LoanNow: a Better Source for Online Personal Loans
Thanks to the Internet, your options for online personal loans have expanded to include choices such as peer-to-peer loans that didn’t exist just a few years ago. Other options, such as bank loans have adapted to technological advances. With LoanNow, you can plug into the technological advantages of the Internet to make a real improvement in your financial affairs.
Back in the day, loan applications were strictly paper. But applying for personal loans online is different from applying for loans in person or by phone. Some differences appear minor on the surface, but can have a significant impact on your overall lending experience. Today, applying for personal loans online often involves uploading documents from your computer to the (hopefully secure) platform of your chosen lender, although some lenders may demand faxed documents. The online application process, along with being undoubtedly more convenient, is also arguably more environmentally friendly.
Online Bank Loans Are Convenient, But Not Fast
Online personal loans from banks often require borrowers to specify how they intend to spend the money. There may even be separate applications for different loans, for example, a holiday loan to provide funds for spending during the festive season or home improvement loans for upgrades to a kitchen or bathroom. Online personal loans from banks may also have different interest rates for different loans, although this is not always the case. Online personal loans from banks are often more convenient for applicants and lenders alike, because paperwork is sharply reduced or eliminated. The processing time for online personal loans from banks may also be somewhat reduced, but borrowers still often wait weeks for lending decisions.
Peer to Peer Loans Require Extensive Personal Information
Peer-to-peer lending relies on online personal loans to support their business model. Borrowers create online profiles that potential lenders examine – choosing the profiles that appeal to them most. Through the Internet, peer-to-peer lending can match borrowers and lenders who live vast distances away from each other and who will never meet. Some borrowers attract multiple lenders who offer to fund more than they request to borrow. But many borrowers are unsuccessful in attracting lenders, receiving only partial funding for their requests or nothing at all. Peer-to-peer lending also requires a tremendous level of personal and financial exposure for borrowers, which understandably makes many people uncomfortable, especially in light of recent high profile cases of data breaches and compromised financial accounts.
Some Online “Lenders” Don’t Actually Provide Loans
The process of Obtaining Online personal loans from some online vendors can be downright elusive. That’s because many so-called payday lenders are actually aggregators. They only collect information that they distribute to third parties – that may or may not actually be lenders. Borrowers who unwittingly submit their information to online aggregators often find their email in-boxes flooded with unsolicited loan “offers” from lenders they may not even recognize. Some unfortunate borrowers may find that their financial information has been compromised or unauthorized transactions made through their bank accounts.
Even obtaining online personal loans from direct lenders can be problematic. Such lenders are often based out of state or within Native American enclaves; others are based overseas. Contacting lenders under such circumstances can be difficult or even impossible. If there are problems with your loan, online lenders could also be immune to local or even federal government jurisdiction.
Receiving Your Money Online
Receiving your cash from an online lender works pretty much the same way regardless of where you choose to borrow. While you may opt to receive a paper check, with most personal loans online direct deposit into your bank account through the Automated Clearing House (ACH) system is more common. This deposit method is advantageous for several reasons. First, the risk of lost checks in the mail is minimized. Second, your money is available for you to access faster, since you no longer have to wait for your check to clear. Third, record keeping is easier. You don’t have to remember to enter the deposit onto a check register – the bank’s algorithm does the work for you. What could be better?
The Online Loan Repayment Process Is Frequently Automatic
With today’s personal loans online repayment is also the norm. Many lenders make automatic ACH withdrawals from borrowers’ bank account on specified dates. Other lenders skip automatic payments and allow borrowers to schedule payments online or to make manual payments, electronically or with paper checks.
LoanNow takes advantage of technology to provide personal loans online. We know it’s hard to wait weeks for a bank decision on loan applications. That’s why our online-only** system processes nearly all applications within 24 hours†.
We also won’t require you to expose your life story to a semi-public audience. And even if your credit isn’t perfect, you may still be approved. We look beyond your FICO score to make our lending decisions.
And you certainly won’t have to guess whether you’re dealing with a legitimate lender. LoanNow is based in California, and our responsive customer service reps are readily available by phone or email. And with our A+ rating with the Better Business Bureau, you can borrow with confidence. We provide online personal loans with the convenience you want and the privacy and service you deserve. Check out the LoanNow difference today!