PowerUp Lending Group Small Business Loans

PowerUp Lending Group Small Business Loans Review

Power Up lending is a business financing offering by PowerUp Lending Group, based in Great Neck, NY. Founded in 2008, PowerUp Lending Group offers access to small business loans in 51 states across the USA.

What are Power Up lending’s rates?

Power Up lending offers a business financing product but they do not disclose their rates.

Does Power Up lending charge an origination fee?

Yes, Power Up lending charges a loan origination fee.

What types of small business loans does Power Up lending 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. Power Up lending provides access to the following business loan types:

Does Power Up lending charge prepayment fees?

Yes, Power Up lending charges additional fees to borrowers who pay off their small business 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 business loan early.

How much can you borrow from Power Up lending?

Business loan amounts start at $20,000.

What do you need to qualify for PowerUp Lending Group Small Business Loans?

PowerUp Lending Group Small Business Loans 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 may be eligible for PowerUp Lending Group Small Business Loans.

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 PowerUp Lending Group 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.

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

What is the estimated funding time for a business loan via Power Up lending?

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