LoanNow is an online direct lender that offers affordable loans with no origination or prepayment fees to people with less than perfect credit scores. LoanNow uses innovative risk assessment models and loan products to help people with poor to good credit qualify for better rates than those offered by traditional lenders. The company is based in Santa Ana, California and has an A+ rating with the BBB.

How Does LoanNow Work?

LoanNow is a direct lender so there’s no wasted time waiting for an approval decision. Completing the application form only takes 5 minutes and there is no paperwork and no faxing required. Once your application is approved, funds are deposited directly into your account.

LoanNow helps borrowers improve their credit score by keeping a record of their payments history. If borrowers make payments in full and on time, their LoanNow score will rise, which will help them qualify for lower interest rates in the future.

Borrowers can also lower their interest rates by getting their friends and family to vouch for them through group-signing. Friends and family act as micro co-signers by committing to pay anything from $25 to $500, if the borrower were to default on the loan. Borrowers who use group-signing can reduce their interest payments by up to 50 percent.

What Are LoanNow’s Interest Rates and Fees?

Interest rates vary depending on credit history, employment history, loan repayment history and state of residence.

As of September 2015, the APR of LoanNow personal loans range from 29% to 299% APR depending on which state you live in and your credit worthiness. 

LoanNow does not charge origination fees or prepayment penalties. This is rare in the personal loans industry, particularly for loans designed for poeple who don’t have excellent credit. Even prime lenders, such as Prosper and LendingClub charge origination fees of 1% to 5% of the loan balance. This fee is deducted from the loan amount before the funds are deposited but you still have to pay interest on the total amount.

How Much Money Can I Borrow from LoanNow?

Loan amounts range from $1,000 to $5,000 and loan terms go from 9 to 24 months depending on which state you live in.

Which States Does LoanNow Operate In?

LoanNow operates in California, Georgia, Missouri, New Mexico and Utah

What Is LoanNow’s Application Process Like?

It takes only five minutes to complete the online application and you will get an immediate approval decision. If you are approved and you have a supported debit card, your cash will be deposited in your bank account in a matter of seconds. If your debit card is not supported, your funds are wired directly to your account.

LoanNow can offer fast approval decisions because it connects directly to your bank account and can verify your income and employment information instantly. It also confirms people’s identity by connecting to their Facebook account.

How Is LoanNow Better Than Other Lenders?

LoanNow is an excellent alternative to payday loans and title loans. Customers with bad credit can qualify for reasonable rates and build their credit so they can qualify for even better rates in the future. The application process is fast and easy. Borrowers can complete the entire process, from application to cash in your account, within a few minutes.

LoanNow has the fastest and easiest application process available. It accepts applications from people with poor credit and provides a way for them to improve their financial health by building up their LoanNow score. This allows them to qualify for lower interest rates in the future.

The interest rates are not low, but they’re better than payday loans and other alternative lenders, which are the only real alternative for borrowers with bad or poor credit. Its group-signing feature allows friends and relatives to vouch for a chunk of the loan, which allows LoanNow to reduce the interest rates it charges. This allows sub-prime borrowers to qualify for much lower interest rates than usual.

  • Max Loan Term (Months)
  • Institution Type
    Direct Lender
  • Joint Loan Applications Accepted
    Only Individual Applications
  • No Origination Fee
  • Approval Speed (Hours)
  • Loan Amount
    $1000 - $5000
  • APR
    29% - 299%
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