Long Term Installment Loans Online From LoanNow – Easier, Faster, and Better
Back in the day, the only way to obtain installment loans was by sitting down with a bank or finance company loan officer, submitting your paperwork and waiting for a lending decision. Now it’s possible to obtain long term installment loans online – from banks, lending vendors, peer-to-peer lenders and other nonbank sources. But for many borrowers, the right choice for long term installment loans online is LoanNow.
Online Bank Loans
Many banks allow their customers to initiate or complete the application process for long term installment loans online. Online bank loan applications may also be processed somewhat faster than applications submitted in person. But the lending standards for such loans are often just as strict as for conventional bank loans. Borrowers with good credit receive the best interest rates and repayment terms, while borrowers with marginal credit may be required to provide collateral or a credit-worthy co-signer.
Online Lending Vendors
Nonbank lending vendors often advertise that borrowers can receive competing offers for long term installment loans online. This is possible because lending vendors supply copies of borrowers’’ applications to a select group of lenders who have the option of making an offer (or not). Borrowers with excellent credit often receive several loan offers with excellent interest rates. But loan offers are not guaranteed, and prospective borrowers with marginal credit may receive only a single offer or none at all.
Peer to peer lenders provide long term installment loans online through the crowd funding model. Prospective borrowers must pass an initial credit screening; borrowers with FICO scores below the mid-600 range are automatically declined. Borrowers who pass the initial screening must create detailed profiles containing personal as well as financial information, and then post their profiles online through the peer-to-peer platform. Prospective lenders have the option of funding all, part or none of any particular borrowers’’ requests. Borrowers do not receive any money unless and until their profiles are fully funded – a process which can be lengthy.
The LoanNow Advantage
LoanNow provides long term installment loans online without the wait, and without the need to share your information with third parties. We look beyond your FICO score to consider your whole financial profile, and we often say yes when banks say no. For many borrowers, LoanNow represents the ideal option: online convenience, speedy processing and manageable monthly installment repayment plans. Check us out today!