|APR||0% - 99%|
|Loan Term||N/A months|
Where does LeaseQ do business?
LeaseQ is a business financing offering by LeaseQ, a marketplace lender based in Burlington, MA. Founded in 2012, LeaseQ offers access to business loans in 50 states (and Washington, DC).
What are LeaseQ’s rates?
LeaseQ offers a business financing product that ranges from 0% APR up to 99% APR.
Does LeaseQ charge an origination fee?
Yes, LeaseQ charges a loan origination fee.
What limitations does LeaseQ set on the purpose of the loan?
LeaseQ considers loan applications for business purposes, such as:
- Equipment Purchase
- Lease Improvement
- Technology Investment
- Working capital
What types of business loans does LeaseQ offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. LeaseQ provides access to the following business loan types:
- Unsecured term loans
- Secured Term Loans
- Lines of Credit
- Invoice Financing
- Merchant Cash Advances
- ACH Cashflow Loans
Does LeaseQ charge prepayment fees?Yes, LeaseQ charges additional fees to borrowers who pay off their loans 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 loan early.
What do you need to qualify for LeaseQ?
LeaseQ does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.
Applicants with a credit score of at least 500 and up to 850 are eligible for LeaseQ.
LeaseQ does not have or does not disclose a minimum annual income eligibility requirement. LeaseQ will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.
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. APRs for the LeaseQ product fall outside of the MLA limits and as a result the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Proof of identity
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Credit Score Range||
500 - 850
|Immigration Status Considered||
|Employment Statuses Considered||
|Verification Documents Required||
|APR||0% - 99%|