PowerUp Lending Group
in Business Loans from PowerUp Lending GroupUnaffiliated
|Loan Amount||Starting at $20,000|
|Loan Term||N/A months|
PowerUp Lending Group Review
Where does PowerUp Lending Group do business?
PowerUp Lending Group is a business financing offering by PowerUp Lending Group, a direct lender based in Great Neck, NY. Founded in 2008, PowerUp Lending Group offers access to business loans in 50 states (and Washington, DC).
What are PowerUp Lending Group’s rates?
PowerUp Lending Group offers a business financing product but they do not disclose their rates.
Does PowerUp Lending Group charge an origination fee?
Yes, PowerUp Lending Group charges a loan origination fee.
What types of business loans does PowerUp Lending Group offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. PowerUp Lending Group provides access to the following business loan types:
- Unsecured term loans
- Secured Term Loans
- Merchant Cash Advances
- ACH Cashflow Loans
Does PowerUp Lending Group charge prepayment fees?Yes, PowerUp Lending Group charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.
How much can you borrow from PowerUp Lending Group?
Loan amounts start at $20,000.
What do you need to qualify for PowerUp Lending Group?
PowerUp Lending Group requires companies to be in business for at least 6 months. Businesses must have a minimum annual revenue of $8,500 to be considered.
Applicants with a credit score of at least 500 and up to 850 are eligible for PowerUp Lending Group.
PowerUp Lending Group does not have or does not disclose a minimum annual income eligibility requirement. PowerUp Lending Group only considers borrowers who are employed.
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. Active duty service members and their covered dependents are eligible to apply for a loan via PowerUp Lending Group. Their rates fall within the limits of The Military Lending Act.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Proof of income
What is the estimated funding time for a business loan via PowerUp Lending Group?
PowerUp Lending Group can approve (or deny) a loan application within 24 hours and fund business loans within 1 business day of approval.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Credit Score Range||
500 - 850
|Immigration Status Considered||
|Employment Statuses Considered||
|Minimum Months in Business||6|
|Verification Documents Required||
|Loan Amount||Starting at $20K|