LoanMe Small Business Loans Review

Loan me is a business financing offering by LoanMe Inc., based in Anaheim, CA. Founded in 2012, LoanMe Inc. offers access to small business loans in 29 states (and Washington, DC).

What are Loan me’s rates?

Loan me offers a variable APR business financing product that ranges from 14% APR up to 149% APR.

Does Loan me charge an origination fee?

Yes, Loan me charges a loan origination fee starting at 5% of the business loan amount. Loan me deducts the fee directly from your business 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 Loan me set on the purpose of the business loan?

Loan me considers business 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 small business loans does Loan me offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. Loan me provides access to the following business loan types:

• SBA Loans
• Merchant Cash Advances
• Bridge Loans

Does Loan me charge prepayment fees?

No, Loan me does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the business loan off early.

How much can you borrow from Loan me?

Business loan amounts start at $600 and go up to $20,000.

What is the maximum business loan term you can get with Loan me?

Loan me offers small 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 scores 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
• Business formation documents
• Driver's license
• Government issued photo ID
• Proof of identity
• U.S. tax identification number

What is the estimated funding time for a business loan via Loan me?

Loan me can approve (or deny) a business loan application within 24 hours and fund small business loans within 1 business day of approval.

Does LoanMe Small Business Loans report your account activity to credit bureaus?

Yes, LoanMe Small Business Loans reports your account activity to the following credit reporting agencies:

• Experian

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.