Loan Me is a direct lender based in Anaheim, CA. It was founded in 2012 and offers access to business loans in 30 states (and Washington, DC).
Loan Me offers business loans with APRs starting from 24% and up to 149%.
Yes, Loan Me charges a loan origination fee starting at 5% of the loan amount. Loan Me 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. Loan Me 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. Loan Me provides access to the following business loan types:
No, Loan Me will not charge you a late fee. Yes, Loan Me charges borrowers with a late payment fee.
No, Loan Me does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
Loan amounts start at $3,500 and go up to $250,000.
Loan Me offers business loans with a maximum term of 120 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.
Loan Me doesn’t disclose its credit score minimum.
Loan Me does not require borrowers to have been in business for a minimum number of years. Active duty servicemembers and their covered dependents cannot apply for a loan via Loan Me. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.
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