in Business Loans from LenCredUnaffiliated
in Business Loans from LenCred
Strongly not recommended
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|Community Rating||Strongly not recommended|
|Loan Amount||$25,000 - $200,000|
|APR||0% - 20%|
|Loan Term||N/A months|
Where does LenCred do business?
LenCred is a business financing offering by LenCred, a financial services company 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 $200,000.
What do you need to qualify for a loan with LenCred?
Applicants with a credit score of at least 700 can apply for a loan via LenCred. LenCred does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered
Only U.S. citizens and permanent residents can apply for a loan. To qualify, applicants may need to provide the following documentation:
- Proof of Identity
- Proof of Income
What is the estimated funding time for a business loan via LenCred?
LenCred can provide a credit approval decision in less than an hour and fund the loan within 5 business days.
Does LenCred report loan payments to credit bureaus?
LenCred may report credit data to the following credit reporting agencies:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Origination Fee ($)||Up to $5,000|
|Origination Fee||6% - 8%|
|Credit Score Range||
700 - 850
|Immigration Status Considered||
|Employment Statuses Considered||
|Verification Documents Required||
|Loan Amount||$25K - $200K|
|APR||0% - 20%|