Helping Good People Get Better Loans

Check Your Rate
Back to Installment Loans

12 Month Installment Loans from LoanNow!

Borrowers seeking monthly installment loans have several options available, including bank loans, finance company loans and peer-to-peer loans. But each of these options often requires weeks for processing and won’t work if you need a same day decision. LoanNow is different. We understand that borrowers often can’t afford to wait weeks to receive the money they need.

installment loansThe Long Lines at the Bank to Borrow 12 Month Loans

Most banks, credit unions and finance companies provide credit in the form of installment loans with varying repayment periods, including 12 month installment loans, 24 month installment loans and 36 month installment loans. These long repayment periods make it more likely that borrowers will be able to repay their loans in a timely fashion. But qualifying for bank loans can be difficult.

Detailed information about income, financial obligations and credit history are usually expected as part of a complex, involved application process to qualify for their monthly installment loans. And borrowers with marginal credit must often provide a co-signer or collateral before a bank will approve their applications. This makes a same day decision nearly impossible.

A common joke is that borrowers must be able to demonstrate that they don’t need the money before banks will approve their loans.  Especially since the beginning of the Great Recession, many banks have tightened their credit requirements considerably.  Borrowers with less than outstanding credit must often provide collateral or a creditworthy cosigner to have any hope of being approved.

Finance Companies Also Have Stricter Lending Requirements for Same Day Installment Loans

The information required for monthly installment loans offered by finance companies is often similar to that demanded by banks. The difference is that finance companies are often somewhat more lenient in their credit and underwriting standards than banks are, approving many applicants that banks turn down.

Borrowers may be able to borrow with long-term repayment terms and pay back their loan over a 12-month or longer length of time. Still, same day approvals are rare and if you need money fast and are seeking a same day decision, this will most likely not be your best option since the application process often requires weeks to complete.

Peer-To-Peer Lenders Demand Highly Personal Information from Borrowers Seeking 12 Month Installment Loans.

In addition to demanding conventional application information concerning income, financial obligations and credit history, peer-to-peer lending platforms expect prospective borrowers to “sell” their funding requests to attract support — not from professional underwriters or loan officers – but from members of the general public. And again, with this type of longer term loan, borrowers may have the option of paying back the money over the course of 12 months or longer, but you won’t be getting a same day approval decision with peer to peer lenders. The process of completing a profile and gathering financial backers for peer-to-peer monthly installment loans can be very lengthy.

The Risky Alternative on 12 Month Loans

Some lenders make it easy to obtain loans, approving almost anyone who can demonstrate proof of regular income.  Many of these lenders will also provide funding the same day, making this option seem very appealing. And while most of these lenders don’t require collateral, auto title lenders demand borrowers to give up their car titles in exchange for qualifying for loans, and retain the titles until the loans are repaid in full.

Some of these lenders even advertise that they provide installment loans, but you won’t find any 12 month installment loans here. The initial repayment period for most of these loans can be as short as a week or 10 days, with subsequent payments being due very shortly after. While 12 month installment loans are uncommon, 24 month installment loans or 36 month installment loans are very rare. Nonetheless, many borrowers ultimately require months to finally pay off their payday loans.

installment loansLoanNow’s 12 Month Loans are Different

Like banks, finance companies and peer-to-peer lenders, LoanNow provides monthly installment loans with repayment terms that work. But instead of requiring weeks for processing, we provide same day responses for most borrowers – usually within 24 hours. Borrowers who complete the application process and are approved before 4 p.m. Pacific Standard Time Monday through Friday may be eligible to receive deposits into their bank accounts the very same day*, thanks to our Instant Funding technology.

Besides offering manageable 12 month installment loans and loans with even longer repayment periods, our loans also carry lower interest rates than most payday loans. How do we do it? Since our operations are exclusively online, we don’t have the expensive overhead costs of brick-and-mortar loan stores. And our superior risk-based underwriting process allows us to evaluate an applicant’s entire financial profile, not just their FICO scores. This results in fewer defaults for our loans, allowing LoanNow to approve many borrowers that banks turn down. We pass those savings on to our borrowers.

LoanNow also recognizes that the lack of basic credit education causes so many borrowers to fall into the trap of payday loans. So we provide blog posts, articles and other informative information on responsible financial management. We also offer incentives to help LoanNow borrowers establish and maintain on-time repayment records.  Borrowers who handle their loans responsibly receive higher LoanNow scores that qualify them for lower interest rates for future loans.

Efficient processing, fast funding and realistic repayment schedules – LoanNow incorporates all the best elements of other lenders and leaves out the high interest and short repayment terms. If that sounds like the right combination for you, why not submit your application right now.


Check Your Rate

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.

LoanNow Score

* 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.