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If you’re like many people, experiencing more month than money is a regular occurrence. Experiencing cash flow problems can be frustrating. You know you have money coming; you just don’t have the cash you need now.

Or maybe you’ve been hit by huge unexpected expenses, like having your car break down or a tree smash into the roof of your house during a severe storm. If you don’t have a reserve fund, you may be stressing about how to cope.

Short term loans could provide a solution to your cash flow problem – or they could transform a temporary shortfall to a long term financial headache. Short term loans from pawn shops, credit card advances and payday loan stores all carry significant risks. Some short term loans can be very hazardous to your financial health. Before you resort to putting your possessions on the block or getting trapped into the cycle of payday loan debt, consider a better option – LoanNow.

installment loansCredit Card Cash Advances – Fast Cash, with a Catch

Many people don’t view credit card cash advances as short term loans, but they are. In fact, credit card cash advances can be an extremely expensive form of credit. With a credit card cash advance, you are borrowing against your assigned credit limit. Credit card companies recognize this fact and impose interest charges on cash advances immediately — no grace periods. And the interest rates charged for cash advances are higher than those for regular credit transactions.

Pawn Shops Require Collateral for their Short Term Loans

You might not think of what pawn shops offer as fast short term loans, but they represent a classic example of a secured loan. You present items of value and obtain cash on the spot in exchange for temporarily relinquishing possession to the pawn shop proprietors. The jewelry, electronic gadgets or other property you surrender in exchange for the cash you receive represent a guarantee for the pawn shop against default. Once you pay off the loan – plus interest – you can retrieve your property. But if you don’t pay by the deadline – usually within 30 or 60 days, you lose possession of your property for good.

Some Short Term Loans Are Actually Long Term Traps

At first glance, payday loans represent an ideal source for fast short term loans. Whether you apply online or at a loan store, you submit an application and generally receive a response within minutes or hours. If you have a job or another regular source of income and a checking account, you’re almost automatically approved. You receive your money immediately from a brick-and-mortar loan store, or by direct deposit into your account on the next business day if you borrow from an online lender.

With both types of payday loans, your repayment terms are tied to your paycheck, with payment in full expected on your very next payday, which could be as short as a week or 10 days later. If that sounds like it would be impossible for many borrowers to manage, that’s because it is.  In fact, according to the Consumer Finance Protection Board, 4 out of 5 payday loans are renewed at least once.

Borrowers who can’t repay their short term loans in full are subjected to rollovers, which are essentially entirely new loans with a whole new set of interest charges and fees. Each rollover results in a new loan with a fresh set of fees and interest charges applied. After just a few rollovers a modest loan of a few hundred dollars can quickly mushroom into a four-figure obligation many times greater than the amount of the original loan. Many borrowers eventually pay several times the amount of their original loans before they finally get out of debt.

LoanNow Combines Speed with Manageable Repaymentsfinance a vacation

If you’re desperate, you may believe you have nowhere to turn. But for many borrowers, LoanNow represents a better alternative. At LoanNow, we believe that short term loans should not result in long term financial burdens. We understand that when you’re faced with a financial emergency, waiting weeks for a response isn’t an option. We process nearly all applications within 24 hours.  Through our superior risk-based underwriting system, we evaluate your entire financial profile, not just your FICO score. We say yes when many banks say no – while still maintaining lower default rates than payday loan stores and without requiring collateral.

Approved borrowers receive their funds by convenient direct deposit into their bank accounts as soon as the next business day. But LoanNow loans carry repayment periods with monthly installment payments – not payments every week. And we say no to rollovers and renewals. We work with borrowers who are struggling to get them back on track. Borrowers who maintain consistent on-time repayment records are rewarded with better terms for future LoanNow loans. With LoanNow, you can get the money you need with a manageable repayment schedule – a real win-win! Why not give LoanNow a try today!

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Why LoanNow

  • 5-Minute Application

    All it takes is a few minutes. We’re fast, easy and headache-free.

  • Fast & Easy Approval

    Get your quick loan approval online. Money in minutes. †

  • Deposit to Your Account

    Funds are deposited fast into your bank account! ‡

How It Works

  • Apply Now

    Complete our easy online application. It takes 5 minutes and there is no paperwork and no faxing required.

  • Get Approved

    You will get a quick loan approval decision. We are a direct lender so there is no long wait for an answer.

  • Get Your Money

    We deposit your money right into your bank account. Your installment loan payments come from the same account - automatic, no hassles.

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

  • "Our loans reward you for good behavior instead of trapping you in an endless spiral of interest & penalties."

    Harry, The Team

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

    Jesse, The Team

Grow Your Score

Our personal loans reward you for good behavior instead of trapping you in an endless spiral of interest & penalties. Together, we grow your LoanNow score to unlock better rates.

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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.