LoanNow: Your Source for Quick Money
You need money and you need it now. There is no way you could qualify for a bank loan, even if you could afford to wait for the bank to process your application. So where would you turn for a quick cash loan?
Many people drain their credit cards for a quick loan. Our loved ones and others who care about us are often more than willing to grant us small loans or even large loans with few strings attached. But other means of borrowing quick money are far from innocuous.
For too many people, quick money loans would come from predatory lenders. Many so-called subprime lenders take advantage of the fact that many borrowers are not only desperate for cash, but have few resources for obtaining the cash they need.
Before you make a potentially devastating financial mistake, why not check out LoanNow. LoanNow is a different kind of quick loans lender. We offer more than a quick cash loan. We provide the means for borrowers to improve their financial circumstances, one loan at a time.
There is a long history of teenagers earning quick money from babysitting, lawn work and running errands. In recent decades, many adults have become par of the sharing economy, signing up for services like Lyft or AirBnB as side hustles or even as their main avenues for making a living. Any stigma associated with such short term, quick money jobs disappeared with the ongoing financial crisis.
It’s also possible to earn quick money from sales. Online services such as eBay, Etsy and Craigslist make it possible to sell the fruits of your labor or get rid of unwanted household items. Some enterprising entrepreneurs even open online storefronts as a means of supplementing their income or as their primary sources of income.
Whether you opt to earn quick money from sales or from work, you have the advantage of not incurring debt. On the other hand, you may generate state and federal income tax liability that could make a significant dent in what you earn. You also have to figure in the amount of time and effort necessary to either sell goods and services or take on extra work, especially if you already have a primary job.
Bank Loans Can Involve Lengthy Waits
If earning quick money is not an option, the only other legal means is to borrow it. In most cases, banks and credit unions offer loans with the lowest interest rates and APRs. That’s largely because banks and credit unions usually have very strict lending standards. Loans with the best rates are reserved for borrowers with spotless credit reports and FICO scores well above 700.
But loans from banks and credit unions also carry a significant drawback for many customers regardless of credit score: the application process is painfully slow. Even if you have a FICO score of 800, getting a quick cash loan from a bank is highly unlikely. It’s not uncommon to wait weeks to receive a decision on a bank loan application.
Credit Card Cash Advances Are Quick – but Ultimately Costly
If you have sufficient credit available on your credit card account, you can get a quick loan through a cash advance. But you’ll pay a price for the convenience. Unlike purchase transactions, cash advances do not have a grace period. And the APR for cash advances is typically much higher than that for purchases. And because credit cards are a form of revolving credit, you could be paying for that cash advance months and even years later.
Many borrowers seeking a quick cash loan also have low FICO scores along with limited incomes and few material resources. They often need money to cover urgent financial situations or essential everyday expenses. Unscrupulous lenders step in to fill the void – but at a price. The quick cash loans they provide are weighed down with outrageously high interest rates and repayment periods that are often impossible to meet. As a result, borrowers often find themselves trapped in a seemingly endless cycle of debt.
Pawn Shops Put Your Possessions in Jeopardy
Getting a quick loan from a pawn shop is easy – as long as you have merchandise that the pawn shop dealer will accept as collateral. Your barely-used iPad – no problem. Diamond and gold jewelry – absolutely. Your 15-year old laptop still running Windows XP? Not so much.
Borrowing quick money from a pawn shop can also be embarrassing. Few people want to be seen taking their personal property into such an establishment. But the potential of losing your possessions for good is far worse than the embarrassment factor – and a very real threat. Pawn shops typically allow only about 30 to 60 days for their loans – plus hefty interest charges – to be repaid in full. If you fail to make the deadline, you can kiss your iGadget or your gold and diamond jewelry goodbye.
Car Title Loans Can Leave You without Your Wheels
You may have seen TV commercials with smiling actors declaring that they were able to get their “titles back” and wondered what they were referring to. Basically, a quick loan from a car title lender demands borrowers’ car titles as indirectcollateral. If the loan is repaid in full (including hefty interest charges) by the deadline – no problem, their car titles are returned. If not, the lender has the right to seize their cars. Many car title loan borrowers have lost vehicles worth thousands for failure to repay loans that initially totaled only a few hundred dollars.
Some Quick Loans Are Actually Financial Traps
If borrowing quick money from a pawn shop is hazardous, taking a payday loan is worse. There is no subtle way to state it: a quick loan from payday lenders are little more than a fast track to financial hardship. Whether you borrow from a loan store or turn to an online lender, the essential elements of payday loans are the same: extremely high interest and unrealistically short repayment periods. For borrowers who cannot repay their loans in full in such a short time, rollovers represent a trap that can perpetuate debt for months, if not years.
At LoanNow, we understand that life happens, and that a quick cash loan is sometimes necessary to deal with unforeseen situations. We don’t make borrowers wait weeks for decisions on their applications. In fact, most applications receive a response within 24 hours†. Approved borrowers can expect to receive their money the next business day.
We also don’t take advantage of desperate borrowers. We don’t demand lump sum repayments. Instead, our installment loans have manageable monthly payments – just like bank loans. We also never require collateral. A quick loan from LoanNow doesn’t involve turning over your car title or pledging your next paycheck.
We also work with borrowers to improve their financial circumstances. Borrowers who fall behind receive guidance to get them back on track. And Borrowers who maintain consistent on-time payments are rewarded with lower interest rates on future LoanNow Loans. Our mission is to provide the money you need, when you need it, with repayment terms you can live with. If that’s the kind of loan you’re looking for, why not contact LoanNow today?