Helping Good People Get Better Loans

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LoanNow: Providing Good People with Better Loans

When you’re dealing with a financial emergency, naturally your attention is focused on obtaining the cash you need – NOW.  But when you have bad credit, dealing with financial emergencies frequently becomes an exercise in frustration. Obtaining an approval for a bank loans is almost never an option. Your friends or family members may not be able or willing to help. Many desperate borrowers seeking a money lender for bad credit resort to dealing with undesirable options that can cause long term financial hardship. But for many savvy borrowers, LoanNow represents a better choice for obtaining the money they need

bad credit personal loansBanks Rely Heavily on FICO Scores for Lending Decisions

Counting on a bank as a money lender for bad credit is nearly always wishful thinking. Banks frequently rely heavily on FICO scores and credit reports in making lending decisions. Borrowers with marginal credit may be able to qualify for bank loans — but only if they provide collateral or a credit worthy co-signer. Borrowers with bad credit usually have no such options unless they are long term customers of the bank. Even then, they must usually present compelling explanations for their credit problems, such as serious health problems or job loss, along with evidence that their financial situation has stabilized before banks will consider approving their loan applications.

Pawn Shops Provide Cash on the Spot – but with a Catch

Many desperate borrowers have turned to a pawn shop as a money lender for bad credit. Pawn shops don’t run credit checks and provide cash loans on the spot with no questions asked, provided that you have property to offer as collateral.  Gold and diamond jewelry and high end electronics are particularly prized. On the other hand, your Beanie Baby collection probably won’t generate much interest from a pawn shop proprietor.

But pawn shops are not usually a viable source for large loans. That’s because Pawn shop loans typically cover only about 25 to 30 percent of the actual value of the property you surrender.  Pawn shop loans must also be paid in full with interest within 30 to 60 days or you can kiss your possessions goodbye.

Payday Loans and Rollovers Spell Long Term Debt

Many desperate borrowers believe that a subprime lender such as a payday lender is their only option for a money lender for bad credit. Like pawn shops, subprime lenders do not run conventional credit checks, so your FICO score is of little or no importance. If you have a steady job and an active bank account, you can often count on a subprime lender as a money lender for bad credit, good credit or no credit at all.

However, payday loans are aptly named, because they are usually due, in full, along with hefty interest charges on the date you receive your next paycheck. The average repayment period for these loans is about 14 days, but some subprime loans have repayment periods as short as 10 days. The initial convenience of these quick loans is more than outweighed by the long term financial burden that often results.

Many subprime loans combine a trio of features that create a perfect storm to trap borrowers in long term debt: high interest rates, short repayment periods and a requirement for payment in full in a single lump sum into a perfect storm of ongoing debt for borrowers. But many borrowers find that they are unable to repay their loans for the same reason they needed the loans in the first place – they’re dealing with financial hardship.

Unable to make their original lump sum payments, borrowers are drawn into a cycle of partial payments and rollovers. Rinse and repeat just a few cycles of rollovers and borrowers often find that they owe more than their original loans, despite having consistently made payments. Given such a scenario, it’s easy to understand how borrowers can be caught in an endless cycle of debt.

LoanNow is a Better Loan Alternativefinance a vacation

At LoanNow, we believe there’s a better way. At LoanNow we understand that borrowers seeking money loans with bad credit have enough hardship. Instead of chasing a money lender for bad credit, why not check us out? You may find that your credit isn’t as bad as you think. We look beyond FICO scores and credit reports to consider your entire financial profile. We’ve approved many applicants who were turned down by banks.

LoanNow never requires collateral or lump sum repayment. Instead, our loans are structured with manageable monthly installments that work with your budget.  LoanNow also says no to the financial trap of rollovers. Instead, we work with borrowers who are struggling to get them back on track – and required borrowers who maintain current payment records with lower interest on future LoanNow loans.

Whether your car needs a new transmission or your cell phone service is due to be suspended for nonpayment – LoanNow can help. LoanNow is a win-win alternative for savvy borrowers. Give LoanNow a try today!

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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

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    Harry, The Team

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

    Jesse, The Team

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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.