Get the Right Personal Loan Amount
If you have less than perfect credit and you’re desperate for cash, you may be relieved to be approved for nearly any loan amount. But borrowing too little money can sometimes make your financial situation worse in the long run. When you’re approved by LoanNow, the loan amount you receive will be sufficient to enable you to deal with whatever financial situations prompted you to borrow in the first place – and we’ll structure your repayments to work with your budget.
Many borrowers with blemished credit gather up whatever possessions they have of any value and make the trip across town to a pawn shop. Pawn shops don’t care about your credit because they don’t do credit checks. The possessions you offer as collateral serve as your credit. However, the loan amount for pawn shop loans is typically limited to about 25 to 30 percent of the value of the possessions surrendered by borrowers. Borrowers are expected to repay their loans, in full, with interest, within 30 to 60 days. Otherwise, they risk forfeiting their property permanently.
Small Dollar, High Interest Loans
Unlike pawn shops, payday lenders typically do not require collateral from borrowers. As many payday loan ads state, your paycheck is your credit. While many borrowers with less than perfect credit initially view payday loans as financial lifelines, the small dollar loan amount typically offered by a payday lender is often insufficient to make a real difference in the borrowers’ financial circumstances. A loan of 200 dollars may cover a single cell phone bill or a week’s worth of groceries for a family, but many payday loan borrowers seek out two, three or even more payday loans to deal with financial emergencies – or just to cover day –to –day expenses.
Even worse, many payday loans that start out as a modest loan amount quickly mushroom into a severe financial obligation because of their short repayment periods. Borrowers are frequently caught in a relentless cycle of partial payments and rollovers that keep them in debt for months, if not years before they finally pay off their loans.
At LoanNow, our online application system generates responses in minutes or hours. We never require collateral, and we consider your entire financial profile, not just your FICO score. We often say yes when banks say no. Approved borrowers receive a loan amount sufficient to make a real dent in their financial obligations as a convenient electronic deposit into their bank accounts. LoanNow repayments are structured in manageable monthly installments – not lump sums and NO rollovers. Many savvy borrowers have made LoanNow their go-to source for loans – why not you?