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Instant Unsecured Loans for Bad Credit

If you have bad credit, attempting to borrow can be an exercise in frustration. You have no credit cards, banks won’t even consider your applications, and you have little or nothing of value to take to a pawn shop. Under such circumstances, payday lenders advertising instant unsecured loans for bad credit seem like a lifeline.  But what you may be getting yourself into is a pit of financial quicksand that could require months or even years before you are able to free yourself.

financingHow Payday Lenders Extend Credit 

If you’ve never applied for a payday loan, you may wonder how payday lenders can provide instant unsecured loans for bad credit. The fact is that many payday lenders don’t run credit checks with the three primary credit reporting agencies: Experian, TransUnion and Equifax. Their main concern and basis for extending credit is whether borrowers have a paycheck or other steady form of income.  Many payday lenders overtly assure borrowers that “your job is your credit.”

The True Price of Payday Loans

Payday lenders capitalize on desperate borrowers seeking unsecured instant loans for bad credit by charging sky-high interest rates and imposing unrealistically short repayment periods. Many borrowers are understandably unable to repay their payday loans in full, which sets off a cycle of rollovers that often result in borrowers paying many times more than the original amount of their loans before they can finally close the door on their payday loans. Meanwhile, many borrowers are forced to deal with bounced checks, overdraft fees from their banks and collection calls. In the worst cases, borrowers are forced to close their bank accounts and even declare bankruptcy to escape the grasp of payday lenders.

Avoiding the Payday Loan Trap 

There is no doubt that facing a financial emergency can be frightening.  If you’ve been turned down by other lenders, the promise of instant unsecured loans for bad credit can be tempting.  But there may be other choices available.  Many hospitals offer charity care for patients who can’t afford to pay. Utility companies are frequently willing to negotiate payment plans.

If you actually must borrow, LoanNow may be able to provide the cash you need. We look beyond your FICO score to consider your entire financial situation – we say yes when many banks say no. And you’re approved; we work with you to help you qualify for better lending terms for future LoanNow loans.  Why not give us a try today?

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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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