LoanMe Business Capital is an alternative business lender that offers simple business term loans. They are known for providing their loans quickly and affordably. A LoanMe business loan is a well-rounded option for a fast business term loan.
Borrowers with a wide range of credit scores can access LoanMe business loans. The terms on their loans also range widely, with a maximum ten-year term loan. They can provide loans of anywhere from $76,000 to $250,000 with their premier business loans. With their typical small business loans, you can receive up to $100,000.
LoanMe: Special Qualities & Features
Fast Applications
The application process at LoanMe Business Capital is very fast. The beginning of the process will involve a quick online or phone questionnaire. You will be required to provide the basic financial information that any lender needs to assess.
After you answer the questionnaire and verify your identity and bank account, they will get back to you with a quote. If you like what you see, you can fill in a full application and receive the funds. This entire process can be completed in 24 hours or less.
After you receive the full offer, you can look it over one last time and decide whether to move forward.
Diverse Term Lengths
With LoanMe, you can get a loan with a term ranging from two to ten years. The term lengths available to you will depend on your business’s financial stability and your credit score.
Compared to other business loans from other alternative lenders, these terms are quite long. Also, you can pay a LoanMe business loan back at any time. There are no prepayment fees and you can save on your interest by paying back faster.
No Collateral
LoanMe lends money to business lenders, even with low credit scores, without any collateral requirements. In fact, all of LoanMe’s business loans are unsecured.
All LoanMe requires is a personal guarantee. This isn’t the best option for a borrower, as you’ll be held personally responsible if you fail to pay back the loan. However, you don’t need to risk your capital or any property to get approved for a loan.
LoanMe Business Loan Pricing & Terms
LoanMe offers three loan products. Let’s go over each of their terms.
LoanMe Premier Business Loan
LoanMe’s premier business loan offers the largest funding option. You can use it to borrow anywhere from $76,000 to $250,000 for a ten-year term.
The premier loan comes at a high cost. First, you will have to pay an origination fee that works out to 15% of the loan’s balance. Next, you will have to pay an interest rate of anywhere from 14.9% to 24.9% per year.
LoanMe Small Business Loan
Small business loans from LoanMe are a convenient option with a high interest rate. With this option, you can borrow between $3,500 and $100,000 for a term of two to ten years.
The origination fees on LendMe’s small business loans are between 5% and 10%. After that, you will have an annual interest rate of anywhere between 39% and 159%. Of course, stronger business finances and a higher credit score will qualify you for lower interest rates.
LoanMe Fixed Payback Loan
The fixed payback loan is a shorter-term loan with much more affordable rates. The loan’s primary expense is its 19% to 40% origination fee. Because it’s a fixed payback loan, there are no interest charges. You can take a fixed payback loan for a term of six months to one year.
In General…
The interest rates and origination fees charged by LoanMe make it more expensive than most of its competition. What the company lacks in low rates it makes up for in speed and easier access.
Do I Qualify For A LoanMe Business Loan?
Qualifying for a LoanMe business loan is relatively easy. They have a short list of minimum requirements that most business owners can meet.
Credit Score
LoanMe doesn’t state any minimal credit score requirements. However, that doesn’t mean that any credit score will do. What it does mean is that they will consider your credit score alongside your business financials.
Of course, if you have a higher credit score, you can expect a better loan offer. A low credit score will restrict your term length options and will cause you to receive worse terms.
Time In Business
To be considered for any of LoanMe’s business loans, you will need at least 90 days in business. This is the baseline requirement for any of their three loan options.
Paperwork
LoanMe will need you to submit the following paperwork with your application:
- Any valid FICO credit return
- A government-issued ID (driver’s license, passport, etc.)
- Voided check
- 3 months’ worth of business banking statements
Other Requirements
You will need to hold at least 25% ownership in your business to qualify for a LoanMe business loan. You may have a discharged bankruptcy in your history, but you can’t have an open file. Only for-profit businesses are eligible for their loans.
There are no other restrictions on the businesses that can apply for a loan from them. Businesses in any sector are accepted. Any other criteria are not stated and all final decisions are at LoanMe’s discretion.
Factors To Keep In Mind
High Interest Rates
The options laid out by LoanMe are not cheap. Be sure you can afford to make timely payments if you take one of their fast business loans. Failing to pay them back will result in high interest charges. If you’re not careful, you can end up with serious cash flow problems.
Fast Service
What LoanMe lacks in good rates it makes up for with fast service. After receiving your full offer, you can have money wired to you in about two hours upon accepting.
If you’re looking for a fast business lender, LoanMe is a good candidate. You can potentially receive fast loans regardless of your credit score or current business situation.
Longer Terms Are More Affordable
When possible, you should apply for a loan with longer terms. Longer terms equate to lower monthly payments. As an MCA lender, you don’t need to worry about daily repayment calendars with LoanMe.
Because there are no prepayment penalties with LoanMe, longer terms are especially attractive. They offer you more freedom and more savings in the long term.
Especially Low Requirements
LoanMe has very low requirements for a business lender. Even business owners that can’t get approved by the majority of business lenders stand a strong chance of being approved for a LoanMe business loan. This is especially true when you consider that most business lenders require you to have a minimum of half a year in business.
LoanMe Business Loan: The Last Word
LoanMe Business Capital is a simple and fast business loan provider. They don’t have the best rates available, but they offer a simple and straightforward service.
If you’re looking for the best rates and have a lot of time, LoanMe isn’t the best small business lender for you. If you’re looking for a fast loan with low requirements, but simple and understandable terms, LoanMe is worth looking into.
