Apply For A Loan From LoanNow – Easier, Faster, and Better

Back in the day, the procedure to apply for a loan was straightforward: get your paperwork together, make an appointment with your local bank, submit your paperwork and wait for a response. Today, it’s still possible to apply for a loan that way, but there are also more convenient options – like LoanNow.

Regardless of the reason for needing a little financial help, there are several important items that need to be considered before you apply for a loan. Gathering this information ahead of time can save you time and efforts in your search for the right lender.

How Much Money Will You Need?

When it comes time to apply for a loan, you will need to know how much money you will be applying for. Having this information (or at least a ball-park figure) is important so that you know which lender to be looking at. Many lenders offer a variety of different loan amounts, while some only offer short term, smaller loans.

Having a good idea of how much money you will need from the loan will help you apply only to appropriate lenders that can meet your needs.

What Kind Of Shape Is Your Credit Score In?

Your credit score will be a major deciding factor in what type of loan you get, so it is a good idea to know what you are working with before looking for a lender. If you have excellent credit, there will of course be more offers extended to you, making the decision perhaps a little more easier to make.

But even if you have poor credit or no credit history, there are still lenders that will work with you. These types of organizations that offer loans to sub-prime borrowers are not as common or easy to come by, which is one reason why LoanNow is unique. At LoanNow, we look beyond just your credit score, and evaluate many other factors into the decision of whether or not to offer a loan to someone.

Knowing where you stand with your credit profile is beneficial because it will allow you to only seek a loan from a company that works with someone in your credit situation.

State Regulations Impact Loan Standards

Many consumers do not realize that each state designs their own standard practices, laws and limits when it comes to the lending industry. Some states have banned the more predatory payday loans, while others have embraced this form of short term lending. Some states have limitations to the amount of money that can be extended to an individual, and most have regulations which govern how much interest can be assigned to a loan.

While knowing this information might not be necessary in order to apply for a loan, it could prove beneficial in the actual loan process so that you know what is to be expected in your area and can ensure that you are not taken advantage of by being charged too high of an interest rate.

Are There Special Circumstances For Military Personnel or Self-Employed Individuals?

If you are an active military service personnel or self-employed, you may find it necessary to take the extra step of looking for a lender who will extend a loan offer to you. These lenders do exist, but many have restrictions for people who fall into these categories.

Finding A Lender When You Need A Loan Fast

One of the more frustrating aspects of bank loan applications used to be dealing with bankers’ hours. It was often necessary to take time off from work to apply for a loan at a bank because the bank was closed after 5 p.m. and on weekends. Nowadays many banks have weekend hours; others allow you to at least begin your loan application online. Nonetheless, the wait factor remains the same – making bank loans an unlikely option for dealing with a financial emergency.

Peer-to-Peer Loan Applications

Peer-to-peer online lending platforms make it possible to apply for a loan and have your request funded by one person or several people.  The principle behind the peer-to-peer model is to adapt crowd funding to the process of borrowing money.  However, many borrowers find the process of posting detailed profiles before a semi public audience. Peer-to-peer lenders also screen out would be applicants with FICO scores below the mid 600 range, eliminating the option for borrowers with very poor credit.

Borrowers who apply for a loan online from a peer-to-peer lender must undergo a rigorous two-step process.  The first step is pre-screening by the lending platform. Borrowers must typically have a FICO score at least in the mid-600 range to qualify.

After clearing the pre-screening hurdle, borrowers wishing to apply for a loan online through a peer-to-peer lending platform must be prepared to provide much more detailed personal and financial information than they would provide for a conventional bank loan. That information is posted in an online profile available to potential lenders, who can choose to fund all, some or none of a particular borrower’s request.  Many borrowers feel squeamish about providing such detailed information in a semi public forum. There are also no guarantees that requests will be funded.

Loan Broker Applications

The ads you may have heard or read promising that lenders will compete for your business come from loan brokers. Borrowers who apply for a loan online through a lending broker complete an initial brief application with the broker. However, unlike peer-to-peer lenders, lending brokers do not require borrowers to post online profiles.

Instead, borrower applications are submitted directly to a specific group of commercial lenders.  Some borrowers receive multiple loan offers as a result, but others receive a single response, and many borrowers – particularly those with low FICO scores – receive none.

Online Payday Lenders

Many borrowers who apply for a loan online through a payday lending site get more than they bargained for – more SPAM, that is. That’s because many so-called payday lending sites are not lenders at all. They merely collect borrower information which they provide indiscriminately to third parties. In some cases, borrowers’ sensitive personal and financial information is sold to the highest bidder. Much of the volume of email that results from an application to an online payday lender consists of phishing attempts or attempts at identity theft – and very few, if any genuine loan offers.

The Convenience of LoanNow

When you apply for a loan with LoanNow, you don’t have to post a profile or worry about where your information is going. You can apply for a loan with the assurance that you’re dealing with a direct lender – we don’t share your information with third parties.

We also don’t make you wait for a response – our loan applications are processed in minutes or hours, not weeks. If you’re approved, your money will arrive by convenient direct deposit in your bank account as soon as the next business day^†. And if your credit is less than perfect, that’s not necessarily a deal breaker.  We consider your entire financial profile, not just your FICO score, and we approve many borrowers banks turn down.

You might not receive multiple loan offers, but the offer you receive will help you deal with whatever financial circumstances you’re facing.  Why not give LoanNow a try today!