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LoanNow is a direct lending platform that offers personal loans to the public. The platform offers a maximum principal amount of $10,000 which can be repaid in a term exceeding no longer than 24 months. It provides affordable credit options to non-prime borrowers, typically with credit scores below 650, 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.
PRODUCTS & SERVICES
Online lending platform for non-prime, middle-income borrowers. Most of borrowers know that a payday loan is a bad choice, but have limited options. LoanNow helps them bridge to a better financial future.
The company generates revenue from the interest fee.
Retail credit consumers.
LoanNow uses the latest technology and statistical methods to make better credit decisions and motivate positive repayment behavior in the challenging subprime loans market.
VALUATION / MARKET CAP:
$40 M in 2016
DATE OF LAST FUNDING
SEED & PRIOR FUNDING
SEED CLOSED ON
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