Santa-Ana based LoanNow started the new year by securing a $50 million line of credit to expand its loan portfolio nationwide, according to president and Chief Operating Officer Miron Lulic. The online lender provides credit options to borrowers with bad credit. It’s originated approximately $10 million in personal loans since launching in June 2014.
The line of credit came from an undisclosed institutional investor in New Jersey, according to the company. It’s from a specialty finance fund focused on credit- and asset-based investments.
LoanNow typically serves middle-income borrowers with credit scores below 650. It makes loans of up to $5,000 with no origination fees or prepayment penalties. It currently occupies approximately 10,000 square feet of office space in Santa Ana and has 50 employees.
LoanNow previously raised $6 million in seed capital in January 2014, according to a news report.
