LoanMe is a lending platform based in Anaheim, CA. It was founded in 2014 and offers access to business loans in 30 states (and Washington, DC)
LoanMe offers business loans with APRs ranging from 24% and up to 149%.
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.
Some lenders only provide business loans for certain purposes. LoanMe 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. LoanMe provides access to the following business loan types:
Yes, LoanMe charges borrowers with a late payment fee.
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.
Loan amounts start at $3,500 and go up to $250,000.
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.
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.