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Installment Loan Lenders

Investopedia defines installment loans as loans that are “repaid by the borrower in regular installments . . . that include interest and a portion of principal.”   By this definition, payday lenders that label themselves as installment loan lenders are being less than forthcoming. LoanNow offers real installment loans – why not experience the LoanNow difference for yourself?

How Installment Loan Lenders Work

Installment loan lenders generally provide two types of loans: secured or unsecured. Secured loans are backed by collateral, while unsecured loans are backed only by the promise of the borrower to repay the loan. Unsecured loans are often called signature loans, because parties are bound by their signatures on the contract.

Because they are secured by collateral, secured loans are often within reach of borrowers with fair or average credit.  Examples of secured loans include mortgages and car loans, which are secured by the items being financed.  Other installment loans are secured by collateral that is owned free and clear by the borrower, including precious stones, museum-quality artwork and cars or property that are unencumbered by loans.  Secured loans can also be backed by financial instruments such as certificates of deposit or bank account balances.

loansHow Payday Lenders Work

Installment loan lenders that provide unsecured loans often require borrowers to have excellent credit or a creditworthy co-signer to be approved.  Payday lenders are a prominent exception. Their lending decisions are often based largely – if not solely – on the ability of would-be borrowers to demonstrate a reliable form of income. Payday lenders counter their lax underwriting standards by charging prohibitively high interest rates.

Besides their lax underwriting standards, the factor many payday loans have in their favor is fast processing. Installment loan lenders like banks often force borrowers to wait weeks for lending decisions. Payday loans are processed within hours and often funded overnight.

But Combined with the unrealistically short repayment periods for payday loans – including many payday installment loans – the terms for payday loans are downright predatory. Desperate borrowers – many of whom have few or no other options for obtaining credit, are often trapped in a cycle of partial payments and rollovers that force them to pay many times more than they originally borrowed before they can close their payday loan accounts.

LoanNow – the Best of Both Options

LoanNow understands that when you’re faced with a financial emergency, waiting weeks for a lending decision just won’t cut it.  We process applications just as fast as payday lenders. If you’re approved, you receive your money just as quickly as with a payday loan. But LoanNow is not a payday lender. Our loans carry manageable repayment periods that are comparable to those for bank loans. And we say no to rollovers that can escalate the amount that you owe.

Why not experience the convenience and manageability of a LoanNow loan 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.