Last Updated: 04/18/2025
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Highlights
Factor Rate
Starting at 1.25
Amount Range
$600 - $100,000
Minimum Revenue
N/A
APR (Fee-Based Product)
Starting at 25%(Verified 06/21/2024)
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LoanMe Merchant Cash Advance Review
LoanMe Merchant Cash Advance is offered by LoanMe Inc., a direct lender founded in 2012 and based in Anaheim, CA. LoanMe Merchant Cash Advance are available in 23 states and Washington, DC.
LoanMe Merchant Cash Advance FAQ
What APRs does LoanMe Merchant Cash Advance offer?
The cost of merchant cash advances is typically marketed as a factor rate, not an APR. LoanMe Inc. offers merchant cash advance with a factor rate starting from 1.25 . The higher the factor rate, the higher the fees. For example, an advance of $20,000 with a factor rate of 1.25 will have a total repayment of $25,000, which includes $5,000 in fees.
that ranges from 25% APR. Does LoanMe Merchant Cash Advance charge prepayment fees?
No, LoanMe Merchant Cash Advance does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the LoanMe Merchant Cash Advance off early.
How much cash can you advance from LoanMe Merchant Cash Advance?
Cash advance amounts start at $600 and go up to $100,000.
How often does LoanMe Merchant Cash Advance process payments?
LoanMe Merchant Cash Advance processes payments daily based on your business's credit card transactions. This means that a percentage of your transactions will automatically be sent to LoanMe Merchant Cash Advance as payment for your cash advance until the full amount is paid.
Does LoanMe Merchant Cash Advance charge an origination fee?
Yes, LoanMe Merchant Cash Advance charges a origination fee starting at 5% of the total amount advanced . LoanMe Merchant Cash Advance deducts the fee directly from your merchant cash advance amount before disbursing merchant cash advance proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
What is the minimum repayment amount required by LoanMe Merchant Cash Advance?
LoanMe Merchant Cash Advance requires a minimum payment of 10% of the total amount advanced from the merchant when the payment is due.
What is the estimated funding time for a merchant cash advance via LoanMe Merchant Cash Advance?
LoanMe Merchant Cash Advance can fund your merchant cash advance within 1 business day of approval.
What are the business financing requirements for LoanMe Merchant Cash Advance?
To apply for LoanMe Merchant Cash Advance, you need to provide the following business documentation:
- Business license
- Business bank account
What do you need to qualify for LoanMe Merchant Cash Advance?
When it comes to credit scores, LoanMe Merchant Cash Advance doesn't have a set minimum or maximum. People with all types of credit scores can apply.
LoanMe Merchant Cash Advance does not have or does not disclose a minimum annual income eligibility requirement.
U.S. citizens and permanent resident / green card holders with a U.S. tax identification number are eligible to apply for the services offered by LoanMe Merchant Cash Advance.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Bank account information
- Business formation documents
- Proof of identity
- U.S. tax identification number
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Sunday
Closed
Monday
8:00AM - 6:00PM
Tuesday
8:00AM - 6:00PM
Wednesday
8:00AM - 6:00PM
Thursday
8:00AM - 6:00PM
Friday
8:00AM - 6:00PM
Saturday
8:00AM - 6:00PM
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LoanMe Merchant Cash Advance Community Reviews
Would you recommend LoanMe Merchant Cash Advance to your friends?
OJ
Okunola John W.
Dec 11, 2020
May or may not recommend
A times I ask myself why the government or regulatory bodies still allow LoanMe Inc. to operate. I lost over $10,000 to them due to their astronomical repayment charges, you also get to pay at least $50 legal fees anytime you want to repay the loan, you also pay late fees anytime you pay 24-48 hours late. I cannot patronize or recommend the company.
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