Unfortunately, Now10K doesn’t go into great detail on the sort of terms and interest rates you might be able to expect. It also doesn’t give much away about its partner lenders, making it difficult to do your own research into what the different lenders have to offer. If you want to find out via the Now10K website, you’ll have to complete the application process, opening you up to potential hard pulls on your credit score.
Short term borrowing can often come with very high interest rates, and Now10K is no different. Some of its partner lenders may charge rates at high as 1825% depending on your circumstances. As with any sort of short term lending, never agree to take the loan unless you fully understand all of the terms and conditions.
Loans and policies breakdown
Now10K offers just one type of personal loan. You’ll be connected to all of its partner lenders via one online application. The type of short-term lending provided by Now10K is prohibited in 12 states, but you can check if the loans are available in yours using the state-checker on the Now10K website.
The terms you’ll actually get on your loan will actually differ from state to state. Each state sets its own laws regarding the level of fees you can be charged, how much you can borrow and what sort of repayment terms you can expect. The general ranges you can expect are as follows:
Borrow between $100 and $10,000 (Some states have very low borrowing limits)
Interest rates between 169% and 1825%
Additional charges could be as high as 20%
Repayment terms aren’t made clear, but generally tend to be between one month and one year
High late payment fees may apply
While Now10K welcomes those with bad credit, minimum requirements aren’t stated
Key advantages of using Now10K
Now10K could be a good choice if you have an emergency and need money quickly. Your application will be checked within just a few minutes of applying, and in many cases you’ll have the money within 24 hours or just one business day.
It’s also worth checking out if you have poor credit. And while the minimum credit requirements aren’t listed, you’re more likely to be accepted for a short-term loan with poor credit. These types of loans can even be a way to build up your credit score when used sensibly.
Key disadvantages of using Now10K
The biggest disadvantage is the limited information available via the Now10K website. Research is especially vital when considering any type of short-term loan, and very little information is provided via the website. You’ll only have access to this information once you apply, which can result in hard pulls to your credit score.
As with all short-term lending, you’ll need to be very careful not to get into a cycle of debt you can’t pay. Missed payments often lead to additional charges and interest, meaning you could be paying off the original amount over the course of years instead of months. Don’t agree to any loan until you understand all of the terms.
Each partner lender must fully disclose all terms before issuing any money, but you may have to dig into the small print to find information on all of the charges.
Summary
If you find yourself needing money in a pinch, then Now10K may be a good option to try out. The service is free and you’re under no obligation to take any of the loans. You may even be able to find an affordable rate depending on which state you’re in.
However, there are more well-established loan connection services out there that are more transparent and go into greater detail on lenders and terms. You may want to try one of these out first and wait until Now10K becomes a little more established in the market.