Help With Bills
There are times that despite your best effort, you need help with bills, or unexpected expenses arise. Bank loans aren’t always suitable, but non-bank loans often feature undesirable aspects. Some non-bank loans are positively hazardous to your financial health. LoanNow provides the financial help with bills you need without the drawbacks of many other types of loans. Check us out today!
The Problem with Bank Loans
Bank loans have one major advantage, at least for borrowers with favorable credit profiles: favorable borrowing terms. Bank loans typically carry the lowest interest rates and manageable monthly payments. However, if you urgently need help with bills, bank loans may not be a viable option. That’s because banks often require applicants to wait weeks for a response – even prospective borrowers with outstanding credit. Applicants with less than perfect credit may be approved only for loans with higher interest rates or which require collateral or a co-signer – or may be denied outright.
Drawbacks with Non-bank Lenders
Non-bank lenders operate both in brick and mortar establishments and online. Brick and mortar non-bank lenders offer one major advantage: cash on the spot. When you’re seeking emergency help with bills, it’s tough to beat money in minutes. But the initial sense of relief is soon eliminated when dealing with many of these non-bank lenders.
For instance, pawn shops demand collateral in exchange for their loans in the form of personal possessions such as jewelry or tech gadgets. Pawn shop loans usually cover only about 25 percent of the actual value of them items surrendered as collateral. Borrowers who fail to repay their loans within a specified time – generally 30 to 60 days after receiving the loan – risk losing their personal property for good.
Payday loan stores are even worse. If you take a payday loan to help with bills, you may find yourself in an even deeper financial hole. Payday loans carry high interest rates and demand payment in full. In that respect they’re much like pawn shop loans. But payday loans take things a step further – with repayment periods measured in days. This trio of circumstances combines to create a perfect storm of partial payments and rollovers that keep many borrowers in debt for months, if not years.
The LoanNow Advantage
LoanNow understands that when you need help with bills – waiting weeks for a response just won’t work. Our online application generates responses in minutes†. We also never require collateral and we say NO to lump sum payments and rollovers. Check out the LoanNow advantage today!