|By PR Newswire||
|September 3, 2014 06:30 AM EDT||
LOS ANGELES, Sept. 3, 2014 /PRNewswire/ -- LoanNow, today announces the launch of its innovate payday loan alternative to Missouri residents. Borrowers in the state now have a lending option that is far more affordable and transparent than payday loans.
LoanNow began providing loans to California residents earlier this year and received a consumer response that far outstripped expectations. "In California, we immediately saw a tidal wave of people coming to our site and thanking us for providing rates and terms that are fair and straight forward," says LoanNow's CEO, Harry Langenberg.
Despite the growing chorus calling for reform, state and federal regulators have struggled to bring meaningful improvements to the industry, which is exactly why LoanNow's consumer-friendly alternative is so vital. Particularly for consumers in Missouri, where a Pew Charitable Trust study revealed that 11% of the state's residents use payday loans, double the national average of 5.5%.
The technology driven startup is challenging a payday loan industry that inherently keeps borrowers indebted. LoanNow's model is to instead provide longer repayment terms at much lower and fully transparent APRs. Additionally, LoanNow is turning repayment into a rewarding game-like process. Borrowers unlock achievements to help raise their LoanNow credit score or even reduce their interest rates. LoanNow also employs proprietary algorithms to produce a uniquely fine-tuned underwriting process.
While the technology behind LoanNow's success may be complex, the company's mission is quite simple. "We believe everyone, no matter of economic status, deserves fair access to capital," says Chief Product Officer, Miron Lulic. "If being fair, ethical, and transparent to consumers is 'disruptive' to the payday loan industry in Missouri, then that's a disruption I want to cause."
LoanNow plans on continued expansion of its nationwide footprint as it actively pursues licensing in other states where the current payday landscape is most predatory.
LoanNow is a socially-responsible lender that offers a better alternative to payday loans. It turns loan repayment into a success-based process that's both fun and rewarding at the same time. Borrowers succeed by saving money and unlocking opportunities to refinance at lower rates. Investors enjoy lower defaults and a more socially-responsible business model.
CONTACT: Mani Karthik, (800) 437-1875