LoanMe Small Business Loans Review

LoanMe Small Business Loans is a business financing offering by LoanMe Inc., based in Anaheim, CA. Founded in 2014, LoanMe Inc. offers access to business loans in 23 states (and Washington, DC).

What are LoanMe Small Business Loans’s rates?

LoanMe Small Business Loans offers a variable APR business financing product that ranges from 14% APR up to 149% APR.

Does LoanMe Small Business Loans charge an origination fee?

Yes, LoanMe Small Business Loans charges a loan origination fee starting at 5% of the loan amount. LoanMe Small Business Loans 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 Small Business Loans set on the purpose of the loan?

LoanMe Small Business Loans considers loan applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• Lease Improvement
• New Location
• Product or Service Expansion
• Working capital

What types of business loans does LoanMe Small Business Loans 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 Small Business Loans provides access to the following business loan types:

• SBA Loans
• Merchant Cash Advances
• Bridge Loans

Does LoanMe Small Business Loans charge prepayment fees?

No, LoanMe Small Business Loans 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 Small Business Loans?

Loan amounts start at $3,500 and go up to $250,000.

What is the maximum loan term you can get with LoanMe Small Business Loans?

LoanMe Small Business Loans 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 LoanMe Small Business Loans?

LoanMe Small Business Loans requires companies to be in business for at least 2 months. Businesses don't have to meet a minimum annual revenue to be considered.

When it comes to credit scores, LoanMe Inc. doesn't have a set minimum or maximum. People with all types of credit can apply.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the LoanMe Small Business Loans product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by LoanMe Small Business Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Proof of identity
• U.S. tax identification number

What is the estimated funding time for a business loan via LoanMe Small Business Loans?

LoanMe Small Business Loans can approve (or deny) a loan application within 24 hours and fund business loans within 1 business day of approval.