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Emergency Loans

Financial emergencies can wreak havoc on a budget.  That’s why many financial experts advise individuals and households to establish emergency funds. But that’s easier said than done – and for many people, saving money is nearly impossible. So when unexpected expenses arise, many people are forced to seek emergency loans. But all loans are not created equal. Emergency loans from LoanNow help you deal with unexpected expenses without the ugly surprises often lurking behind payday loans.

emergency-loansThe Payday Loan Trap

At first glance, payday loans seem convenient, and a logical choice for emergency loans.  If you visit a payday loan store, you can walk in with your paperwork and walk out with cash in your pocket, all in the space of an hour or less.  If you apply for payday loans online, you can complete your application in the privacy of your own home. You don’t have to worry about getting to a payday loan store before closing time or running into someone you know. Your money appears in your bank account the next business day.

But payday loans are accurately named. The repayment periods are structured to coincide with your next upcoming pay period.  If you’re paid every week, your loan could be due in full just a few days after you get your money. Of course, many people seek emergency loans precisely because they don’t have extra cash on hand, which makes it unlikely that they’ll be able to repay a payday loan in full.

That’s where rollovers come in. As a substitute for payment in full, payday lenders accept partial payment from borrowers and roll over the remaining amount into a new loan – with its own set of interest charges and administrative fees – and a due date that coincides with borrowers’ NEXT pay date. It’s easy to see how such an arrangement can cause a modest loan of a few hundred dollars to balloon into a four-figure obligation. That’s precisely what happens with many payday loans – and borrowers spend months and sometimes years before their loans are finally paid off.

The LoanNow Alternative

With LoanNow, we process loans just as fast as payday lenders. But our emergency loans don’t generate even bigger emergencies down the line.  Unlike payday lenders, our repayment periods are structured with manageable monthly installments. We also say no to rollovers that can jack up the amount that you owe.  With LoanNow, you can meet whatever financial challenges life throws your way, without falling into the payday loan trap. Let us show you that the LoanNow alternative is the right choice for you!

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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.