Strongly not recommended
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Where does LoanMe do business?
LoanMe is based in Anaheim, CA. It was founded in 2014 and offers access to business loans in 30 states (and Washington, DC).
What are LoanMe’s rates?
LoanMe offers business loans with APRs starting from 24% and up to 149%.
Does LoanMe charge an origination fee?
Yes, LoanMe charges a loan origination fee starting at 5% of the loan amount. LoanMe 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.
What limitations does LoanMe set on the purpose of the loan?
Some lenders only provide business loans for certain purposes. LoanMe offers considers loan applications for the following reasons:
- Equipment purchase
- New location
- Product or service expansion
- Working capital
- Business debt refinance
What types of business loans does LoanMe offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. LoanMe provides access to the following business loan types:
- SBA loans
- Merchant cash advances
Does LoanMe charge a late fee?
No, LoanMe will not charge you a late fee. Yes, LoanMe charges borrowers with a late payment fee.
Does LoanMe charge prepayment fees?
No, LoanMe does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow from LoanMe?
Loan amounts start at $3,500 and go up to $250,000.
What is the maximum loan term you can get with LoanMe?
LoanMe 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.
What do you need to qualify for a loan with LoanMe?
Applicants with a credit score of at least 300 can apply for a loan via LoanMe.
LoanMe 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 LoanMe. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.
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- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- South Carolina
- SBA Loan
- Merchant Cash Advance
- Business Debt Refinance
- Equipment Purchase
- Lease Improvements
- New Location
- Product or Service Expansion
- Working Capital