About Company
LoanNow operates as a direct lender providing installment loans, offering an alternative approach to loan evaluation compared to traditional lenders. Their methodology includes assessing various financial indicators beyond just credit scores, aiming to provide loan solutions that reflect a borrower’s overall financial situation. In addition to personalized loan evaluations, LoanNow has a system for borrowers to potentially decrease their loan costs by meeting certain goals during the loan period. They provide online tools and resources and emphasize clarity in their loan agreements.
Key Features
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Individualized Loan Assessments. Focuses on LoanNow’s comprehensive evaluation of financial factors, including credit and employment history, to customize loans.
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Inclusive Credit Consideration. Highlights LoanNow’s approach to providing loan opportunities to individuals with a variety of credit histories, not solely based on traditional credit scores.
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Loan Cost Reduction System. Describes a unique feature where borrowers can lower their loan costs by meeting certain goals during the loan term.
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Online Support and Resources. Emphasizes LoanNow’s provision of online tools and resources to assist borrowers throughout their loan process.
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Transparent Loan Terms. Points out LoanNow’s commitment to clear and straightforward loan terms, ensuring borrowers are well-informed.
Pros and Cons
Pros
Cons
Reliability
LoanNow operates as a licensed entity in multiple states, ensuring compliance with state regulations and certifications, which you can see on the Licenses, Rates & Notices page. This indicates their legitimacy and authorization to operate as a lender. They offer tailored loan services based on individual financial profiles, reflecting a borrower-focused strategy. As a direct lender, LoanNow enhances transactional transparency and cost-effective loan solutions. Overall, LoanNow's adherence to state-specific regulations, certifications, personalized lending, and direct lender status underscores its operational reliability for borrowers to consider.
How to apply for a LoanNow loan?
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Online Application. Applicants are required to complete an online form. This process is designed to be quick, taking approximately 5 minutes, and does not require paper documentation or faxing.
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Approval Decision. LoanNow, as a direct lender, provides a decision on the loan application. The timeframe for this decision is relatively short.
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Fund Disbursement. Once approved, the loan amount is directly deposited into the applicant’s bank account. The same account is used for automated loan repayments
Conditions and Requirements
Conditions
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Geographical Availability. LoanNow's loan offerings are restricted to specific states in compliance with state regulations. Borrowers should confirm their eligibility based on their state of residence.
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Loan Agreement Details. Loan agreements provided by LoanNow encompass comprehensive terms, including the Annual Percentage Rate (APR), associated fees, and repayment schedules. All financial obligations are transparently disclosed upfront.
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Credit Check. LoanNow may conduct credit checks during the loan application process. Borrowers should be aware that their credit history may impact eligibility and loan terms.
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Repayment Responsibility. Borrowers are responsible for repaying the borrowed funds in accordance with the agreed-upon terms of LoanNow. Non-compliance with repayment terms may result in penalties and adverse credit effects.
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Loan Amounts. LoanNow offers varying loan amounts, depending on individual financial profiles and state regulations. The specific loan amount approved for each borrower is determined during the application process and is subject to eligibility and approval.
Requirements
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Age Requirement. Applicants must be at least 18 years of age to be eligible for a loan from LoanNow.
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Residency. Applicants need to be residents in states where LoanNow legally operates to qualify for their loan services.
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Creditworthiness Assessment. Loan approval is subject to an evaluation of the applicant's creditworthiness by LoanNow, which may involve varying criteria based on the state of residence.
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Credit Score Impact. It's important to note that obtaining a loan through LoanNow does not guarantee an improvement in credit score long term. The impact on credit scores can vary and is influenced by various factors. Borrowers should consider this when applying for a loan.
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Checking Account Requirements. LoanNow typically requires borrowers to have an active checking account, which is often used for loan disbursements and repayments.
Ways to receive the money
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Direct Deposit. The most common method is to have the loan amount directly deposited into the borrower's bank account, ensuring quick and convenient access to the funds.
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Check. Some borrowers may prefer to receive a physical check, which can be deposited into their bank account or cashed at a bank or check-cashing location.
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Debit Card. In some cases, borrowers may receive their loan funds on a prepaid debit card, allowing for immediate use of the funds for various expenses.
Products
LoanNow specializes in offering unsecured installment loans as their primary financial product. These loans are distinct for their lack of collateral requirement, making them accessible to a wide range of borrowers. Unsecured installment loans come with fixed start and end dates, and repayment is structured through regular installments that combine both principal and interest payments. Furthermore, LoanNow introduces a unique group-signing option, enabling borrowers to explore the possibility of reducing interest rates by having trusted individuals vouch for them, enhancing the flexibility and affordability of their loan products.
Other Loans
Alternatives
Oportun
Oportun is a reliable financial services provider known for its diverse range of personal loans tailored to meet customers' individual needs. First-time customers typically have access to loans spanning from $500 to $4,000, while returning customers may qualify for higher amounts, up to $1,500 to $6,600. What sets Oportun apart is its commitment to keeping APRs affordable, ensuring borrowers are not burdened by excessively high-interest rates, with APRs capped at 35.99%. They offer flexible loan options that enable individuals to address specific financial needs as they arise, whether it's for home improvements, car repairs, rental deposits, medical bills, vacations, or unexpected expenses.
World Finance
World Finance is a reputable lender specializing in personal installment loans, designed particularly for individuals with imperfect credit or no credit history. In most states, borrowers can secure traditional installment loans ranging from $450 to $10,000, with select states offering loans up to $12,000. Unlike riskier payday or title loans, World Finance's personal installment loans consider the borrower's overall financial situation. They work closely with customers to establish manageable monthly payments based on their ability to repay the loan, promoting responsible borrowing and financial management.
NetCredit
NetCredit is a trusted financial provider renowned for its quick funding and adaptable loan terms. Borrowers can access personal loans and lines of credit, with limits of up to $10,000. The company collaborates with esteemed financial institutions like Republic Bank & Trust Company and Transportation Alliance Bank, Inc. d/b/a TAB Bank, to ensure customers receive secure and dependable financial solutions in select states.
LendingPoint
LendingPoint is a reputable lender offering a broad spectrum of personal loans, ranging from $2,000 to $36,500. Their approach revolves around understanding customers beyond conventional numerical criteria. To achieve this, LendingPoint has harnessed advanced technology to swiftly evaluate various aspects of an individual's financial situation. By looking beyond credit scores and delving into the broader financial context, they strive to provide personalized loan options that better align with each customer's distinct needs and circumstances.
RISE Credit
RISE Credit is a respected online lender, extending loans of up to $5,000. Their application process is streamlined, allowing borrowers to receive funds in their accounts as soon as the following business day. Customers enjoy the flexibility of borrowing on their terms, selecting a payment schedule that suits their financial preferences, subject to state restrictions. What distinguishes RISE Credit is its 5-Day Risk-Free Guarantee, permitting borrowers to cancel their loan and repay the principal without fees or interest if they change their minds within the specified window. Additionally, RISE Credit provides customers with complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, empowering them with valuable financial insights.
Tower Loan
Tower Loan is a reputable financial institution offering accessible and adaptable lending solutions to its clientele. With loan amounts ranging from a minimum of $1,000 to a maximum of $20,000, Tower Loan caters to a broad spectrum of financial needs. Whether it's to address unforeseen expenses or embark on planned investments, Tower Loan provides convenience with its extensive network of offices across six states and over 240 cities.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Methodology
At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
