SuperMoney
  LenCred Business Lines of Credit

LenCred Business Lines of Credit

in Business Lines of Credit from LenCred

Unaffiliated

LenCred Business Lines of Credit

Unaffiliated

in Business Lines of Credit from LenCred

Not enough votes for recommendation

Not enough votes for recommendation

Cast your vote

Would you recommend LenCred Business Lines of Credit to your friends?

Thanks for your vote!

You voted: May or may not recommend

Highlights
APR  (Fixed APR) N/A
Credit Score Range 700 - 850
Loan Amount $10,000 - $500,000

LenCred Business Lines of Credit Review

LenCred Business Lines of Credit is offered by LenCred, a financial services company founded in 2001 and based in Blackwood, NJ. LenCred Business Lines of Credit is available in 50 states (and Washington, DC).

LenCred Business Lines of Credit FAQ

What APRs does LenCred Business Lines of Credit offer?

LenCred Business Lines of Credit offers a fixed APR product, but they do not disclose their rates.

Does LenCred Business Lines of Credit charge an origination fee?

Yes, LenCred Business Lines of Credit charges an origination fee of 6% to 8% of the line of credit amount up to 5000. LenCred Business Lines of Credit deducts the fee directly from your line of credit amount before disbursing the fund, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does LenCred Business Lines of Credit set on the purpose of the line of credit?

LenCred Business Lines of Credit considers line of credit applications for business purposes, such as:

  • Business Debt Refinance
  • Equipment Purchase
  • Inventory
  • Lease Improvement
  • New Location
  • Payroll
  • Product or Service Expansion
  • Working capital

Does LenCred Business Lines of Credit charge prepayment fees?

Yes, LenCred Business Lines of Credit charges additional fees to borrowers who pay off their lines of credit sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a line of credit early.

How much can you borrow from LenCred Business Lines of Credit?

Line of credit amounts start at $10,000 and go up to $500,000.

What do you need to qualify for LenCred Business Lines of Credit?

Applicants with a credit score of at least 700 and up to 850 may be eligible for LenCred Business Lines of Credit.

LenCred Business Lines of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via LenCred Business Lines of Credit. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by LenCred Business Lines of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Recent bank statements
  • Business formation documents
  • Proof of identity

What is the estimated funding time for the LenCred Business Lines of Credit?

LenCred Business Lines of Credit can provide a credit approval decision in less than an hour and start funding the line of credit within 5 business days.

What are the business financing requirements for LenCred Business Lines of Credit?

To apply for LenCred Business Lines of Credit, the applicant needs to provide the following documentation:

  • No outstanding liens.
  • Business license
  • Business bank account

Does LenCred Business Lines of Credit report your account activity to credit bureaus?

Yes, LenCred Business Lines of Credit reports your account activity to the following credit reporting agencies:

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

What types of business lines of credit does LenCred offer?

LenCred only offers unsecured lines of credit.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From LenCred Business Lines of Credit

Creating an Advantage for Small Business. We empower financial service providers with our industry-leading technology to create an edge in their market.

Contact

Other Services by LenCred

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Origination Fee ($) Up to $5,000
Origination Fee (%) 6% - 8%
Business Financing Requirements
  • No Outstanding Liens
  • Business License
  • Business Bank Account
Credit Score Range 700 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Revenue $0
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Recent Bank Statements
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Collateral Requirement Unsecured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • New Location
  • Product or Service Expansion
  • Working Capital
  • Business Debt Refinance
  • Inventory
  • Payroll
Credit Bureau Reporting Other
Funding Time Range 5 - 60 days
Payment Frequency Monthly
Payment Options
  • Automatic Payments
  • Bank Transfer
Loan Amount $10,000 - $500,000

Be the first to rate

 

Would you recommend LenCred Business Lines of Credit to your friends?

Before we publish your vote:

Please explain your vote by sharing your experience.

Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

Please write a review to submit your vote
(will require moderator approval)