Get the Right Loan Length
Many loans available to borrowers with less than perfect credit repayment in a single lump sum. At LoanNow, we approach loans differently. We understand that loan length can be critical in affecting your ability to repay what you owe. That’s why we structure our loans to work with your budget – not put you in a bind.
Pawn shops have long served as the lender of last resort for borrowers who could not qualify for bank loans. However, pawn shop loans require borrowers to present valuable property as collateral for their loans. Borrowers generally receive about 25 to 30 percent of the actual value of the property they surrender. Repayment for pawn shop loans is expected in full, generally within 30 to 60 days, although the actual loan length varies with individual pawn shops. Borrowers who fail to repay their pawn shop loans forfeit their property for good. No bueno!
Whether you borrow from a payday loan store or an online payday lender, the general procedure for borrowing a payday loan is the same: submit your job and bank information and wait for a response. For borrowers with steady jobs and active bank accounts, in the vast majority of cases, the answer is yes. But the initial relief of obtaining much needed cash is quickly extinguished when borrowers realize that they must repay their loans in a lumps sum, along with how short the loan length is for their loans. Typical loan length for payday loans is about 2 weeks, although some payday loans have repayment periods as short as 10 days.
Such short repayment periods, coupled with high interest rates, make it difficult, if not impossible for many borrowers to repay their loans in full. This triggers a cycle of partial payments and rollovers that traps many borrowers in a cycle of debt that persists for months, and sometimes for years. Who has time for that?
LoanNow doesn’t expect borrowers to put their personal possessions on the line. We never require collateral as a condition for our loans. We also don’t expect lump sum repayments. Instead, our loan length is influenced by the amount that you borrow, and repayments are structured in manageable monthly installments that work with your budget. If you are having trouble maintaining your payments, we work with you to get you back on track – without resorting to rollovers. At LoanNow, our mission is to provide the money you need now while empowering you to improve your financial future. Why not check out the LoanNow difference for yourself!