Learn About Our #1 Short-Term Lender: CashNetUSA
Loan Now, based in California, is another online-only lender. They seem to fall into the same “payday alternative” category as LendUp and Rise Credit.
They offer installment loans with terms from 1 to 2 years for $1,000 to $10,000.
It’s hard to track the evolution of the company. While the BBB page says they started in 1996 we can’t really figure out what they did. The website dates back to 1999 but most of the time it was some type of mortgage company. In 2012 they resurfaced as the lender you see now. Best guess is that they just switched product focus but we’re not sure.
The first thing we thought was interesting was the LoanNow Score. One the main page it says Grow Your Score. We assumed they were talking about your credit score because the image looks like credit scores going up. Well, it’s not. It’s basically a rewards program to give better rates to returning customers. This is great but the way it’s presented could be a little misleading to some people who will assume the service is somehow improving their credit.
The next one is really funny, and a great way to lose friends and alienate family. They have a feature called Group-Signing. Quick summary: you get people you know to agree to pay a certain amount of money if you default. So like a partial co-signer. Not only do all these people know you are having financial problems now they will be legally responsible for them if you mess up. If you get people to group sign you get lower interest since Loan Now can recoup some of the losses.
What States Does Loan Now Lend To?
Loan Now currently operates in the following states: Alabama, California, Georgia, Missouri, New Mexico, South Carolina, and Utah. On the website it says coming soon for Illinois, Ohio and Texas.
What Services Does Loan Now Offer?
- Installment Loans
What Does the Loan Now BBB Page Say?
The BBB page for Loan Now has just two reviews, 1 positive and 1 negative. They also have a single complaint. The company is accredited and has an A+ rating.
Not much going on but you can check it out here.
Business Contact and Profile for LoanNow
|Address:||3100 S Harbor Blvd #180
Santa Ana, CA 92704
|Type of Business:||Loans|
|Principal:||Mr. Miron Lulic, President|
|BBB Accreditation:||This business is accredited with the BBB and has an A+.|