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Security Deposit Loan from LoanNow: Faster, Easier, Better!

After weeks of searching, you’ve found the ideal apartment. You passed the credit check and the landlord is ready to offer you a lease.  Then a monkey wrench gets thrown into the works. In addition to paying first month’s rent in advance, the landlord also demands a security deposit of an equal amount.  There’s no way you can come up with that kind of money immediately, but if you don’t, you could lose the apartment. Don’t panic. A security deposit loan from LoanNow may be just the solution you’re seeking.

security-deposit-loanThe Purpose of Security Deposits

When you rent an apartment, you’re essentially contracting for temporary occupancy of a residential space.  Once you move out, landlords must often repaint walls or correct other aspects of normal wear and tear. However, sometimes tenants inflict serious damage on their units. That’s where security deposits come in. Security deposits protect landlords from being stuck with the expense of broken windows, torn carpet or other unusual damage tenants sometimes leave behind.

In most cases, tenants receive their security deposits back after the landlord determines that no major damage has been done to the unit. In some jurisdictions, tenants also receive interest along with their security deposits. Nonetheless, the requirement to pay security deposits in advance obliges many tenants to seek a security deposit loan so that they can actually move in to their apartments.

The LoanNow Solutions

If you’re passed a landlord’s credit check, your FICO score is probably decent. As a result, obtaining a security deposit loan from a bank probably won’t be a problem. However, bank loan applications often require weeks to process, which could be a problem if you’re hoping to move in your new apartment right away.

Some desperate would-be tenants turn to quick money lenders for a security deposit loan. But the convenience associated with such lenders is overshadowed by sky-high interest rates and unrealistically short repayment periods.  That’s not a solution; it’s a trap. You can do better.

With LoanNow, you won’t wait weeks for a decision.  Our online-only** application process allows you to submit your information in the privacy of your own home, on your own schedule, and receive a response within 24 hours.  And our loans feature manageable repayment terms measured in months, just like banks. We’re the better than a bank solution. With a security deposit loan from LoanNow, you could be moving into your dream apartment before you know it!

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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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* 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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