Do you need capital to expand your business or keep your operations afloat? When other lenders have said no, LoanMe could say yes. You can apply today to get an instant decision without affecting your credit score and get funding the same day.
What Is LoanMe?
LoanMe is a BBB accredited online platform that offers competitive lending solutions to underserved businesses and consumers. You can conveniently shop for business loans and personal loans and receive the funding you need in record time. Even better, funding is available 7 days a week on select loan products, and you can check your available options without impacting your credit score.
Benefits of Getting a Business Loan Through LoanMe
Wondering what separates LoanMe from other lenders that offer small business loans? Here are some key advantages to keep in mind:
- Generous loan amounts: You could get approved for a small business loan between $3,500 to $250,000. The minimum loan amounts are lower than traditional banks or other online lenders.
- Less stringent qualification criteria: Some lenders require you to have several months or years in business before they’ll consider you for a loan. However, you could get approved with LoanMe with just 90 days in business.
- Streamlined application process: LoanMe makes it easy to get the funding you need for your business. The application process only takes a few minutes, and you’ll get a decision right away.
- Rapid funding: Many applicants receive loan proceeds in just two to four hours. If your loan amount does not exceed $10,000, you could be eligible for funding on the weekend and holidays.
- Affordable monthly payments: You’ll get a fixed monthly payment and repayment term of up to 10 years.
- No prepayment penalties: If you decide to repay your business loan early, you won’t be assessed a prepayment penalty.
- Monthly payments for Merchant Cash Advances: LoanMe is one of the few lenders in the U.S. offering monthly payments for MCA, rather than weekly.
Which States Are Business Loans Via LoanMe Not Available In?
Unfortunately, LoanMe small business loans are not available in Alaska, Arkansas, Colorado, Connecticut, Florida, Georgia, Massachusetts, Michigan, Minnesota, Montana, Nevada, New York, North Dakota, Oklahoma, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Vermont and West Virginia.
LoanMe Business Loans Review
Let’s review how the business loans by LoanMe work and what you need to get approved for one:
How Do Business Loans Work Via LoanMe?
LoanMe small business loans are installment products that are payable over time. The monthly payments won’t fluctuate as the interest rate is fixed, and you have the option to pay the loan off early to save on interest.
Small business owners use the funds to make investments that foster the expansion of their existing operations. Many also use the loan proceeds to satisfy an immediate cash need, cover payroll, pay invoices, purchase equipment or increase inventory. And if you’re a business newbie, you can use the capital to pay for startup costs.
What Are The Requirements?
All for-profit businesses that have been operable for at least 90 days are invited to apply. You should also meet the following criteria:
- Be at least 21 years of age
- Have 25 percent ownership in the company
- Have an active business checking account with online banking capabilities that has been open for at least 90 days
- Have a federal Employer Identification Number (EIN)
- Have a minimum of $40k in business revenue
Business Loans Fees and Costs
The fees and costs for LoanMe small business loans vary by your state of residence and the applicable lending laws and underwriting guidelines.
What Documents Do You Need to Apply?
LoanMe will need a copy of a voided check and your driver’s license, passport or state-issued identification card to process your loan application.
How to Get Started with a LoanMe Business Loan
You can apply for a LoanMe business loan by submitting a quick online application on LoanMe’s website. Team members are available 24/7 to answer any questions you may have and process your application.
What Other Loan Products Does LoanMe Offer?
If you are in need of consumer loans in your personal life, consider LoanMe for these other loan products they also offer:
LoanMe personal loans between $1,000 and $30,000 are available to help you cover financial emergencies, consolidate debt or make major home repairs. Some borrowers also use loan proceeds to pay for significant life events or purchase big-ticket items. But you’re free to use the funds however you see fit.
These loan products come with a fixed interest rate determined by your credit score, credit history, loan term and loan amount. Be mindful that lower interest rates are usually reserved for borrowers with higher credit scores. The loan term you receive will vary by your financial profile and the loan product you qualify for.
Like business loans, the funding time for personal loans is also rapid. Some borrowers receive cash in just three to four hours. And if you apply on the weekend or a holiday and get a loan amount of $10,000 or lower, you may not have to wait until the next business day to get funded.
You could be eligible for a personal loan if you’re at least 18 years old and have an active checking account with online banking. LoanMe will also request a recent pay stub or proof of self-employment, a voided check and a photocopy of your driver’s license, state-issued photo identification or passport. Get pre-qualified today by submitting the online form.
If you want to access lower interest rates and borrow between $3,100 and $10,000, LoanMe Prime is a personal loan to fund major purchases or consolidate debt with more competitive rates than their personal loan offering, and no prepayment penalties. You can apply 24/7 online and pre-qualify with no impact on your credit score, with no obligation to secure a loan if you decide not to move forward with the offer.