SOURCE: LoanNow

LoanNow

February 17, 2016 08:00 ET

LoanNow Seeks to Provide Subprime Borrowers a Clear Path to Improved Financial Health

Responsible Lender Begins Reporting Loan Repayment Information to TransUnion as Part of Its Overall Repayment Motivation Platform

LOS ANGELES, CA--(Marketwired - Feb 17, 2016) - Responsible lender LoanNow today announced that it is now reporting loan repayment behavior to TransUnion as part of its mission to better serve individuals with damaged or a high-risk credit history. By reporting loan performance to TransUnion, LoanNow is seeking to help borrowers improve their overall credit and financial health by allowing them to get the recognition for good repayment behavior.

This loan reporting function is part of LoanNow's unique repayment motivation platform. LoanNow provides individuals with a lower cost, more transparent loan alternative and then actively reduces the cost of that loan over time.

"LoanNow was founded to both find and then reward the millions of people saddled with subprime credit scores with a responsible, affordable loan alternative," said LoanNow president and co-founder Miron Lulic. "By sharing loan repayment history with TransUnion, LoanNow is helping borrowers with damaged or poor credit histories get the credit they deserve for successfully repaying a loan."

Credit payment history is one of the single biggest factors in calculating many of today's widely used credit scoring models. Typically, individuals with higher credit scores can often qualify for more affordable loan interest rates.

"We are proud to be working with LoanNow, helping to provide the benefits of credit to consumers that have either been locked out of the process or have not been recognized for their good credit history," said TransUnion's Robert Callaci, group vice president. "Having and maintaining a positive credit history is an important first step for any consumer wanting to improve their credit scores and their financial prospects."

LoanNow provides affordable credit options to deep subprime borrowers, typically with credit scores in the low 500s, based on a traditional credit scoring range of 300-850. Its proprietary repayment motivation algorithm monitors and incentivizes an individual's repayment and financial behavior in real-time to drive down their overall cost of credit.

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.

About LoanNow
LoanNow is a responsible online installment lender offering a more affordable and transparent alternative to subprime short term 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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