LenCred is a lending platform based in Blackwood, NJ. It was founded in 2001 and offers access to business loans in 50 states (and Washington, DC).
LenCred offers business loans with APRs starting from 0% and up to 20%.
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 depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
Some lenders only provide business loans for certain purposes. LenCred offers considers loan applications for the following reasons:
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:
No, LenCred will not charge you a late fee. Yes, LenCred charges borrowers with a late payment fee.
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.
Loan amounts start at $25,000 and go up to $200,000.
Applicants with a credit score of at least 670 can apply for a loan via LenCred.
LenCred does not require borrowers to have been in business for a minimum number of years. Active duty servicemembers and their covered dependents are eligible to apply for a loan via LenCred. Its rates and terms fall within the limits of The Military Lending Act.
Only U.S. citizens can apply for a loan.
To qualify, applicants may need to provide the following documentation:
LenCred can provide a credit approval decision in less than an hour and fund the loan within 5 business days.
LenCred reports credit data to the following credit reporting agencies:
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