Long Term Installment Loans from LoanNow: Easier, Faster, and Better
If you’re like a lot of people, you take loans all the time without thinking much about it. Your BFF spots you 20 bucks for gas or you dip into the overdraft on your checking account to cover your cell phone bill. Those are loans, even if you don’t realize it. After all, you do have to pay them back, right?
On the other hand, unless you buy a house or a car or make some other major purchase, you may never take an installment loan in your entire life. But if you’re considering purchasing a big-ticket item or spending big bucks on a special vacation or tying the knot, long term investment loans may be worth considering as a means to obtain the cash you need.
Back in the day, the only way to obtain long term installment loans was by sitting down with a bank or finance company loan officer to discuss your reason for borrowing, submitting your financial paperwork and waiting for a lending decision. And waiting. And waiting.
Now it’s possible to obtain long term installment loans online by submitting your applications from the privacy of your own home, on your own schedule. You have a variety of sources to choose from, including banks, lending vendors, peer-to-peer lenders and other non-bank sources. However, for many borrowers, the right choice for long term installment loans online is LoanNow.
Many Banks Now Offer Long Term Installment Loans Online
Long term installment loans are among the most common services offered by banks. A major advantage for bank loans is that they usually carry the lowest interest rates and APRs available, which is especially advantageous when you’re borrowing large sums. Many banks also allow their customers to initiate or complete the application process for long term installment loans online. Besides being more convenient than driving across town to the bank, online bank loan applications may also be processed somewhat faster than applications submitted in person
But qualifying for bank loans through online applications can be difficult. The lending standards for such loans are often just as strict as for conventional bank loans Prospective borrowers are usually required to have good or excellent credit along with a solid portfolio of assets. Borrowers who don’t quite make the grade are often required to provide collateral or a creditworthy cosigner to qualify. Applicants with poor credit are often declined outright.
Online Lending Vendors Work with Select Lenders
Online loan brokers are a relatively new player in the financial field. Nonbank lending vendors often advertise that borrowers can receive competing offers for long term installment loans online. And in some cases, the competition is literal. That’s because online loan brokers don’t actually provide loans. Instead, they act as intermediaries between borrowers and lenders.
Once you submit your application to the online loan broker, it’s distributed to a select group of lenders. These lenders have the option of making loan offers (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. The lending process can also be lengthy, which can be problematic if you’re dealing with a financial emergency.
Peer-to-Peer Lenders Combine Loans with Crowd Funding
Peer-to-peer lenders combine online lending with the crowd funding model to offer both short term and long term installment loans. However, Prospective borrowers must pass a preliminary credit screening before they’re even allowed to submit a formal application. Applicants with FICO scores below the mid-600 range are almost always disqualified immediately.
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 are often members of the public who sign up with the peer-to-peer website, although lenders may also be screened.
Lenders have the option of funding some, all or none of any particular borrower’s request. Borrowers do not receive their money unless and their requests are fully funded. The process can be lengthy, and there’s no guarantee that requests will be funded at all.
LoanNow Combines Convenience, Speed and Privacy
LoanNow provides long term installment loans with the privacy and convenience of an all-online** application, and without the wait associated with other lenders. As a direct lender, LoanNow handles every loan in-house. We don’t share your personal information with third parties.
And you won’t be left in suspense wondering about the status of your loan. Nearly all applications receive a response within minutes†. Less than perfect credit isn’t necessarily a deal breaker, either. We look beyond your FICO score to consider your overall financial circumstances. We often say yes when banks say no.
LoanNow helps good people to get the cash they need now and empower themselves to improve their financial future. For many borrowers, LoanNow represents the ideal option: online convenience, speedy processing and manageable monthly installment repayment plans. Check us out today!