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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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