We are here for businesses that don’t qualify for traditional loans or for businesses that have urgent short term cash needs. If you have the following situation, we could help.
We don’t lend to all businesses. You must be:
|Loan Size||$3,500 - $75,000|
|Term||2 years to 10 years|
|Origination Fee||5% to 10% with minimum of $500 (lower fees for 2nd loan)|
|Rate||24% to 149%|
|Prepayment||You can prepay your loan at any time with no penalty|
|Collateral||Personal guarantee only|
|Purpose||The loan can be used for nearly any business purpose|
|Taxes||Financing fees and interest may be tax deductible|
|Origination Fee||10% of $15,000 = $1,500|
|Total Funds Wired||$13,500|
|Terms of the Loan||120 Months|
|Minimum Monthly Payments||$498.23|
|Scenario 1||Scenario 2||Scenario 3|
|Pay off in 10 days||Pay off in 6 months|
(equal payments of $2,791.95)
|Pay Minimum Monthly Payments for Full Term of Loan|
|Time to Pay Off||10 days||6 months||120 months|
|Total Financing Costs|
|Total Financing Costs|
(as % of Funds Wired)
(we suggest you pay off early, even though you can keep the loan for 120 months)
You can apply for LoanMe's Small Business Loans from our website or by contacting a LoanMe loan representative. Our application process is online, paperless and is available 24/7.
Before you decide to go ahead with the loan, you will get a chance to review your loan documents and terms of the loan to make sure the loan is right for you.
Once approved and you have acknowledged you read the loan agreement by clicking “I accept”, we will wire the cash to your bank account. If you agree to the terms before 4PM EST, you will receive the funds the same day.
You review the loan agreement and accept the terms. If you agree before 4PM EST, we will send the cash to your account the same day. We send wire transfers at 4:30 EST every day, and the funds should appear in your account shortly after the wire is sent. It can take longer if some banks can’t process the wire fast enough to show the payment in your account.
We want to make the repayment process as hassle-free as possible. That’s why we automatically deduct the monthly payment from your business checking account. For additional payment options, please refer to our FAQ.
Yes. Repaying your loan early can save you on your interest expense, so we recommend you pay off the loan as soon as possible. Many customers also make additional pre-payments if they can’t afford to pay off the loan entirely. We have no hidden fees for early repayment and you will save money as we only charge interest for the days that you borrow.
Yes. We report your payments to Personal and Business credit bureaus so you can build your credit as you pay on time.
We only let customers have one loan at a time, so you will have to repay your loan before we give you another loan.* By repaying your loan responsibly you will qualify for lower origination fees on additional loans and may qualify for a lower rate and a higher borrowing limit. In addition, you may be building your credit.
*Of course, prior loan approval does not guarantee subsequent loan approvals. You will need to re-qualify based on the current guidelines in effect at the time of reapplying.