Helping Good People Get Better Loans

Check Your Rate

LoanNow: the Best Bad Credit Personal Loans!

The search for personal loans for bad credit can be frustrating. Banks are unlikely to extend credit unless you can provide a creditworthy co-signer or collateral. Even if you manage to present a satisfactory financial profile, you’ll probably have to wait weeks for a decision.

If you’re dealing with a financial emergency, your search may lead you to sources you never considered before, including peer-to-peer lenders, pawn shops, payday lenders or auto title lenders.  Perhaps you should expand your search further – and consider a loan from LoanNow.

Bad Credit Makes It Hard to Get a Personal Loan

When most people consider personal loans, they think of loans from a bank or credit union. During the application process, however, many people discover personal loans from banks or credit unions have two significant drawbacks: they are difficult to obtain and have very slow processing times.  Borrowers with marginal credit often cannot qualify without providing collateral or a credit-worthy co-signer. Even credit-worthy borrowers may become frustrated by being forced to wait weeks for lending decisions.

Peer-to-peer lenders like Prosper and Lending Club represent an alternative to bank loans. The lending model is borrows from crowd funding, except borrowers are expected to repay their loans.  Peer-to-peer lenders also usually set minimum FICO scores in the mid-600 range, which disqualifies many borrowers. Other borrowers feel squeamish about the level of personal detail demanded from profiles that borrowers are obliged to post on peer-to-peer lending platforms. Finally, the process can be painfully slow.

Bad Credit Personal LoansBad Credit Personal Loans Are Usually Bad Loans

Pawn shops do not provide personal loans for bad credit in the strictest sense of the term. They just don’t check your credit at all. If you have goods that pawn shop proprietors consider valuable, the issue cash on the spot – no questions asked.

The major drawback associated with pawn shops is that you risk losing your property if you do not repay the loan – plus fees and interest, by the deadline, usually 30 or 60 days later. Also, pawn shops are selective about what they accept as collateral. Diamond and gold jewelry and high tech electronics are usually eagerly accepted. But your old mobile flip phone or a cubic zirconium tennis bracelet won’t cut it.

Pawn shops also lend only a fraction of the actual item of your property. If you fail to repay the loan within the deadline, usually 30 to 60 days, you forfeit your property. Not good.

An auto title loan is a slightly different type of secured bad credit personal loan, because you don’t have to actually give up your car. Instead, you hand over your car title as collateral. Once you repay the loan, you can retrieve your car title. But if you default, you risk losing your vehicle.

If possible, payday lenders are even worse than pawn shops.  How? Unlike pawn shops, payday lenders don’t require collateral, and unlike banks, there are no conventional credit checks. Instead, true to their name, payday lenders extend credit based on whether you have a steady source of income. “Your job is your credit,” just like the ads say.

But payday loans often lure desperate borrowers to fall into an escalating cycle of debt. Because repayment periods are pegged to your next paycheck, you could be expected to repay your loan, in full, in as little as a week or 10 days. Add sky-high interest rates and fees to the mix, and it’s unlikely that you’ll be able to pay what you owe. That’s when the renewals start – essentially new loans to pay off the original loans – with a fresh set of fees and interest charges added. After a few rollovers, many borrowers find themselves owing much more than their original loans, despite making regular payments.  This vicious cycle can continue for months, even years.

LoanNow Bad Credit Personal Loan

Building Credit

Borrowers with bad credit can turn to personal loans instead of credit cards or payday loans. Often times, the personal loan allows for a more manageable stream of payments, and sometimes a lower overall interest rate. The other major benefit of a personal installment loan is that the lender may report the borrower’s payment history to credit reporting agencies. This may help the borrower build a better credit rating when payments are made on time. Loan shoppers should confirm a lender reports to credit bureaus in order to ensure they enjoy this benefit.

LoanNow Is the Better Personal Loan Alternative

Quick Cash

For many people, LoanNow represents the best possible option for personal loans. Unlike banks, we don’t make you wait weeks for a response to your application. We recognize that when you’re dealing with a financial emergency, you can’t always wait weeks for a decision. So we process nearly all applications within 24 hours. Our superior risk-based underwriting service allows us to say yes to many borrowers turned down by banks while minimizing our default rates.  LoanNow never demands your car title or any other collateral as a condition for obtaining a loan.

We Specialize In Working With Non-Prime Borrowers

At LoanNow, we believe you’re more than a credit score. We consider your entire financial profile, which allows us to say yes when banks often say no.  Our superior risk-based underwriting process results in lower default rates and by operating strictly online, we bypass the hefty overhead costs of maintaining brick-and-mortar stores.

We Report To Credit Reporting Agencies

At LoanNow we do have established relationships with credit reporting agencies. Customers may improve their credit scores when they responsibly pay back their loan and positive repayment behavior is reported to the credit bureaus. Credit is not built or rebuilt overnight, and improving a poor credit score can take months or years. But at LoanNow, your on-time payments will be reported to our major credit bureau partners, which may improve your credit score.

Manageable Payments

A personal loan has equal monthly payments and a definite end date to your repayment schedule. The structured nature of personal loan payments can better assist the borrower to develop a budget and stick to it! Our repayment periods are in line with those for banks, not payday loans. And we don’t trap borrowers with rollovers or renewals. At LoanNow, you get the money you need, when you need it, without risking your property or putting your long term financial well being at risk. Why not give us a try today!

Check Your Rate

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.

LoanNow Score

* 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.

LoanNow Trustpilot Rating: 9.3 out of 10 based on 570 reviews as of March 2016. SuperMoney Rating: 9.5 out of 10 based on 55 reviews.