Looking For The Best Payday Loans Online? Stop.
If you are facing a financial emergency but you have damaged credit, your options for borrowing are limited. Many banks and credit unions won’t lend to you unless you can present collateral, a credit-worthy cosigner, or both. But pawnshops and payday loan stores carry the risk of running into someone you know. To avoid such embarrassment, you may seek payday loans online. But LoanNow provides the convenience and privacy of payday loans online without the risk of falling into the payday loan trap.
How Payday Loans Online Work:
Besides allowing you to avoid the embarrassment of running into a friend or co-worker at a payday loan store or pawn shop, applying for payday loans online can be done on your schedule, including weekends or holidays. There’s no running across town or worrying that you won’t make it before closing time. Once you’re approved your loan funds are usually deposited to your bank account through the Automated Clearing House system overnight or the next business day.
But the advantages associated with payday loans online are overshadowed by the disadvantages shared by all payday loans: sky high interest rates coupled with short repayment periods. Payday loans get their name from the fact that the typical repayment date is matched to your next pay date. That means that you could be expected to repay the loan in full in one or two weeks.
If that sounds like an impossible situation, that’s because for many borrowers, it is. According to the Consumer Finance Protection Bureau, four out of every five payday loans are rolled over at least once. And a report from the Pew Charitable Trust states that the average payday loan borrower takes 8 loans annually and remains in debt for five months out of the year. Each new loan includes a fresh set of fees and interest charges. After only a few rollovers, even a relatively modest loan of a few hundred dollars can become a major four-figure burden.
The LoanNow Difference:
Rather than apply for payday loans online, try LoanNow. Our online-only **application is requires no additional documentation and no faxing, and nearly everyone receives a response within 24 hours. † Once you’re approved, you receive your money quickly, too. If your bank participates in our innovative Instant Funding‡ system, you could receive your money within minutes.*
But unlike payday loans, our repayment plans feature manageable monthly installments, not payment in one lump sum on your next payday. And we say no to collateral and rollovers. Instead, we provide assistance to borrowers who fall behind to help them get back on track. And borrowers who maintain consistent on-time payments are rewarded with lower interest rates on future loans. The convenience of payday loans online and the manageability of bank loans. That’s the LoanNow difference!