Short-term loans from a lender that reports monthly payments to all three credit bureaus.
There’s no telling when an emergency is going to hit. When it hits hard, you may need some help with expenses. LoanNow is a provider of installment loans with quick turnaround on funding. Before you click over to the website, give our guide a read to decide if this lender is right for you.
|Product Name||LoanNow Installment Loans|
|Min Loan Amount||$1,000|
|Max. Loan Amount||$5,000|
|Loan Term||12 to 24 months|
|Turnaround Time||As little as two business days|
|Requirements||Only available to residents of AL, CA, GA, IL, MO, NM and UT, must be at least 21 years old, be employed with regular income, have a verifiable email address and phone number and have a valid checking account|
- Reside in AL, CA, GA, IL, MO, NM or UT
- Valid checking account
- Verifiable phone number and email address
- Employed with regular income
- Age 21 years or older
LoanNow available in 7 states onlyLoanNow offers loans to residents of AL, CA, GA, IL, MO, NM and UT only. If you don’t live in one of those seven states, you’ll have to consider another lender for your loan.
What is LoanNow?
LoanNow is an online lender that provides quick financing solutions with loan terms between 12 and 24 months.
What makes installment loans different from other short-term financing options is its repayment structure. Where others require a lump sum repayment after a few weeks of taking out the loan, LoanNow breaks up the payments into equal monthly amounts.
What are the benefits of LoanNow installment loans?
- Quick turnaround. Most applications are approved in one business day, though it may take longer if it requires additional details. Funds are deposited via ACH and can reach your account one business day after approval, depending on your bank.
- Build credit. LoanNow reports monthly payments to the three credit bureaus: Experian, Equifax and TransUnion. This can be a way for you to establish reliable payment history and improve your credit.
- Even monthly payments. Your monthly payments are fixed, providing you with an easy schedule to manage.
- Less-than-perfect credit accepted. You don’t need a spotless record to get funded by LoanNow.
What to watch out for
A quick loan may be tempting to jump on, but there are a few things to keep in mind as you compare your options.
- High interest. With a potential APR of over 200%, you could pay a lot more than the initial cost of your purchase. Depending on what you qualify for, it may be worth your time to consider other options.
- No physical location. You’ll need to apply online which can be convenient, but it means there’s going to be some amount of waiting if additional information is required.
- You may be tempted to take more than you need. LoanNow offers up to $5,000, and when you’re in a tight spot that can seem like the perfect solution. The high amount tied with a potentially extreme APR can cost you big in the long run.
Are LoanNow installment loans better than payday loans?
Possibly. LoanNow tries to distance itself from payday loans as much as possible on its website, but it shares some of the same unfortunate features. Short-term loans in general have a high APR and a repayment period that can be minuscule compared to the amount you borrow. This can lead to high payments without giving you a chance to fully recover.
The repayment structures LoanNow provides are better than some payday lenders, but the APR can still be a major pain point. Ultimately, you’ll need to review your loan offer and see if you’re comfortable with the total costs. Take care to review your options thoroughly before choosing a payday loan or installment loan.
Is it safe to apply with LoanNow installment loans?
Any information you send to LoanNow is protected by 256-bit Secure Sockets Layer (SSL) encryption. Servers that are used to store your information are secure and based in the US.
LoanNow states that your information will never be sold, which is more than can be said about comparable lenders. You can also rest assured that your banking credentials won’t be accessible by anyone at LoanNow.
LoanNow’s website warns users to beware of phone calls from scam companies pretending to be LoanNow. Be wary of giving your personal or financial information over the phone on a solicitation call.
Consider more installment loan options
What do borrowers say about LoanNow online?
The Better Business Bureau (BBB) gives LoanNow an A+ and 4.34 out of 5 star composite score. LoanNow is accredited with BBB, and has held that accreditation since 2014.
Though there are only two reviews on the BBB site, TrustPilot hosts over 620 reviews with a TrustScore of 8.9 out of 10 as of May 2018. The two most recent negative reviews have to do with being denied a loan. Customer service is largely praised, as is funding turnaround time.
Am I eligible?
Qualification criteria for an installment loan with LoanNow is pretty straightforward:
- Reside in one of the states LoanNow operates in: AL, CA, GA, IL, MO, NM and UT.
- Be employed with regular income.
- Have a valid checking account.
- Have a verifiable phone number and email address.
- Be at least 21 years old.
How do I apply?
You can apply with LoanNow through the following steps:
- Go to the LoanNow website.
- Click Apply.
- Create an account by email or sign up with Facebook.
- Enter in your personal information.
- Enter in your bank information.
- Verify your information.
- Provide an electronic signature.
- Wait for a decision, which usually takes one business day.
Step-by-step application with screenshots
I got a loan through LoanNow installment loans. Now what?
Repaying your loan is simple thanks to automatic payments. The payments will be debited via ACH monthly from your linked checking or savings account.
If you’re concerned about not being able to make a payment, contact LoanNow immediately.
For an installment loan with a relatively quick turnaround time, LoanNow has some desirable features. Your immediate and long-term needs should be taken into consideration as you search for a solution.
Compare multiple installment loan options, even if you’re in a bind, before settling on a lender to be sure you’re getting the most for your money.