LoanNow: Providing Better, Faster Installment Loans!
There are primarily three types of consumer credit: revolving credit, short-term loans, and installment loans. Credit card issuers are the major source of revolving credit, payday loan / pawn shops are the key sources for a short-term loan or cash advance, while banks and credit unions are the traditional sources for installment credit.
Since banks and credit unions tend to be an inconvenient way to get a loan, installment loans have historically been confined to big ticket purchases, such as homes or cars. However, online lenders like LoanNow have made the process of obtaining an installment loan so fast and easy, that people are turning to these loans as a primary source of credit for all sorts of purchases.
Today, borrowers are using online installment loans to cover everything from a car repair, to a vacation, or even their wedding. But taking a loan from the wrong lender can turn out to be an expensive mistake. Savvy borrowers searching for the best personal loans are turning to LoanNow.
How Do Installment Loans Work?
Closed-End / Fixed-Term Loans
Installment loans are closed-end loans, meaning they have a fixed start and end date that is determined during the loan application process. The loan proceeds are dispersed to you on the loan funding date and and then repaid in regular installments that include interest and a portion of principal. For example, the loan may be structured as a monthly installment that you’ll pay with 12 equal payments over the course of a year.
Secured vs. Unsecured
To further break it down, there are two key types of installment loans: secured and unsecured. Unsecured loans are also known as signature loans, because they are secured only by your signed contract, which represents your promise to pay. On the other hand, secured loans are backed by collateral which can be seized if the borrower defaults on the loan. For example, an auto loan is usually secured by the automobile you’re financing. Secured loans can be a great way to get a loan at a low interest rate. At LoanNow we only offer an unsecured installment loan product. However, we do have an option for you to secure your loans through our innovative group-signing feature. Those who succeed in getting their friends and family to vouch for them via group-signing are able to significantly reduce the interest costs of their loan.
How To Get An Installment Loan With Less Than Perfect Credit
Dealing With Slow and Tough Banks
When most people think about installment loans, they think of banks. Banks provide installment loans for a number of purposes, including mortgage loans, car loans, student loans and personal loans. Especially for unsecured loans, banks maintain very stringent credit requirements for borrowers to be approved. Borrowers with marginal credit must frequently provide a creditworthy co-signer to have any chance of approval for a bank loan.
Another shortcoming with bank installment loans is that there is usually a lengthy application process involved. It can take weeks to get your money, that is, if you qualify. If you’re seeking a loan to keep your electricity from being shut off or to fix your car so you can get back and forth to work, bank installment loans are probably not a viable option.
Avoid Short Term Lenders
Many borrowers who have been turned down by banks or credit unions turn to payday lenders advertising short term installment loans. You get your money immediately, which is convenient, but the convenience of their same day installment loans often comes at a high price. In reality, these so-called short term installment loans are really just payday loans in disguise. Your payments are often due only a few days apart, with a final due date that is only slightly longer than regular payday loans.
Fast and Easy Installment Loans
With LoanNow, you don’t have to choose between waiting weeks for the money you need and being caught in the endless cycle of those short term payday loans.
Applying for an installment loan from LoanNow is convenient and quick. Our online-only** system allows you to apply from the privacy of your own home. We also understand that waiting weeks for a lending decision is problematic even when you’re not facing a financial emergency, so we process nearly all applications within 24 hours†.
Less Than Perfect Credit Isn’t A Deal Breaker
With LoanNow, you’re more than a FICO score. We consider your entire financial profile, which allows us to say yes when banks often say no. Our superior risk-based underwriting process results in lower default rates than other installment loan types. And by operating strictly online, we bypass the hefty overhead costs of maintaining brick-and-mortar stores. We pass on those savings to our borrowers in the form of lower interest rates, and we have no prepayment fees.
Build Your Credit History
Unlike most short term lenders, LoanNow has data furnishing relationships with major credit bureaus. That means we offer our customers access to credit building loans that can improve credit scores when positive repayment behavior is achieved. Credit is not built or rebuilt overnight, and improving a poor credit score can take months or years. But at LoanNow, your on-time payments will be reported to our major credit bureau partners, which may improve your credit score.
At LoanNow we do not want our borrowers to run up larger debts by making repayment terms impossible to meet. Our installment loans provide a financial cushion with manageable payments to help you make long term improvements in your financial circumstances. LoanNow also offers incentives to help you maintain on-time payments that other lenders just can’t match. And if you fall behind on your loan, we’ll work with you to get you back on track – without expensive rollovers.
Clear Terms and Conditions & No Hidden Fees
Unlike payday loans, LoanNow will never charge you any “hidden fees” that are not fully disclosed in your Agreement. And unlike payday lenders, we offer lower interest rates.
Why not experience the convenience of a genuine installment loan from LoanNow for yourself!