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Money Lending

As part of our mission as an online provider of personal loans, LoanNow seeks to empower prospective borrowers to enhance their long term financial futures, in addition to supplying much needed cash now.  The brief glossary of money lending terms below should shed light on loans, how they work – and why LoanNow is better.

Money LenderAutomated Clearing House

When you initiate online bill payments or cash transfers, they are often processed through the Automated Clearing House (ACH) system.  Many times paper checks are converted to electronic transactions through the ACS system which largely eliminates the “float” that many people counted on to prevent overdrafts. Online money lending companies like LoanNow also process loan disbursements and payment collections through the ACH system, avoiding the delay and possible misdirection of paper checks.


When money lending companies have doubts about prospective borrowers but agree to extend credit anyway, those borrowers may be required to provide collateral as a guarantee against default, or failure to repay their loans. Banks and credit unions often require collateral for borrowers with questionable credit; LoanNow never does.

Credit Check

Money lending companies like banks routinely conduct credit checks on prospective borrowers through one or more of the main three credit reporting bureaus: Equifax, Experian and TransUnion. Their lending decisions are largely based on FICO scores generated from information contained in those credit reports. By contrast, LoanNow looks beyond your FICO score and credit report to consider your entire financial profile. That’s how we are able to approve many borrowers turned down by banks while keeping default rates low.

Direct Lender

Many borrowers seek online money lending companies for the convenience and privacy of applying at home, on their own schedules. But many so-called online lenders are not really lenders at all.  Instead, they collect information for third parties, often selling your personal and financial data to the highest bidder. LoanNow is a direct lender. We process our own loans, and we don’t share borrower information with third parties.


Many short term money lending companies require borrowers to repay their loans in a single lump sum. When combined with short repayment periods, such loans are often difficult to repay in a timely fashion.  Many short term lenders respond by imposing partial payments and rollovers – essentially refinanced loans, on borrowers. Because of rollovers, many borrowers remain in debt for months, if not years, and eventually repay many times their original loans before they are finally paid off.  LoanNow does not require borrowers to make lump sum payments – and we never do rollovers. That’s just one reason why LoanNow is the smart choice for personal loans!

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Why LoanNow

  • 5-Minute Application

    All it takes is a few minutes. We’re fast, easy and headache-free.

  • Fast & Easy Approval

    Get your quick loan approval online. Money in minutes. †

  • Deposit to Your Account

    Funds are deposited fast into your bank account! ‡

How It Works

  • Apply Now

    Complete our easy online application. It takes 5 minutes and there is no paperwork and no faxing required.

  • Get Approved

    You will get a quick loan approval decision. We are a direct lender so there is no long wait for an answer.

  • Get Your Money

    We deposit your money right into your bank account. Your installment loan payments come from the same account - automatic, no hassles.

What We're About

  • "We believe we can change the world by helping people with less than great credit get back on track."

    Miron, The Team

  • "Our loans reward you for good behavior instead of trapping you in an endless spiral of interest & penalties."

    Harry, The Team

  • "Our mission is to build the fastest & easiest way to get a loan."

    Jesse, The Team

Grow Your Score

Our personal loans reward you for good behavior instead of trapping you in an endless spiral of interest & penalties. Together, we grow your LoanNow score to unlock better rates.

LoanNow Score

* 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.