be able to repay a payday loan in full.

That’s where rollovers come in. As a substitute for payment in full, payday lenders accept partial payment from borrowers and roll over the remaining amount into a new loan – with its own set of interest charges and administrative fees – and a due date that coincides with borrowers’ NEXT pay date. It’s easy to see how such an arrangement can cause a modest loan of a few hundred dollars to balloon into a four-figure obligation. That’s precisely what happens with many payday loans – and borrowers spend months and sometimes years before their loans are finally paid off.

Payday loans combine three factors that create a perfect storm that traps many borrowers in debt for months, if not years.  Because of their high interest rates, requirements for lump-sum repayment and short repayment periods, many borrowers are unable to repay their loans in full on the original repayment date. That triggers a cycle of partial payments and rollovers. After just a few cycles, many borrowers find that they owe more than their original loans, despite consistently making payments!

The LoanNow Alternativefinance a vacation

Apply for emergency loans from LoanNow from the privacy of your own home.  Our online-only** application generates a response within minutes or hours – not weeks. Even if your credit isn’t perfect, you could still be approved – at LoanNow, you’re more than a FICO score. We consider your whole financial profile when making a lending decision.

With LoanNow, we process loans just as fast as payday lenders. But our emergency loans don’t generate even bigger emergencies down the line.  Unlike payday lenders, our repayment periods are structured with manageable monthly installments. We also say no to rollovers that can jack up the amount that you owe.

With LoanNow, you can meet whatever financial challenges life throws your way, without falling into the payday loan trap. Let us show you that the LoanNow alternative is the right choice for you!

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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.

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