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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 option are turning to LoanNow.

installment loansHow 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.

LoanNow Installment LoansThe Best Option For An Installment Loan

Fast & Easy

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.

Manageable Payments

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!

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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.