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LoanNow installment loans review

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Short-term loans from a lender that reports to all three credit bureaus.

LoanNow offers installment loans to borrowers who might not qualify for a traditional bank loan — with the chance to improve your credit along the way. But it’s still expensive, so make sure you can afford a loan before you borrow.


Min. Amount


Max. Amount


Product NameLoanNow Installment Loans
Min. Amount$1,000
Max. Amount$5,000
Loan Term1 to 2 years
Loan SecurityUnsecured
RequirementsOnly 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

Must read: Only available in 9 states

LoanNow is only available to residents of Alabama, California, Georgia, Illinois, Missouri, New Mexico Ohio, Texas and Utah. 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 to people who may not have great credit. It offers loans up to $5,000, and qualified borrowers may see interest rates as low as 29%.

Depending on your state, your loan term may last anywhere from 12 to 48 months, giving you plenty of time to pay back what you borrow — unlike payday lenders that only give you a few weeks. And while LoanNow tries to distance itself from payday loans as much as possible on its website, it shares some of the same unfortunate features. Namely, the high cost. You may receive an APR as high as 299%, which means you’ll pay back hundreds of dollars in interest for the amount you borrow.

What are LoanNow’s rates?

While your loan amount and interest rate will depend on your credit, LoanNow does have a few set terms for its loans.

StateLoan amountLoan termAPR
Alabama$2,500 to $5,00012 to 48 months29% to 299%
California$2,500 to $5,00012 to 48 months29% to 229%
Georgia$3,100 to $5,00012 to 48 months29% to 59%
Missouri$1,000 to $2,5009 to 24 months29% to 299%
New Mexico$2,600 to $5,00012 to 48 months29% to 229%
Utah$1,000 to $2,5009 to 24 months29% to 299%

Note: Although LoanNow is licensed to lend in Illinois, Ohio and Texas, it currently doesn’t offer loans to residents of those states.

What are the benefits of LoanNow installment loans?

  • Repayments help build credit. LoanNow reports your 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.
  • Quick turnaround. Most applications are approved in one business day, though it may take longer if LoanNow needs additional information to process your application. Funds are deposited via ACH and may be available one business day after approval, depending on your bank.
  • Fixed 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. Provided you have the ability to repay, you may qualify for an installment loan.

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 hundreds of dollars in interest over the life of your loan.
  • No physical locations. You’ll need to apply online. This can be convenient, but it means you’ll have to wait for electronic processing. And if you have any questions, you won’t be able to meet someone in person.
  • You may be tempted to take more than you need. Because LoanNow offers installment loans up to $5,000, you may be tempted to borrow more than you need. Just remember that the more you borrow, the more you’ll end up paying in interest.

Compare installment loan providers like LoanNow

Data indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Loan Term Turnaround time
OppLoans Installment Loans
9 to 24 months
1 business day
Comes with the option to change your due date so you won’t fall behind on repayments.
 Check Into Cash Installment Loans
6 months to 1 year
1 to 2 business days
Borrow money with lower payments and more time to pay than a traditional payday loan.
Fast5kLoans Short-term Loans Connection Service
6 months to 6 years
As soon as the next business day
Get connected with multiple lenders you might qualify with — even if you have bad credit.
LendYou Short-term Loans
Same business day to 1 business days
Get offers from potential lenders in minutes by filling out just one online form.
Possible Finance Mobile Installment Loans
Up to 2 months
As fast as 1 business day
Borrow up to $500 with just a few swipes — but only for residents of 5 states.
3 to 36 months
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.

Compare up to 4 providers

Must read: Beware of the high APR

LoanNow does more than most online lenders — it clearly outlines the amount you may need to pay for your loan. This is a great sign pointing toward a reputable lender, but it does mean you’ll know exactly how much a loan may cost you. And although LoanNow distances itself from short-term lenders, installment loans still fall under that category, which means they’re much more expensive than a traditional personal loan.

If you get stuck with the max APR, you may want to consider your alternate options instead.

Is it safe to apply with LoanNow?

Yes. 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 represent it. Be wary of giving your personal or financial information over the phone or through email, and familiarize yourself with ways to spot scams so you don’t become a victim.

What do borrowers say about LoanNow online?

As of February 2019, LoanNow isn’t accredited by the Better Business Bureau (BBB) but still has an A+ rating. Not that this holds much weight, since there’s only one review and no customer complaints.

However, TrustPilot hosts over 600 reviews, and LoanNow averages a score of 8.9 out of 10. In fact, as of this writing there are no negative reviews — LoanNow is rated “average” at worst. Many borrowers state that they’re happy with the quick turnaround of the application process and have improved their credit scores by borrowing with LoanNow.

Am I eligible?

Qualifying for an installment loan with LoanNow is pretty straightforward:

  • Reside in one of the states LoanNow operates in: AL, CA, GA, IL, MO, NM, OH, TX or 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:

  1. Go to the LoanNow website.
  2. Click Apply.
  3. Create an account by email or sign up with Facebook.
  4. Enter in your personal information.
  5. Enter in your bank information.
  6. Verify your information.
  7. Provide an electronic signature.
  8. Wait for a decision, which usually takes one business day.

Step-by-step application with screenshots

What happens if I’m approved by LoanNow?

If you’re approved, you’ll be instructed to sign any forms to complete the application process. From here, LoanNow will automatically debit payments from your linked checking or savings account.

If you have any questions or may not be able to make a payment, you can contact LoanNow by emailing or calling 800-437-1875.

Bottom line

LoanNow has quite a few positive features: It’s upfront about its terms, has a quick turnaround time and can help you improve your credit. However, it’s still a costly option that should only be used as a last resort — despite its claims of being different from a payday loan.

Before you apply, you may want to compare more installment loan lenders to be sure you’re getting the best deal possible.

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