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LoanNow: Your Source for Money to Lend

If you’re facing a financial shortfall, you have several potential sources for a money loan. At least if you have good or excellent credit. You could go all-in with peer-to-peer loans or stick to the tried and true route of applying for a traditional bank loan.  But if you’re dealing with a financial emergency or your credit is less than perfect, you may discover that LoanNow provides the ideal option for money to lend.

CASH ADVANCEBanks are a Traditional Source of Money to Lend

Banks are the most traditional sources of money to loan. Because of their low interest rates and manageable monthly installment repayment plans, Banks represent an attractive source for money to lend when you’re buying a house or car. But borrowers must have good credit to qualify for the best rates.  Applicants with blemishes on their credit records must often provide collateral or a credit worthy co-signer to be approved for a money loan from a bank. Applicants with poor credit often don’t stand a chance.  And the wait for bank loan application processing can be excruciating even for applicants with sterling credit profiles.

Peer-to-Peer Lenders Represent an Unconventional Source of Money to Loan

Peer-to-peer lenders provide money to loan by adapting the crowd funding model to an online money lending platform.  Prospective borrowers with credit scores below the mid-600s are almost always turned down during the initial screening process. Potential borrowers who pass the credit screening must submit extensive profiles that include personal information as well as financial data, and post the profiles on a semi-public forum within the lending website.

Individuals with money to lend can choose to fund some, all or none of a potential borrower’s money loan request.  Borrowers don’t receive any money unless and until their requests are fully funded. If you’re squeamish about posting detailed personal data online, or need money quickly, the peer-to-peer model may not be for you.

Online Loan Brokers Can Generate Multiple Money Loan Offers

Online loan brokers provide a gateway between prospective borrowers seeking a money loan and a specified set of lenders with money to lend. Applicants enjoy the convenience of submitting their information online, in the privacy of their own homes and on their own schedules. Repayment plans are structured much like bank loans with monthly installments.

Prospective borrowers submit information to the broker, which distributes the information to its lenders. Lenders have the option of extending a money loan offer – or not. Borrowers with excellent credit often receive multiple money lending offers from online loan brokers, but borrowers with marginal credit often receive only one offer; some receive no offers at all.

Hard Money Lending Companies Set Tough Terms for Borrowers

Hard money lenders are among the most demanding sources of money to loan. You must own real estate with substantial equity for a hard money lending operation to be a potential source of money to lend.  However, most hard money lenders also require good or excellent credit from potential borrowers. Also, a hard money loan typically totals only about 70 percent of the property’s After Repaired Value (APR). For a home with an APR of 200,000 dollars, the maximum hard money loan would be about 140,000 dollars.

Short Term Loans often Generate Long Term Debt

For borrowers with poor credit, a money loan from banks, peer-to-peer lenders or online brokers is an unrealistic prospect. Many borrowers resort to short term loans from subprime money lending operations such as pawn shops or payday lenders. Such loans are often the only source of credit available, but they come at a high price.

Pawn shops provide money to lend – but demand collateral in the form of personal property. Payday lenders also provide money to loan – but require borrowers to pledge a significant portion of their upcoming paychecks to repay their loans, which nearly always require payment in full. Both types of loans carry high interest rates combined with short repayment periods, which makes it difficult for borrowers to repay their obligations in a timely manner.

LoanNow Is a Better Money Loan Choice

in addition to supplying much needed money to loan now, LoanNow has made it part of our mission to empower prospective borrowers to enhance their long term financial futures, The brief glossary of money lending terms below should shed light how a money loan works, and why LoanNow is a better source of money to lend.

The Automated Clearing House System Speeds the Money Lending Process

Savvy borrowers facing urgent financial circumstances often turn to LoanNow for a fast money loan. Our online application allows you to apply from the privacy of your home, on your own time, and receive a response within minutes or hours, not weeks. If you’re approved, funds are deposited to your bank account as soon as the following business day†, thanks to processing through the    Automated Clearing House (ACH) system.  By utilizing the ACH system, LoanNow avoids the delay and possible misdirection of paper checks.

Loan Now Never Demands Collateral

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.

LoanNow’s Proprietary Credit Check System Qualifies Many Borrowers Banks Turn Down

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.

As a Direct Lender, LoanNow Does Not Share Your Information

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.

LoanNow Says NO to Rolloverssame day loans

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. Instead, repayment plans are structured with manageable monthly installments that actually reduce the amount you owe.  LoanNow is the smart choice for personal loans – check us out today!

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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.

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* 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.

LoanNow Trustpilot Rating: 9.3 out of 10 based on 570 reviews as of March 2016. SuperMoney Rating: 9.5 out of 10 based on 55 reviews.