SCOTTSDALE , Ariz., Oct. 8 /PRNewswire/ — MoneyNowUSA.com, a Scottsdale , AZ-based online loan service, has just added sub-prime personal loans enabling borrowers to get caught up on mortgage payments. This new sub-prime loan product will allow borrowers to take out an unsecured loan for up to $15,000 . Flexible underwriting allows consumers with bad credit to get cash even if they are currently behind on their housing payments. Homeowners can take out a loan even with a credit score as low as 530 (pre-qualifying over 91% of homeowners).
These loans are designed to be repaid in four years, with rates from 5% to 20% APR. MoneyNowUSA.com offers these personal loans in all 50 states; borrowers can apply online without charge. The application can be completed in 1-5 minutes online by visiting http://www.MoneyNowUSA.com .
With the current housing market in distress, many consumers are trying to catch up with their adjustable rate mortgages or facing foreclosure. A record number of mortgages in the U.S. have recently fallen behind; this new loan program may be able to help borrowers avoid foreclosure.
Also, renters and those who wish to consolidate high-interest credit cards or other bills can take advantage of these new personal loans. This product provides borrowers another way to pay off credit cards, or avoid foreclosure, without the use of their home for collateral.
For most sub-prime borrowers, it is becoming more difficult to refinance their home loans. Also it can be time-consuming. A personal loan can function as a great bridge – allowing borrowers to make a deal with their current mortgage company or give them time to refinance.
Bad credit is OK with these unsecured personal loans; borrowers must have a steady income and a FICO credit score of over 530 if they own their home, and over 580 if they rent. APR for this new loan product ranges between 5% and 20% depending on credit score and other underwriting factors. Consumers can use these loans to make a fresh start by restructuring their debt in a positive way.
Contact: Chris K. Kay 602 722 7657 Chris (at) MoneyNowUSA (dot) com
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SOURCE Money Now USA
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