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Instant Installment Loans – Fast Approval, Easy Application!

Instant coffee, instant oatmeal – it seems everything is super fast these days. You can even find instant potential romantic partners through speed dating. But many so-called instant installment loans are actually payday loans in disguise.  If you take one, more likely than not you’ll find yourself in instant financial hot water.

First of all, hardly any payday installment loans qualify as true installment loans. They may call themselves payday installment loans, but that doesn’t make them so. But the good news is that you don’t have to settle for a payday loan to get the money you need quickly. LoanNow offers truly fast and easy installment loans, with repayment terms designed to help you improve your financial circumstances, not place you further into debt like payday loans frequently do.

instant installment loansThe High Price of Payday Loans

Although payday loans are a bad deal overall, they do have two major advantages: it’s easy to qualify and borrowers get their money quickly. Many people who face financial emergencies also have few assets and poor credit. This combines to produce a triple whammy that makes qualifying for bank loans difficult.  Even when borrowers can qualify for bank loans, the application process can take weeks. That’s too long for people facing the prospect of having their utilities shut off.

Payday companies don’t provide credit for altruistic reasons. Their installment instant loans come at a high price.   Payday installment loans carry extremely high interest rates. And the repayment periods are often only minimally longer than those for regular payday loans, with installment payments scheduled every week or two weeks, not every month like payday loans from a bank or credit union. Payday lenders justify their exorbitant interest rates, high fees and other unsavory lending practices by stating that they face high default rates, which is true.

Payday lenders target so-called sub prime market borrowers who often struggle to meet day-to-day obligations. They make money from the fact that repaying a loan carrying triple-digit interest is more than many borrowers can manage.  By encouraging borrowers to renew their loans, payday lenders are able to add more interest and more fees, eventually collecting many times more than they originally lent.

What Real Installment Loans Look Like

Investopedia defines installment loans as “repaid by the borrower in regular installments . . . that include interest and a portion of principal.”  Each payment reduces the amount that is owed, until the final installment pays off the loan in full. Installment loans are often used to cover big-ticket purchases like houses and cars that most people cannot afford to pay for upfront.

Many people turn to banks or finance companies for installment loans.  But banks can hardly be said to offer fast installment loans. In fact, the application process for bank loans can be lengthy and tedious.  Borrowers must pass a credit check that includes verification of income, assets and debts.  Gaining approval can take weeks. While that’s not usually a problem for buying a house, borrowers facing emergencies such as serious medical problems may find it impossible to wait that long.

What’s the Difference with a Payday Installment Loans?

Many payday loan companies advertise that they offer fast installment loans that are geared toward borrowers with urgent financial needs. Payday installment loans are fast, and qualifying for a payday installment loan is easier than qualifying for a bank loan. But payday installment loans also carry a high price because they generally have standard high interest rates that are not based off your credit risk.

What if You Need Money Fast?

But if you’re facing a financial emergency, you may not have the luxury of waiting weeks for a bank to make up its mind. And you might now have valuable possessions to offer as collateral at a pawn shop. So what are your options? Fortunately, LoanNow provides instant installment loans with repayment rates won’t put you in hot water.

How LoanNow Instant Installment Loans Are DifferentInstant Installment Loans

LoanNow installment loans feature the speed of payday loans plus manageable monthly installment payments like bank loans. We offer truly fast installment loans. How fast? Our superior online-only ** risk-based underwriting process allows us to review nearly all applications within 24 hours. If you’re approved on a weekday before 4 p.m. Pacific time, you could receive your money the same day. In fact, if your bank participates in our innovative Instant Funding technology, your money could be available on your debit card within five minutes!*

Our repayment terms feature monthly payments, just like bank loans. And if you fall behind on your repayment, we work with you to get you back on track. If you maintain a consistent record of on-time payments, we reward you with a higher LoanNow score that allows you to qualify for better repayment terms – including lower interest rates on future loans.

If you’ve had credit problems in the past, you may still be approved. That’s because we consider your entire financial profile, not just your FICO score. And once you’re approved, we provide financial education and incentives to help you maintain on-time repayments that raise your LoanNow score and can eventually help improve your entire financial profile.  Let LoanNow help you get started on a better financial future!

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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.