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Where does LoanMe do business?
LoanMe is a lending platform based in Anaheim, CA. It was founded in 2014 and offers access to business loans in 23 states (and Washington, DC).
What are LoanMe’s rates?
LoanMe offers business loans with fixed APRs starting from 14% 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 disbursing loan proceeds, 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 considers loan applications for the following reasons:
- Business Debt Refinance
- Equipment Purchase
- New Location
- Product or Service Expansion
- Working capital
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
- Bridge Loans
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 terms ranging from 7 to 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 requires businesses to be in business for at least 2 months.
Only U.S. citizens and permanent residents can apply for a loan..
To qualify, applicants may need to provide the following documentation:
What is the estimated funding time for a business loan via LoanMe?
LoanMe can approve (or deny) a loan application within 24 hours and fund business loans within 1 business day of approval.
1900 S. State College Boulevard, Suite 300
Anaheim, CA 92806 USA
- Visit Site
- Washington, DC
- New Hampshire
- New Mexico
- South Carolina
- U.S. Citizen
- U.S. Permanent Resident
- Proof of Identity
- Proof of Income
- U.S. Tax Identification Number