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  LoanMe Merchant Cash Advance

LoanMe Merchant Cash Advance

in Merchant Cash Advance from LoanMe Inc.

Unaffiliated

LoanMe Merchant Cash Advance

Unaffiliated

in Merchant Cash Advance from LoanMe Inc.

Net Recommendation Score -100

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
Community Rating

Rating not yet determined  

Factor Rate Starting at 1.25
Loan Amount $600 - $100,000
Minimum Revenue N/A
APR  (Fee or Charge Based Product) Starting at 25%

LoanMe Merchant Cash Advance Review

LoanMe Merchant Cash Advance is offered by LoanMe Inc., a direct lender founded in 2014 and based in Anaheim, CA. LoanMe Merchant Cash Advance is 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 1.5 will have a total repayment of $30,000, which includes $10,000 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 approve (or deny) a merchant cash advance application within 24 hours and 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 Inc. 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.

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 Merchant Cash Advance 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 Merchant Cash Advance. Permanent resident / green card holders are also eligible to apply.

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

  • Proof of income
  • Recent bank statements
  • Business formation documents
  • Proof of identity
  • U.S. tax identification number

What limitations does LoanMe Merchant Cash Advance set on the purpose of the merchant cash advance?

LoanMe Merchant Cash Advance considers merchant cash advance applications for business purposes, such as:

  • Business debt refinance
  • Equipment purchase
  • Lease improvement
  • New location
  • Product or service expansion
  • Working capital
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Contact

  • Headquarters
  •   1900 S. State College Boulevard, Suite 300
    Anaheim, CA 92806
  •   Visit Site

Other Services by LoanMe Inc.

Availability

  Available in 23 states and Washington, D.C.
  • Alabama
  • Arizona
  • California
  • Delaware
  • Washington, DC
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kentucky
  • Louisiana
  • Maine
  • Mississippi
  • Missouri
  • Nebraska
  • New Hampshire
  • New Mexico
  • Ohio
  • Oregon
  • South Carolina
  • Utah
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee
Origination Fee (%) Starting at 5%
Business Financing Requirements
  • Business License
  • Business Bank Account
Credit Score Range 300 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Minimum Months in Business 2
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • U.S. Tax Identification Number
  • Recent Bank Statements
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Collateral Requirement Unsecured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • New Location
  • Product or Service Expansion
  • Working Capital
  • Business Debt Refinance
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range Starting at 1 day
Payment Frequency Daily
Payment Options Automatic Payments
APR (Fee or Charge Based Product) Starting at 25%
Factor Rate Starting at 1.25
Loan Amount $600 - $100,000
Loan Term 6 - 9 months
Minimum Repayment Requirement 10%

LoanMe Merchant Cash Advance Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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