Many Americans turn to loans when they need extra funds to make ends meet. According to Statista, as of December 2023, 44% of individuals indicated they would pay for a $1,000 emergency expense using their savings, whereas 25% would resort to using a credit card or obtaining a personal loan.1 If you also fall under the 25%, then you’ll likely come across lots of borrowing options and lenders, including LoanNow.
LoanNow is an online lender that offers installment loans. And if you are considering them, you should learn more. This is where we can help; we’ll give you all the details you need about LoanNow! Along with that, we’ll go over some of the basics of finding the right personal loan.
Finding the Right Personal Loan
It’s extremely important to consider whether a loan is right for you before taking it out. But what exactly does that mean? It means that the loan’s repayment will fit well with your budget, you’ll have options if you have issues with repayment, you’ll have a fair and flexible lender, and you’ll get a fair range in interest and APR. Below is more information:
The Cost of a Loan
A huge component of a loan that you should pay attention to is the cost of a loan. APR will be the total cost of a loan, while the interest rate is simply the cost of borrowing funds. Paying attention to this is extremely important because it gives you insight into what repayment will look like and whether you will be able to pay your loan back at a comfortable schedule. It is also a good factor to consider when comparing different loan options. Generally, the better your finances are, the lower your borrowing costs will be.
The Length of Repayment
Another important factor to consider when deciding on the right loan for yourself is how long or short your repayment will be. The length of your loan will definitely impact your repayment. A shorter loan will likely mean a higher monthly payment but less interest, while a longer loan will mean the opposite.
The Repayment Terms
Repayment terms will encompass things like the amount due every month, the due date of your loan, what happens when you miss a payment, early repayment penalties, and more. It’s imperative to review the terms of your loan; it will have a huge impact on repayment. For example, single-payment loans like payday loans only have one payment, which may be convenient for some, while installment loans break down those expenses into multiple payments, which may be more manageable for others.
The Lender
The lender is another factor to consider when applying for a loan. The first thing to consider is what kind of lender best fits your needs. For example, online lenders may be more flexible than a bank or credit union. The lender will also play a huge role in how your loan repayment will go. For example, having a responsive lender will be extremely helpful if you have any issues with repayment or questions about your loan. So, it’s definitely something to think about.
The Loan Type You Are Considering
And finally, think about the loan type that you are taking out. Some loans are better suited for specific expenses or purchases. There are some loans, such as an auto loan, that can only be used for financing a new or used vehicle, while other options, like personal loans or payday loans, may be more flexible with spending.
Another example is bad credit loans like payday loans and options like bank loans that may be only available for borrowers who have fair to excellent credit. By being strategic with the loan you take out, you can be better prepared when you have to use the money and with repayment.
Loans Similar to LoanNow: What You Need To Know
LoanNow is a direct lender that offers installment loans. Unlike some lenders that operate online and in-person, LoanNow only operates online, which can be pretty convenient for most people. They operate in a few states, including Utah, California, New Mexico, Alabama, and Missouri; they are planning to start servicing Illinois, Ohio, and Texas soon.
How Does the Application Process Work With LoanNow?
When working with LoanNow, you can expect the application process to look like this:
- Apply for a Loan Online — The first step involves filling out a loan application, which can be completed online through their website. You can use your phone, laptop, desktop, or tablet.
- Find Out Your Approval Decision — Once you submit your loan application, you’ll find out about an approval decision.
- Once Approved, Get Funds — Once approved for a loan with LoanNow, you’ll have the funds sent to a bank account.
What Can I Expect With the Loan Terms With LoanNow?
LoanNow offers installment loans, which means that the loans will be repaid in steady monthly payments. Based on the state that you live in, the interest rates can vary quite a bit. Below is more information on that:
| State | Loan Amount Range | APR Range | Term Range |
| Alabama | $2,500 to $5,000 | 29% to 229% | 12 to 48 months |
| California | $2,500 to $5,000 | 29% to 229% | 12 to 48 months |
| Georgia | $3,100 to $5,000 | 29% to 59% | 12 to 48 months |
| Missouri | $1,000 to $2,500 | 29% to 299% | 9 to 24 months |
| Utah | $1,000 to $2,500 | 29% to 299% | 9 to 24 months |
| New Mexico | $2,600 to $5,000 | 29% to 229% | 12 to 48 months |
How Do I Repay a Loan With LoanNow?
