When your car breaks down or your child breaks her arm, your main concern is naturally focused on getting your car fixed or getting your daughter’s arm in a cast. But if you have bad credit and few assets, you may have few options for obtaining the money you need.
You may be tempted to turn to payday loans. And at first glance, the barrage of promotions: “No Credit Check!” “No Fax Payday Loans!” “Why Wait? Get Your Money Today!” may give the impression that easy money is available for the asking. But if you take the bait, you soon learn that there is nothing easy about payday loans.
LoanNow doesn’t operate like that. We don’t offer no fax payday loans because we are not a payday lender. LoanNow is a genuine direct online lender with advantages that even an actual online payday loans direct lender cannot match.
Dealing with Payday Loan Stores Can Be a Hassle
Getting to a payday loan store can also be a hassle. You may have take time off from work to get there during business hours. Plus there’s the risk of running into someone you know. Awkward!
There’s more. Local payday loan stores demand one or more post dated checks from your checking account. These checks are deposited against your account on the dates listed, whether you actually have money in your account to cover them or not. Of course, if you know in advance that the checks won’t clear; you can place a stop payment with your bank. But you still have to pay the stop payment fee, and the payday lender will probably charge you a late fee as well. Some unscrupulous payday lenders even threaten borrowers whose checks fail to clear with criminal charges for writing bad checks.
But with all their hassles, a local payday loan lender has two important advantages over an online payday loan lender. First, you have some idea who and what you’re dealing with a payday loan lender. Second, you get cash on the spot.
Some Online Direct “Lenders” Aren’t What They Seem to Be
An online payday loan lender may seem convenient at first. You can apply from the privacy of your own home, on your own schedule. But the flip side of that convenience reveals huge problems with payday loans online. Especially if you search for an online payday loans direct lender, you soon discover that they’re obscured, even hidden by payday loan aggregators disguising themselves as lenders.
Aggregators collect information from prospective borrowers, period. They don’t make credit approval decisions. They don’t determine how much, if anything, you’re eligible to borrow. They simply function as storehouses for your financial and personal data. These sites range from third-party storefronts that work with a specified group of lenders to straight up data collectors that sell the information they gather to anyone willing to pay the going price.
Given the recent rash of high profile data breaches affecting companies ranging from Sony to JP Morgan Chase to Target stores, many people are understandably nervous about the security of their financial data. But desperate borrowers seeking cash to cover financial emergencies often put aside any misgivings they have in the hopes of obtaining the money they need.
There are No Safe Online Payday Loan Lenders
Even an online payday lender that actually provides short-term personal loans is not a slam dunk. Sure, you can apply for online payday loans 24/7, but if you apply on Friday night, you may not know until Monday if you’ve been approved.
Another problem: even direct payday lenders are often based out of state, on lands administered by Native American tribes or even out of the country, beyond the jurisdiction of the federal government, let alone local or state law enforcement agencies. If you have trouble with a payday loan from one of these entities, in many cases, you’re pretty much on your own.
LoanNow is a Safe, Direct Online Loan Lender
At LoanNow, we understand that when you’re dealing with a financial emergency, a few days can make the difference between making it through OK and facing a real disaster. We also know that you can’t always get to a payday loan store – or even a fax machine.
Our online application can be completed on your home computer, 24/7, with no additional documentation, and yes, no faxing. ** Our online-only** application process generates a response within minutes, even on weekends. † If you’re approved your funds are dispensed as soon as the next business day.
We also respect your privacy. We never sell your personal or financial information to third parties. As an accredited business with the Better Business Bureau, we’ve earned a top A+ rating, so you can borrow with confidence.
LoanNow also provides larger loans that can make a significant dent in your finances. And by setting repayment periods of months – not days or weeks – we enable borrowers to avoid the payday loan trap of renewals and rollovers that often escalate the amount owed to many times larger than the original loan.
Our interest rates and APRs are also usually much lower than those for payday loans. In fact, some customers may receive loans with interest rates as low as 29 percent! ◊ That’s more like what you would pay for a credit card advance than a typical payday loan.
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