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Installment Loans in California From LoanNow

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If you’re faced with a budget shortfall, but you have marginal credit, your options are fairly narrow: pawn shops, payday loans and installment loans. Without valuable property to offer as collateral, you’re left only with payday loans and installment loans. Deciding which option is better depends on several factors, including the laws in your state.

Payday loans and installment loans in California are governed by the California Department of Business Oversight.  The laws that govern payday loans and installment loans in California make installment loans more attractive in many instances. Installment loans in California are even more attractive when they are administered by LoanNow. Check out LoanNow for yourself!

California Lending Laws

California does not allow rollovers for payday loans, which is a definite advantage. But California also limits payday loans to a maximum of 300 dollars. If you’re just covering your cell phone bill, 300 dollars will probably suffice. On the other hand, 300 dollars will probably not be enough to cover your rent or mortgage payment, let alone replace the transmission in your car. Installment loans in California are not subject to such small dollar amounts, which makes them more appropriate for covering large expenditures.

Other Considerations

Because of laws outlawing rollovers, installment loans in California do not have that particular advantage over payday loans.   If you wish to borrow a small amount and you are confident that you can repay the loan in full and on time, it may appear that you would be better off taking a payday loan. In the short term, some payday loans are cheaper than some installment loans, simply because you are only making one payment instead of several.

Nonetheless, for all but the very smallest amounts, installment loans are usually a better deal than payday loans, because installment loans carry smaller interest rates and APRs. Installment loan payments are also more manageable than payday loan payment. Most moderate income households are more likely to be able to set aside 50 or 100 dollars each month than to be able to pay 500 dollars in a single lump sum.

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Unique Considerations with LoanNow

Along with our loans we recognize that many people get into financial trouble because they lack basic financial knowledge. So we provide helpful articles and blog posts that help our customers and the general public alike understand how money works. Our customers can also improve their overall financial profiles. Maintaining on-time payments translates into higher LoanNow scores, which qualify borrowers for lower interest rates on future loans. When you add it all up, among installment loans in California, LoanNow is one of the best!

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Why LoanNow

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  • Deposit to Your Account

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How It Works

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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

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    Jesse, The Team

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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.

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