It’s Time To Discover LoanNow’s Personal Loans
In your search for resources to deal with a financial emergency, you may discover personal loans from sources you might not have considered previously. Depending on how desperate you are for cash, you may turn to pawn shops, peer-to-peer lenders, payday lenders or auto title lenders – as well as banks or finance companies. Perhaps you should expand your search further – and consider a loan from LoanNow.
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 Personal Loan Sites Set Minimum FICO Scores
In seeking alternate sources of credit, some people discover personal loans offered by peer-to-peer lenders like Lending Club or Prosper. The lending model is unique – much like crowdfunding, 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.
Personal Loans For People With Less Than Great Credit
Potential borrowers with bad credit quickly discover personal loans from banks or credit unions are probably not an option. Instead, they seek credit from less desirable sources such as pawn shops and payday lenders. Neither option is ideal.
Pawn shops issue cash on the spot with no questions asked, provided that you can provide merchandise of value to serve as collateral. But pawn shops only lend 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.
If possible, payday lenders are even worse than pawn shops. They don’t run conventional credit checks and don’t require collateral. They also process applications quickly and issue loans quickly as well. So far, so good. But payday lenders charge outrageously high interest rates coupled with unrealistically short repayment periods. That’s a recipe for mushrooming debt that can persist for months, if not years.
LoanNow Personal Loans – We Help Good People Get Better Loans
Many borrowers discover personal loans from LoanNow combine many of the desirable features of bank loans and payday loans, without their drawbacks. 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†. If you’re approved, you may receive your loan within minutes*, thanks to our innovative Instant Funding‡ system. Our repayment periods are structured like those for bank loans, with manageable monthly installments. And we say no to rollovers that can escalate what you owe. Why not check out the LoanNow difference for yourself!