LOS ANGELES, CA--(Marketwired - Jun 23, 2015) - Responsible lender LoanNow today announced that it is now available to Utah 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.
LoanNow's expansion to Utah is part of an initiative to offer affordable credit options to residents in states with permissive payday lending regulations as defined by The Pew Charitable Trust.
"It is nearly impossible for people with poor credit histories to find affordable loans in states with loosened lending regulations," said LoanNow co-founder and CEO Harry Langenberg. "LoanNow is committed to identifying borrowers that can outperform their FICO and then extending them credit while rewarding them for good repayment behavior over time."
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 $2,500 and 24-month terms are available at transparent, much lower rates than payday loans. LoanNow reports all payment history to credit bureaus.
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.
Contact Information:
Press Contact:
Michael Azzano
Cosmo PR for LoanNow
415/596-1978
michael@cosmo-pr.com