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Personal Loans From Private Lenders

On one level, private lender personal loans between friends or family members represent the best possible scenario. Both parties know one another, and the lender is motivated to help the borrower.  There are seldom any credit checks, and repayment terms are flexible. Nonetheless, there are hazards involved, especially when the loan is for a large amount of money.  In such cases, borrowers would be wise to reconsider private lender personal loans – and consider LoanNow.

private money loansFriendship Bonds and Family Ties

Many private lender personal loans are strictly informal.  There are no contracts and no formal negotiation.  One friend provides another wit h cash or a check with the understanding that the borrower will repay the funds when he or she is able.  If the loan is small and repaid quickly, such arrangements work well.  However, other loans are for larger amounts of money informal arrangements can quickly backfire, sometimes straining once-close relationships beyond the breaking point.

Put It in Writing

While it may seem awkward, private lender personal loans for large amounts of money should be negotiated, and both parities should receive a copy of the agreement. There’s no need to draft a lengthy document on parchment stuffed with legalese.  A promissory note signed by the borrower or a document outlining the amount of the loan and the terms for repayment, signed by both parties will suffice. Payments made should be noted by a receipt, an email message or some form of confirmation.

Asking for an agreement isn’t a sign of mistrust.  Rather, a signed promissory note or agreement protects both borrower and lender in case of an unforeseen circumstance. With an agreement in hand, there is a reduced chance of a misunderstanding about what is owed and what has been paid.

LoanNow: a Better Alternative

While private lender personal loans are fine for many purposes, they aren’t always the best answer. In some cases, friends and family members are not financially able to provide the amount of money a borrower needs.  In such cases, LoanNow may be the best option.  We look beyond your FICO score to consider your entire financial profile, so we may be able to approve you even if your credit isn’t perfect.  As a direct lender, we don’t share your information with third parties.  And we never demand collateral or impose hidden fees. In fact, borrowers who maintain good repayment records are eligible for reduced interest rates on future LoanNow loans. Why not check out the LoanNow alternative for yourself!

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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.

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More Resources on Private Lender Personal Loans

* 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.

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