When working with LoanNow, you will have an ongoing monthly payment due. When you sign up to take out a loan from LoanNow, you’ll have to send them information on your bank account so they can send you the funds. That same bank account will be used for repayment automatically.
One unique feature of LoanNow is that with on-time repayment, you could earn loan rewards, such as lower interest rates, when borrowing from them again.
What Is “Group Signing” With LoanNow?
One unique feature that LoanNow offers with their online installment loans is something called “group signing,” which is similar to a co-signer, but with some differences. Here is how the process works:
- Invite Co-Signers — Ask friends and family to endorse your reliability after submitting your loan application.
- Gather Endorsements — Request contacts to collectively endorse your loan, with a commitment of at least $25 if you default.
- Potential Savings — Accumulate credits as more people vouch for you, potentially cutting interest costs by over 50%.
Are These Credit Repair Loans?
When browsing through their website, you’ll find that LoanNow highlights the fact that repaying their loan on time can help improve your credit score. However, their loans are still not considered credit repair loans. In fact, any loan or credit account that you take out and that you make on-time payments on can help your credit (as long as payments are reported to one or more of the credit bureaus).
FAQS:
Personal loans from online lenders typically offer lower APRs and more flexible repayment terms compared to payday loans, which are short-term loans with high interest rates. Online lenders may also offer larger loan amounts.
Credit unions often offer lower interest rates and more consumer-friendly terms than payday lenders. It’s beneficial to compare these options based on your financial needs and the total cost of borrowing.
When searching for the best personal loans that offer no credit check loan options, consider lenders that evaluate other factors like your income and employment instead of relying solely on credit. Be mindful of higher interest rates and fees.
Federal credit unions may offer personal loans to members with less-than-perfect credit. These institutions often consider your whole financial situation and membership standing, not just your credit score.
Credit unions typically offer lower interest rates and more personalized service than other financial institutions. They might also provide more flexible loan terms, especially for members with established relationships.
Payday lenders might report your loan payment history to major credit bureaus. Consistent on-time payments can help improve your credit score, whereas missed or late payments can negatively impact it.
Unsecured loans from online lenders do not require collateral, which is beneficial if you do not want to risk personal assets. However, they might come with higher interest rates due to the increased risk for the lender.
CreditNinja: How Does It Compare?
At CreditNinja, we offer personal loans online, which can also be considered online installment loans. Below is more information on CreditNinja’s loans and our process.
How Does Repayment Work With CreditNinja?
Repayment with a personal loan when working with CreditNinja is simple! You’ll have a single monthly payment due, which will be ongoing until the loan is repaid in full. You can make your payments online, automatically through your bank account, or over the phone. All these options make it easy to repay your loan on time.
What Are the Loan Terms With CreditNinja?
When applying for a personal loan through CreditNinja, repayment terms vary from four to 24 months, and there’s no minimum credit score needed to apply. Interest rates will vary heavily on your credit score. The better your credit history, the better interest rate you could get.
How Much Could I Get With a Personal Loan Through CreditNinja?
The great thing about borrowing a personal loan from CreditNinja is that the loan amount ranges make it perfect as a payday loan alternative. Loan amounts range between $300 to $5,000. The amount you could get will depend on your finances, including your credit score and ability to repay a loan. The best way to find out exactly how much you can borrow is to apply online in just a few minutes!
What Are Some Benefits of Working With CreditNinja?
When working with CreditNinja, you’ll be able to look forward to an array of benefits. Here are some of them:
- A Quick and Easy Loan Application—The application process when working with CreditNinja is extremely simple. You’ll be done with the process in just a few steps: applying, finding out if you’re approved, and getting your funds.
- Get the Funds Fast — Once approved for a loan through CreditNinja, you can have the funds in your bank account as soon as the same day.*
- Exceptional Customer Service — Whether you are applying for a loan or repaying it, our customer service specialists are helpful, attentive, and easily reachable.
- Flexibility with Bad Credit — Having bad credit can be tough when you are trying to borrow funds. Luckily, with CreditNinja, you can apply for a loan regardless of your credit score. We work with borrowers from all kinds of financial backgrounds.
References:
1. Emergency bill: savings, credit or loan use U.S. 2023 | Statista
2. Website | LoanNow
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