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LAST UPDATED: May 10th, 2022

LoanNow began providing personal loans to customers in 2013. Depending on where the customer resides, borrowers have access to different loan amounts and rates.

LoanNow is currently licensed in eight states and is potentially expanding to others in the future.

The major differences between personal loans offered in these different states are interest ratios and the minimum loan amount. For example, in California, the minimum loan amount is $2,000, while in Missouri, borrowers have access to a higher loan amount of $10,000.

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The Good

  • Accepts Fair to Poor Credit
  • Helpful Online Payment Tracker
  • Late Fee Forgiveness

Accepts Fair to Poor Credit

LoanNow is a company that provides unsecured installment loans to people with all types of credit backgrounds. Its current focus is providing better options to borrowers who have fair to poor credit. The approval process takes as little as five minutes and the loan can be deposited overnight to your bank. LoanNow offers a monthly installment loan. Through what is called "Group-Signing," borrowers can lower their payments after friends and family vouch for them. As stated on LoanNow's website, interest can be reduced by 50% over the lifetime of the loan.

Helpful Online Payment Tracker

LoanNow has a feature called the "LoanNow Score" which helps the customer see how they can progress over time. Clients with LoanNow can chart their score with the company when they make their payments on time. Better LoanNow terms will emerge with future loans, as long as payments are made on time.

Late Fee Forgiveness

LoanNow also understands that people can go through trying financial times. To help its customers, LoanNow has a late fee forgiveness process. This process is done completely on time, and late fees can even be forgiven in certain situations. With LoanNow, customers can make early payments with no pre-payment penalty fee; this is a great option for upping your credit score once the loan is successfully paid off. LoanNow makes it simple to make payments on your loan by offering easy ACH payments. If a customer's bank declines an ACH deposit, LoanNow has some flexible payment options to help borrowers catch back up.


The Bad

  • Maximum Loan Amount Only $10,000
  • APR Can Reach 229%
  • Limited State Availability

Maximum Loan Amount Only $10,000

LoanNow personal loans are limited to a max amount of $10,000. When compared to other lenders in the industry, this is considered a low amount. Other lenders can provide between $35,000 and $50,000.

APR Can Reach 229%

While LoanNow interest rates are much lower than payday loan lenders, the interest rates could be better. Some clients with better credit situations likely qualify for the 29% "low" interest rate that is listed on the website. More likely, customers will get a 49% to 229% interest rate. For people with better credit situations, LoanNow can offer better interest rates.

Limited State Availability

Though LoanNow plans to expand within the next year, its personal loans are currently only available in eight U.S. states. While most companies aren't available in every state in the U.S., many of them have between 40 and 45 states available. 


The Bottom Line

LoanNow is not recommended for taking out a personal loan. The main reason for this is its potentially high APR range offer (up to 229%). Also, its services are only available in eight U.S. states. That being said, we recommend looking into top personal loans lenders with better rates and wider availability. 

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Star Rating


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9 Reviews

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Lauren Shade Santa Ana, CA

As someone with bad credit and 2k worth of car repair bills I was very lucky to be given a chance. This process was very easy and quick. Even though the verification process wasn't working well , the representatives got back to me extremely quick and were able to help me get on my way to being approved. I can now fix my car without stressing myself to tears. Thanks a lot :)

8 years ago

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Theresa Lafayette, LA

Like so many others, I got caught in the Pay Day loan cycle over and over again. The rates are killer, making it almost impossible to stop renewing loans as soon as they're paid! I was so impressed when I found LoansNow. Not only was I able to get a long term installment loan, but the rates were so much lower, I didn't have to struggle once it was paid off. Finally a company that cares about the customer!

8 years ago

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Pam Sacramento, CA

I needed money and I needed it fast. LoanNow got me what I needed. Since I don't have the best credit in the world I appreciated the ability to stretch my payments. The application process was fast and easy. I have an affordable payment and, most of all, the money I need.

8 years ago

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Jennifer Agresta Long Beach, CA

This company is so unique compared to any other personal loan organization out there today. The one thing I can definitely say, is that they truly care about their customers and want them to be able to have a chance at improving their financial situation - not just put a quick band aid on it.

8 years ago

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Kyle J Los Alamitos, CA

LoanNow was very helpful and prompt, I do not have the best of credit but was able to get me an answer quickly and able to get approved for $2500. Now I can get back on track of improving my score.

7 years ago


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Joseph Digorga Dallas, TX

The only get one star because you can't go any lower I went through the entire application all they cared about was pushing their credit score checker I already have credit karma I know exactly what my credit score is every day of the week and it's accurate not like theirs I fished through so many loan companies to see if one was really real and of course as Google always does disappoints it's a fraud it's nothing don't waste your time I have a big emergency and I clip in collecting soda cans and got more money than what they're going to ever do, you better off doing door dash or Uber or something because they are never giving you a dollar they're going to charge you for your credit score which is it's wrong and on top of it they're going to help you forget about it so they can charge you $50 a month to monitor your credit when credit karma does it for free it's just a big scam there's no loans involved nobody's loaning anybody anything I love the way the word amazing is unremovable from the bottom yes it's amazing how much time they waste of yours and how much they're trying to just get $50 a month out of you cuz you forgot don't even bother doing it I cancel it as soon as I did it I have a copy of the email and I already called my credit card company don't walk run away

1 year ago

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John T

I had a great experience with getting a loan from loannow. Their website is great, very easy to use and straightforward. I got a quick decision, and money the very next day.

8 years ago

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Urfia L Los Alamitos, CA

Never thought I would even qualify for a loan. It was the simplest process even and got my funds in a matter of a couple days!

7 years ago

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Patricia Hubbard Trabuco Canyon, CA

LoanNow conned me into giving email addresses for references and promised me they wouldn't contact them. They showed online an email over my signature, which I deleted and changed the text to just say Hi, but they sent out the email that they printed over MY NAME and told my friends that I had applied for a loan. This is a clear invasion of privacy and a complete lie, because it provides a link for the addressee to click on and it is a marketing screen for LoanNow. This company is completely unethical and should be shut down.

8 years ago