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LenCred

in Business Loans from LenCred

Unaffiliated

LenCred

Unaffiliated

in Business Loans from LenCred

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Highlights
Highlights
Community Rating

Rating not yet determined

In our efforts to provide the community with the most accurate information, recommendation rating is not determined until a sufficient number of SuperMoney users cast their vote
Loan Amount $25,000 - $200,000
APR 0% - 20%
Loan Term N/A months

LenCred Review

Where does LenCred do business?

LenCred is a business financing offering by LenCred, based in Blackwood, NJ. Founded in 2001, LenCred offers access to business loans in 50 states (and Washington, DC).

What are LenCred’s rates?

LenCred offers a business financing product that ranges from 0% APR up to 20% APR.

Does LenCred charge an origination fee?

Yes, LenCred charges a loan origination fee of 6% to 8% of the loan amount up to 5000. LenCred deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does LenCred set on the purpose of the loan?

LenCred considers loan applications for business purposes, such as:

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

What types of business loans does LenCred offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. LenCred provides access to the following business loan types:

  • Unsecured term loans
  • Lines of Credit
  • SBA Loans

Does LenCred charge prepayment fees?

Yes, LenCred 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.

How much can you borrow from LenCred?

Loan amounts start at $25,000 and go up to $200,000.

What do you need to qualify for LenCred?

LenCred 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 700 and up to 850 are eligible for LenCred.

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. Their rates fall within the limits of The Military Lending Act.

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

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

  • Proof of income
  • Proof of identity

What is the estimated funding time for a business loan via LenCred?

LenCred can provide a credit approval decision in less than an hour and fund the loan within 5 business days.

Does LenCred report your account activity to credit bureaus?

LenCred 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 can help improve your credit score.

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Contact

  • Headquarters
  •   602 Little Cloucester Rd
    Suite 8
    Blackwood, NJ 08012 USA
  •   Visit Site

About LenCred

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  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%
Employment Statuses Considered
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Revenue $0
Verification Documents Required
  • Proof of Identity
  • Proof of Income
Funding Time Range (in days) 5 - 60
Credit Bureau Reporting
  • Other
Loan Amount $25K - $200K
APR 0% - 20%

LenCred Community Reviews

 

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