Direct Money Lenders – Helping Good People Get Better Loans

Your choices for direct money lenders range from banks and credit unions to less desirable options like pawn shops.  For borrowers with excellent credit, banks are often the ideal choice, because of their lower interest rates combined with convenient installment payments.  But many borrowers are facing financial emergencies, while others are burdened with less than ideal credit. Many borrowers in this position turn in desperation to direct money lenders with serious disadvantages that outweigh their convenience and lax underwriting standards.  But there’s a better solution: LoanNow.

Banks and Credit Unions

When people think of direct money lenders, banks are what usually come to mind.  To apply for a bank loan, borrowers submit detailed financial information, primarily credit reports and income verification. Processing time for bank loans can be lengthy, and underwriting standards are strict.  Borrowers with less than excellent credit must frequently provide collateral, creditworthy co-signers or both to have any hope of being approved. Borrowers with very poor credit are frequently denied outright.

Peer-to-Peer Lenders

More recently, peer-to-peer lenders have joined the lineup of direct money lenders, adapting the crowd funding model to lending.  To apply for a peer-to-peer loan, borrowers must submit very detailed personal information along with financial data in the form of a profile posted on the peer-to-peer website. Prospective lenders can choose to fund some, none or a prospective borrower’s entire request. Many borrowers are squeamish about the intrusive nature of peer-to-peer lending websites. These websites also frequently require FICO scores no lower than the mid 600s to qualify.

Lending Brokers

Lending brokers are not direct money lenders. However, they distribute borrower information privately among a select group of lenders rather than requiring borrowers to post their profiles on a semi public forum. Borrowers may receive one, several or no offers from lenders – with each offer covering the entire requested loan amount. Lending brokers do not usually state a specific required FICO score, but prospective borrowers with very poor credit typically receive no lending offers.

Bad Credit Lenders

Bad credit lenders such as pawn shops and payday loan stores represent some of the few options for direct money lenders for borrowers with poor credit and few assets. Such lenders are often also bad news for borrowers, with high APRs, short repayment periods and dire financial consequences for failure to repay loans on time, including forfeiture of personal property and endless cycles of debt.

The LoanNow Option

For borrowers who cannot qualify for or who are put off by other types of direct money lenders, LoanNow represents a possible option.  We look beyond FICO scores to consider borrowers’ entire financial profiles.  We never require collateral, and our repayments are structured in convenient monthly installments. We also understand that waiting weeks for a bank to respond often isn’t an option. Our online applications are processed in minutes or hours – not days. Isn’t it time you tried LoanNow?