Features

Where does PowerUp Lending Group do business?

PowerUp Lending Group is a direct lender based in Great Neck, NY. It was founded in 2008 and offers access to business loans in 50 states (and Washington, DC)..

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

Does PowerUp Lending Group charge a late fee?

No, PowerUp Lending Group will not charge you a late fee. Yes, PowerUp Lending Group charges borrowers with a late payment fee.

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 a loan with PowerUp Lending Group?

Applicants with a credit score of at least 500 can apply for a loan via PowerUp Lending Group.

PowerUp Lending Group requires businesses to be in business for at least 6 months in business. Active duty servicemembers and their covered dependents are eligible to apply for a loan via PowerUp Lending Group. Its rates and terms 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.

  • Credit Score Range
    500 - 850
  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Months in Business
    6
  • Minimum Revenue
    $8500
  • Verification Documents Required?
    Proof of Income
  • Business Loan Type
    • ACH Cashflow Loan
    • Unsecured Term Loan
    • Secured Term Loan
    • Merchant Cash Advance
  • Approval Speed (Hours)
    24
  • Funding Time Range (in days)
    Starting at 1
  • Loan Amount
    Starting at $20000
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