Instant Loan Approval

When you’re facing a financial emergency, you don’t want to wait weeks for a decision for a bank loan application.  You might not expect instant loan approval, but if your utilities are due to be shut off tomorrow, you need money immediately. In such circumstances, you might get a credit card advance or resort to dealing with a pawn shop. If you’re really desperate, you might turn to a payday loan. But LoanNow could provide the money you need without the drawbacks of payday loans.

Credit Cards 

You might not think of credit card advances as loans, but that’s what they are. If your credit limit is high enough and you haven’t maxed out your account, you could obtain instant loan approval in the form of an ATM withdrawal. Credit card companies place a premium on convenience, in the form of higher APRs for cash advances, and no grace period – interest charges begin to accrue as soon as you have the money in your hand. 

Pawn Shops 

Pawn shops also provide instant loans with no questions asked, provided you have merchandise that they consider valuable. However, pawn shops only advance a fraction of the value of your possessions. You also have only a short window, usually 30 to 60 days, to repay the loan – with a healthy dose of interest applied. Otherwise, you forfeit your possessions permanently. 

Payday Lenders 

Nearly every city has some form of payday loan store within its borders. Such establishments may be called check cashing stores or even currency exchanges, although both names are somewhat misleading. Whatever the label, payday loan stores operate pretty much the same way: you present your paperwork, including proof of income and one or more post-dated checks payable to the payday lender. You receive instant loan approval for a loan somewhat smaller than the amount of your post-dated check(s). The payday lender collects payment by depositing your check(s) on the specified date, which is usually on or immediately after your next pay period. If your checks bounce, or if you stop payment, you’re faced with charges from your bank and the payday loan store – along with still owing your original loan.

Online payday lenders often allow you to complete the application process online, with nearly instant loan approval. Funds are deposited into your bank account through the Automated Clearing House (ACH) system. On your due date, the payday lender initiates an ACH withdrawal.  If the first attempt is unsuccessful, the lender may make several attempts, with each failed withdrawal generating stiff fees from the lender and your bank.  Unlike checks, it’s nearly impossible to stop payment on an ACH withdrawal.

The LoanNow Difference

LoanNow doesn’t require you to choose between waiting weeks for a bank decision or resorting to desperate measures like putting your possessions in hock.  Thanks to our technology driven model, we can provide nearly instant loan approval – without drawing you into the payday loan trap. You get the money you need with repayment terms you can live with. That’s the LoanNow difference!