LoanNow: Better, Faster, Cash Loans
If you’re buying a home, or even a car, waiting weeks for a bank loan isn’t a deal breaker. But if you have hail damage to the roof of your house or your car’s transmission needs to be replaced, you may not have the luxury of time. And if you have marginal credit and nothing of value to offer as collateral, you may think that a quick payday loan is your only option for getting cash even if you could afford to wait for a bank decision on your loan application.
If you work full-time or if you live in a small town, you may be unable or unwilling to go to a payday loan store or a pawn shop to obtain the money you need. Quick loans online could be a financial lifeline, but whether you borrow from a payday loan store or a payday loan website, payday loans are actually financial traps. LoanNow provides a better alternative: a real installment loan with the manageable monthly payments of a bank loan, but without the wait.
Payday loans have three major factors in their favor: they’re fast, they don’t require collateral and payday lenders usually don’t require conventional credit checks. But whether you visit a local payday loan store or apply through an online payday lender, quick payday loans are hazardous to your long-term financial health.
The basics of a quick payday loan are similar regardless of whether you visit a local payday loan store or if you obtain a loan through an online lender. If you go to a payday loan store, you provide the lender with one or more post-dated checks that will be deposited on the specified repayment date. For online payday lenders, repayments are made through pre-authorized withdrawals from the Automated Clearing House system.
Payday Loans Trap Many Borrowers Into Long-Term Debt
On the surface, payday quick loans can seem like a financial lifeline. But the superficial convenience of payday loans conceals their real trap. To compensate for their lax underwriting standards, payday lenders charge extremely high interest rates coupled with unrealistically short repayment period that is coordinated with your next pay date. If you’re paid weekly your loan could be due in full within a week or 10 days.
However, four out of five payday loan borrowers must renew their loans at least once, according to the Consumer Financial Protection Bureau. Each rollover generates an entirely new set of interest charges and administrative fees. After just a few rollovers, payday loan borrowers often owe more than the amount of their original loans, despite maintaining regular payments!
Payday Loan Stores Provide Local Quick Loans
Local payday loan stores often disguise their true functions behind names like “check cashing service” or “currency exchange”. But regardless of what they call themselves, payday loan stores function essentially the same way. Quick payday loans from payday loan stores involve small amounts of money, often less than 1,000 dollars, high interest rates and demand for repayment in full within a few weeks. Repayment often takes the form of post dated checks that borrowers have made payable to the payday loan store. Checks that are returned without payment generate non-sufficient funds fees from the borrowers’ banks in addition to late payment charges from the payday lender.
Online Payday Lenders Can Be Difficult to Contact
As of March 2015, Arizona, Arkansas, Connecticut, the District of Columbia, Georgia, Maryland, Massachusetts, Montana, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Vermont, and West Virginia either prohibit short term loans with interest rates higher than 36 percent or outlaw payday loans altogether. Residents in these states cannot obtain loans from payday loan stores – there are none. But Residents of these states can still obtain quick payday loans from online payday lenders.
Loans from online payday lenders work much the same way as loans from payday loan stores, with two important distinctions. First, many online payday lenders are not really lenders at all, but rather aggregators that collect borrowers’ information to distribute to third parties. Second, online payday lenders distribute loans and collect payment through the Automated Clearing House system rather than with paper checks. Third, many online payday lenders are based within Native American enclaves or even overseas. Such online payday lenders can be difficult, if not impossible to contact if you have questions or problems. You may also run the risk of being victimized by identity theft or payday loan scams.
You can apply for a quick online loan from LoanNow from the comfort and privacy of your own home. There is no risk of running into a neighbor or work colleague on your way to or from a payday loan store or a pawn shop. You also don’t have to worry about taking time off from work or rushing across town to apply for a loan during business hours.
You can apply for your LoanNow loan on your own schedule. Our online-only application process is available 24/7 – and most applications receive a response within 24 hours. Less than perfect credit isn’t a deal breaker, either. Unlike banks, we check out your entire financial profile, looking beyond your FICO score. We say yes in many cases when banks say no. LoanNow also never requires collateral – not even the title for your car.
If you run into complications with the website or have questions about your application, our responsive customer service team is available by email and phone to help you navigate the process. Once you’re approved, you receive your money quickly as a deposit directly into your checking account. It’s just that simple.
LoanNow doesn’t offer quick payday loans, because we are not a payday lender. Instead, we provide real installment loans with monthly payments that work with your budget, just like a bank. If you run into difficulties during the repayment period, we work with you to get you back on track – without costly rollovers. And we reward customers who maintain a good on-time payment record with better lending terms for future LoanNow loans. Isn’t it time you discovered the LoanNow advantage for yourself?