Long Term Installment Loans from LoanNow!
When most people think of long-term installment loans, they don’t usually consider payday loans. But they should – four out of every five payday loans are renewed or rolled over, according to information provided by the Consumer Financial Protection Board. The average payday lender takes out 8 payday loans over the course of a year, with each loan repayment period set at 19 days. That translates to a period of indebtedness of five months. By the time many borrowers finally pay off their payday loans, they have paid many times over the amount they originally borrowed. LoanNow offers real long-term installment loans with the speed and convenience of payday loans!
How Payday Loans Work:
Payday loans are a type of signature loan, in other words, loans that do not require collateral. The signature of the borrower constitutes a promise to pay. Payday loans get their name from the fact that most payday lenders gauge the approval and repayment for their loans to the paychecks or other regular payments received by their borrowers. Typically, borrowers agree to repay the money they borrow when they receive their next paycheck or other payment. In reality, borrowers wind up repaying many times over the original amount of their loans in what essentially become long-term installment loans. In fact, many payday lenders actually count on borrowers being unable to repay their loans in full. With each rollover, payday lenders essentially create new loans, adding fees and interest to the new principal to create an even larger balance. That’s why payday lenders often impose hefty penalties on borrowers who pay their loans off early.
How LoanNow Installment Loans Is Different:
Investopedia defines installment loans as being “repaid by the borrower in regular installments . . . that include interest and a portion of principal.” That’s what banks, finance companies – and LoanNow offer to borrowers. Unlike payday loans that transform themselves into long-term installment loans that become bigger over time, payments made to loans issued by LoanNow actually reduce the amount owed. Borrowers who make consistent on-time payments will pay off their loans in full by the end of the repayment period, which is stated in advance. And unlike payday loan companies, LoanNow never imposes early repayment penalties on borrowers. In fact, borrowers who demonstrate financial responsibility are rewarded by improved LoanNow scores which entitle them to lower interest rates on future LoanNow loans. If you’re looking for the affordability of long-term installment loans with the speed and convenience of payday loans, you need look no further than LoanNow. Our online-only application requires no documentation and no faxing for most borrowers. ** And if you complete your application and are approved by 4 p.m. Pacific Standard Time Monday through Friday, you could receive your money in minutes*, thanks to our innovative Instant Funding ‡ technology. Why not submit your application right now?
