When a financial emergency arises, instant loans may seem like a lifeline. But borrowing from the wrong sources can leave you in a worse financial situation. With LoanNow, you can obtain the money you need, when you need it, without the risks associated with other types of instant loans.
In one respect, instant loans from friends and family represent the ideal, especially if your needs are modest. There are usually few or no questions asked, and few demands such as collateral. In many cases, you’re not even required to pay interest. But instant loans from friends and family also carry risks. One of the most significant risks is associated with being unable to repay the loan. Friendships and family ties can be strained, frayed or even destroyed.
Instant Loans from Pawn Shops
Pawn shops were established to provide instant loans with no questions asked. For desperate borrowers, pawn shops represent one of the few resources available. But instant loans from pawn shops come with a catch – you must surrender your personal property on the spot as collateral. Additionally, pawn shop loans only cover a fraction of the value of the items that you surrender. Finally, if you repay the loan, with interest, within a specified period – often 30 to 60 days – you forfeit your property permanently.
Instant Loans from Payday Lenders
On the surface, instant loans from payday lenders can be appealing to borrowers who cannot borrow from friends and family and who do not own valuable property. Unlike pawn shops, payday lenders don’t require collateral. Unlike banks, payday lenders are often willing to overlook bad credit.
But payday loans are actually a trap. The combination of sky-high interest rates and unrealistically short repayment periods means that many borrowers cannot repay their loans on time. That triggers a cycle of partial payments, rollovers and additional interest charges and administrative fees that can result in borrowers owing more than the original amount of their loans – despite making regular payments for months or years!
The LoanNow Difference
With LoanNow, you won’t wait weeks for a decision. We also look past your FICO score to consider your whole financial profile – we approve many borrowers that banks turn down. We never require collateral and we say no to rollovers. We’re the better than a bank alternative – providing the money you need with terms you can live with