SOURCE: LoanNow

LoanNow

August 25, 2015 08:00 ET

LoanNow Expands Responsible, Affordable Lending to Georgia and New Mexico

LoanNow's Repayment Motivation Platform Delivers Fast and Affordable Loan Alternative to Georgia and New Mexico Residents

LOS ANGELES, CA--(Marketwired - Aug 25, 2015) - Responsible lender LoanNow today announced that its online loans are now available to Georgia and New Mexico residents. LoanNow enables individuals with damaged or a high-risk credit history to secure lower cost, more transparent loans and then actively reduce the cost of that loan over time.

"We are excited to expand to Georgia and New Mexico as part of our commitment to serve people everywhere in need of responsible, affordable credit," said LoanNow co-founder Jesse Stockwell. "People with credit-challenged histories face an uphill and very expensive battle when applying for loans to cover financial shortfalls or unforeseen emergencies. LoanNow can help those borrowers that are willing and able to repay their loan find affordable credit then lower its cost over time with good repayment behavior."

LoanNow first leverages non-traditional data to assess risk levels and offer affordable loans to deep subprime borrowers with credit scores as low as 500 FICO. Its proprietary repayment motivation algorithm then uniquely monitors and incentivizes an individual's repayment and financial behavior in real-time to drive down their overall cost of credit.

As part of this algorithm, LoanNow recently introduced a group-signing feature that allows borrowers to actively reduce their loan APR by as much as half by gathering multiple loan co-signatures in $25 to $500 increments from friends and family during their loan term.

Every LoanNow loan is underwritten to consider the financial needs and repayment capabilities of a borrower. Loan amounts of up to $5,000 are available at transparent rates with no origination fees or prepayment penalties.

For more information on LoanNow or to apply, please visit http://www.loannow.com.

About LoanNow
LoanNow is a responsible online installment lender offering a more affordable and transparent alternative to payday loans. The Company's goal is to make better loans available to good borrowers by considering their real-time performance during the term of the loan, rather than only evaluating their historical track record. Its repayment motivation algorithm incentivizes good financial behavior, like timely payments, and awards loan credits to reduce the cost of credit during the loan lifecycle. LoanNow is a private company based in Orange County, California. Learn more at http://www.loannow.com or follow us @loannow.

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