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LoanNow: Cash When You Need It

Whether you’re dreaming of an exotic vacation or want to splash out on a high end gourmet kitchen, a line of credit represents an attractive financial resource. But most lenders limit lines of credit to borrowers with substantial assets and high FICO scores. Prospective borrowers seeking a bad credit personal line of credit are often confronted with frustration and ultimate disappointment.  Others find themselves trapped in a cycle featuring the worst aspects of a line of credit with none of the advantages.

For individuals and households seeking a bad credit line of credit, the options are limited. In some instances a home equity line of credit, or HELOC, may be available.  Some desperate borrowers turn to less desirable sources of credit, such as a payday loan. Ironically, while a payday loan is technically not a line of credit, in reality; many payday loans carry all the obligations of a line of credit and few of the advantages. LoanNow does not offer a bad credit line of credit.  But for borrowers with less than perfect credit, we often represent the best option for obtaining the cash they need.

Bad Credit Line of CreditHow Credit Cards Work

A line of credit bears many similarities to a credit card account. As a revolving form of credit, a credit card provides a finite credit limit that is diminished by purchases, cash advances, interest charges and administrative fees.  However, payments made by cardholders replenish the credit limit. For cardholders who pay off their balances in full every month, a credit card represents an interest-free reservoir of funds.

However, while credit cards for bad credit are available, obtaining a bad credit personal line of credit can be quite difficult. One reason is that lines of credit are typically larger than credit card credit limits and carry lower interest rates than credit card interest rates. This is especially true for credit cards for bad credit, which often feature high interest rates and very low credit limits.

How a Line of Credit Works

A line of credit is a reserve fund made available to borrowers to draw from. In most cases, no payments are due unless and until borrowers make an initial withdrawal from the line of credit. Like nearly all forms a credit, a line of credit represents a form of trust placed in a borrower’s ability to repay a financial obligation.

When viewed in this light, it’s easy to understand why borrowers would have difficulty obtaining a bad credit line of credit. Indeed, most banks and lending institutions require borrowers to have excellent credit to qualify for a line of credit. However, some financial institutions, often community banks or credit unions, are somewhat more flexible with borrowers who have maintained a long-standing financial relationship.

Home Equity Line of Credit 

One possible option for obtaining a bad credit line of credit is a Home Equity Line of Credit, or HELOC.  Like a regular mortgage, a HELOC is secured against default by the home itself. Borrowers who fail to repay a HELOC can lose their homes to foreclosure. Nonetheless, nearly all HELOCs are limited to a portion of the available equity. Therefore, homeowners must have built substantial equity in their homes to qualify for nearly all HELOCs, regardless of their credit profiles.

Trapped by Revolving Debt

Many desperate borrowers seeking a bad credit personal line of credit turn to payday loans, only to find themselves trapped by revolving debt. In many ways, payday loans feature all the undesirable features of revolving debt and none of the advantages. That’s because payday loans feature a fixed amount of credit – but with extremely high interest rates and unrealistically short repayment periods.

Borrowers who are unable to repay their loans in full find themselves obliged to make partial payments and accept rollovers for the remaining balance – loan renewals with even more interest and administrative fees added. After just a few cycles, many borrowers find that they owe more than their original loans, despite having made regular payments! Escaping this cycle of debt often requires months, if not years. 

LoanNow Bad Credit Line of CreditThe LoanNow Alternative 

While LoanNow does not offer a bad credit line of credit – or any type of line of credit, we do allow borrowers to obtain the funding they need with a convenient online based installment loan.  For many borrowers who are frustrated by attempting to qualify for a bad credit line of credit, LoanNow is the financial lifeline they’ve been seeking!

We look beyond borrowers’ FICO scores to consider their overall credit profiles — and we accept many applicants that banks turn down. Our repayment plans feature manageable monthly installments that work within a budget. Borrowers who maintain a good repayment record have the opportunity to borrow future LoanNow loans at reduced interest rates. Why not check us out today!

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More Resources on Bad Credit Line of Credit

* 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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