|Loan Amount||$5,000 - $250,000|
|APR||6% - 13%|
|Loan Term (Months)||Up to 60|
Where does LendingCrowd do business?
LendingCrowd is a marketplace lender based in Edinburgh, . It was founded in 2014 and offers access to business loans in state across the USA.
What are LendingCrowd’s rates?
LendingCrowd offers business loans with fixed APRs starting from 6% to 13%.
Does LendingCrowd charge an origination fee?
Yes, LendingCrowd charges a loan origination fee starting at 2% of the loan amount. LendingCrowd 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 LendingCrowd set on the purpose of the loan?
LendingCrowd considers loan applications for business purposes, such as:
- Equipment Purchase
- Lease Improvement
- New Location
- Product or Service Expansion
- Working capital
What types of business loans does LendingCrowd offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. LendingCrowd provides access to the following business loan types:
- Unsecured term loans
Does LendingCrowd charge prepayment fees?Yes, LendingCrowd 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 LendingCrowd?Loan amounts start at $5,000 and go up to $250,000.
What is the maximum loan term you can get with LendingCrowd?
LendingCrowd offers business loans with a maximum term of 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for a loan with LendingCrowd?
Applicants with a credit score of at least 640 can apply for a loan via LendingCrowd. LendingCrowd 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.