Online Personal Loans No Credit Check
The Internet has impacted nearly every aspect of 21st century American life. It should come as no surprise that financial transactions have been impacted as well. But applying for personal loans online is somewhat 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. With LoanNow, you can plug into the technological advantages of the Internet to make a real improvement in your financial affairs.
Submitting Loan Applications Online
Back in the day, loan applications were strictly paper. 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 – payday lenders in particular, may demand faxed documents. The online application process, along with being undoubtedly more convenient, is also arguably more environmentally friendly.
Receiving Your Money Online
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
With today’s personal loans online repayment is also the norm, with many lenders making 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, either electronically or with paper checks. Payday lenders are especially likely to use automated ACH repayments to obtain repayments for their loans. However, automatic ACH repayments for payday loans are problematic because of their high interest rates and short repayment periods.
How LoanNow Uses Technology
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†. Eligible approved applicants can receive loan funds within minutes*, thanks to our innovative Instant Funding‡ technology. Why not experience the convenience of LoanNow for yourself!
