A personal loan can help you finance a big expense or pay off high-interest credit card debt. But it’s tough to qualify for one without a strong credit score.
That’s where online lender LoanNow comes in. LoanNow reviews your application even if you don’t have strong credit.
But there’s a price to pay for this flexibility. Some of its personal loans could come with whopping interest rates as high as 299.00%, as of June 6, 2018. That’s miles above average personal loan rates, which range from 10.30% to 32.00%, according to ValuePenguin*.
Getting a personal loan with such a high rate could trap you in a cycle of debt that’s impossible to escape. That said, LoanNow might offer somewhat more reasonable rates to creditworthy customers. Here’s what you need to know about the lender and its personal loans.
LoanNow offers fast loans with high rates
Your interest rates and fees will depend on a number of factors, including your creditworthiness, loan details, and state of residence.
Here are the ranges for APRs and repayment terms in the six states that LoanNow operates in as of June 6, 2018. Double-check the LoanNow website for the latest rates.
|State||Loan amount||APR||Repayment term|
|Alabama||$2,500 – $5,000||29.00% – 229.00%||12 – 48 months|
|California||$2,500 – $5,000||29.00% – 229.00%||12 – 48 months|
|Georgia||$3,100 – $5,000||29.00% – 59.00%||12 – 48 months|
|Missouri||$1,000 – $2,500||29.00% – 299.00%||9 – 24 months|
|New Mexico||$2,600 – $5,000||29.00% – 229.00%||12 – 48 months|
|Utah||$1,000 – $2,500||29.00% – 299.00%||9 – 24 months|
Note that your personal loan won’t come with an application or prepayment fee, but it might have an origination fee.
You can borrow between $1,000 and $5,000 and choose repayment terms between nine and 48 months, depending on where you live.
Other online lenders, such as FreedomPlus, offer APRs as low as 5.99%. What’s more, maximum personal loan rates typically don’t go past 36.00% among lenders. Any rate higher than that could leave you with burdensome bills.
Eligibility requirements to borrow with LoanNow
Besides being a resident of one of the eligible states listed, you must meet LoanNow’s underwriting requirements for credit and income in order to qualify. Note that LoanNow will soon be extending its services to Illinois, Ohio, and Texas.
In addition to meeting financial requirements, you must meet age requirements based on your state. In many states, you need to be 18 years old to borrow a personal loan. Some states set higher age requirements of 19 or 21.
Pros and cons of borrowing with LoanNow
LoanNow offers fast funds and loan terms up to 48 months. But even a forgiving repayment term might not be enough to make up for its sky-high interest rates.
According to LoanNow, its minimum APR is 29.00%. Its maximum could be as high as 299.00%. That rate is way higher than what you could find at other lenders.
That said, there are some benefits to borrowing with LoanNow. For one, it works with borrowers with weak credit who might not qualify for personal loans from other lenders.
Second, LoanNow reviews your application and gives you a fast approval decision. If approved, you could get your funds directly deposited into your bank account within one business day.
LoanNow installment loans are unsecured, so you don’t have to risk any collateral when you borrow. Plus, your monthly payments remain fixed, so your bills won’t increase over time.
Finally, you might get an interest rate discount through LoanNow’s unique “group-signing” benefit. With group-signing, your friends and family can act as “micro cosigners” for your loan. They vouch to commit anywhere between $25 to $500 in the event you can’t pay.
Your friends’ support could also get you discounted interest rates. According to LoanNow, some borrowers got their interest costs cut by 50%.
Your group signers, however, can only help lower your rates; they won’t help you qualify in the first place. You’ll still need to meet LoanNow’s underwriting requirements to take out a personal loan.
Using the LoanNow online platform
LoanNow is an online loan provider, so you can complete the entire application online. You can also get customer support by phone or email as you complete your application.
To get started, you’ll create an account with a username and password. You can use your email or connect your Facebook profile to log in.
Once you’ve created your account, you’ll provide some basic personal information, as well as indicate how much you’d like to borrow.
You’ll also choose a purpose for your loan. Some options include:
- Financial hardship
- Debt consolidation
- Credit building
Afterward, LoanNow might ask for documents to verify your income or employment.
After hitting submit, LoanNow will instantly evaluate your application and tell you its decision. If you qualify, you’ll see your loan offers. You can accept, link your bank account, and receive funds the next business day.
Before accepting, make sure you understand your interest rate and repayment term. Our personal loan calculator will help you understand the costs of borrowing.
However, our calculator doesn’t let you enter an interest rate above 100.00%. Any rate higher than that is entering predatory lender territory, and borrowers should beware.
Consider, for example, how much you’d have to pay on a two-year $3,000 loan with a 100.00% rate. Your monthly payments would be $293, and you’d pay $4,030 in interest alone. That’s not even taking into account an origination fee that could be attached to your loan.
You should also note that LoanNow doesn’t provide the option of a rate quote without a credit check. To see if you qualify, you’ll have to submit a full application and consent to a hard credit inquiry in the process.
LoanNow reviews are mainly positive
Many LoanNow customers actually have positive things to say about the lender. On Trustpilot, 98% of 619 reviews gave LoanNow an “excellent” or “great” rating.
One reviewer wrote, “They were very professional and friendly and I got my loan almost right away.”
Another said, “I was unsure if I was going to get a loan because of my poor credit score. I was able to get my funds deposited into my account the very next day, which was a lifesaver.”
Despite its sky-high rates, customers seem to appreciate LoanNow’s lax credit requirements. One reviewer, however, said his experience should serve as a warning to borrowers.
“I was turned down even though my credit rating is excellent,” he wrote. “I believe this company only wants customers who can’t pay. Avoid.”
Another said he regretted taking out a loan with a high interest rate. “It is extremely too high and it makes it virtually impossible for anybody to do it comfortably,” he wrote.
If you’re looking to borrow with LoanNow, make sure you understand the details of your loan and can comfortably pay it back on time. Most customers should avoid any interest rate that’s creeping into the triple digits.
Contact LoanNow customer service for more info
If you’d like to learn more from the company itself, you can contact LoanNow by calling 800-437-1875 or emailing email@example.com. You can also explore LoanNow’s blog to learn lessons in personal finance.
Overall, LoanNow customers appreciate its fast service and flexible eligibility requirements. But the lender could saddle you with high interest charges, so you could end up paying back a lot more than you borrowed.
If you can’t qualify elsewhere, you might want to consider other options. Either way, make sure to comparison shop with other lenders.
By researching your options, you might be able to find a flexible personal loan that won’t cost you so much interest in the long run.
Note: Student Loan Hero has independently collected the above information related to LoanNow personal loans. LoanNow has neither provided nor reviewed the information shared in this article.
*ValuePenguin is an affiliate of LendingTree, Student Loan Hero’s parent company.
Interested in a personal loan?Here are the top personal loan lenders of 2019!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.75% – 16.24%1||$5,000 - $100,000|
|7.46% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|