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LoanMe small business loans review

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Fast funding for startups, sole proprietorships and more with a unique take on credit ratings.’s rating: 4.5 / 5.0


You’ve got strong credit but you need some financing to get your new business off the ground. The problem is most lenders require your business to have six months of revenue under its belt to qualify for a loan. Lucky for you, LoanMe doesn’t: You only need two months to get through the door.


Min. Amount


Max. Amount


Product NameLoanMe business loans
Min. Amount$3,500
Max. Amount$250,000
Loan Term5 to 120 months
Min. Credit Score500
RequirementsFor-profit business at least 2 months old, personal credit score of at least 500, have a business bank account, be older than 21.

First, am I eligible?

To qualify for a LoanMe business loan you must:

  • Have a business that’s been operating for at least two months. Your business must be generating income during this time for it to count.
  • Run a for-profit business. Nonprofits and other organizations are ineligible.
  • Have a business bank account. Your account must be at least 90 days old and in your business’s name.
  • Have a personal credit of at least 500. LoanMe pays attention to other aspects of your credit history to determine what loan amounts and terms you’re eligible for.
  • Be 21 or older. This is slightly higher than most age cutoffs of 18 years old.

What are LoanMe business loans?

LoanMe business loans are fixed-term loans that can be used for any legitimate business use, including working capital, start-up financing, buying inventory or new equipment, or covering the cost of a new staff member. It offers three types of business loans:

Loan typeHow it worksLoan amountsInterest rangeOrigination feeTermState restrictions
Working capital loanYour standard term loan with the option of paying it off early with no penalty$3,500–$75,00024%–149%5%–10% or $500, (whichever is more)24–120 monthsAll states where LendMe operates
Fixed payback loanA short-term no-interest loan with a slightly higher origination fee$4,000–$60,0000%14%–35%6–12 monthsAll states where LendMe operates except New Jersey and Oregon
Prime business loanBig-dollar term loan only available to business owners with excellent credit and high revenue$12,500– $250,00014.90%–24.90%15%120 monthsOnly available in California

Note that the minimum loan amounts for working capital loans and fixed payback loans vary by state.

Working capital loans start at:

  • $6,000 in Arizona, California, Missouri, Ohio and Virginia
  • $11,000 in New Hampshire
  • $17,000 in Kentucky and Maryland
  • $53,000 in New Jersey and Oregon

Fixed payback loans start at:

  • $6,000 in Arizona, California, Missouri, Ohio and Virginia
  • $12,000 in New Hampshire
  • $18,000 in Kentucky and Maryland

For working capital loans in Kentucky, Maryland, New Jersey and Oregon, the only term length you can get is 10 years.

What makes LoanMe business loans unique?

LoanMe specializes in lending to businesses that normally don’t qualify for financing from traditional lenders. It’s willing to work with businesses as young as two months old, solo operations and ventures that are short on cash due to an emergency or unexpected expense.

The LoanMe grading system

LoanMe business loans are also open to borrowers with low personal credit scores. Instead of relying on your FICO credit score, LendMe uses its underwriting system to come up with a letter grade for its applicants based on your personal credit history and business finances. This grade is used to determine what loan amounts, interest rates and fees you qualify for.

Lower grades can only qualify businesses for smaller loan amount at higher rates with shorter terms. Monthly payments are also typically higher. Here’s an example of how the highest and lowest grades compare in most states where LendMe operates:

Working capital loan

GradeAvailable amountsInterest ratesOrigination feeLoan termMinimum monthly payment
A$3,500–$75,00024%5%120 months$77.17–$1,653.61
E$3,500–$15,000149%10%24 months$462.45–$1,981.94

Fixed payback loan

GradeAvailable amountsInterest ratesOrigination feeLoan termMinimum monthly payment
A$4,000–$60,0000%14%12 months$333.34–$5,000.00
E$5,000–$13,0000%35%6 months$833.34–$2,166.67

What are the benefits of getting a business loan through LoanMe?

  • Startups and sole proprietorships welcome. You don’t need to have a large team or be in business a long time to qualify for a loan.
  • Low credit requirements. LoanMe only requires applicants have a personal credit score of 500, though you likely won’t qualify for the most competitive rates or highest loan amounts.
  • Fast funding. You can get your business loan funds quickly. Turnaround time is as soon as the same day you submit your loan documents if you do so before 1 p.m. Pacific standard time on a business day.
  • Rewards repeat borrowers. Borrowers who’ve already repaid a LoanMe business loan on time can typically qualify for lower rates and higher amounts the second time around.

What to watch out for?

While LoanMe allows working capital borrowers to prepay their loan to save on interest, it’s not as much of a perk as a necessity. Even if you score an A and borrow $3,500, you’d still end up paying $5,760.40 in interest alone if you stuck to a 10-year loan term. Here are some other things to look out for:

  • Potentially high interest rates. While they may not be as high as LoanMe’s personal loan rates, they’re still comparably high for a business loan.
  • Long terms on working capital loans. Longer terms mean lower monthly payments, but they could make your interest cost double the amount you borrowed.
  • Short terms on fixed payback loans. Don’t let the 0% interest fool you: These loans can come with higher monthly payments due to the short loan term.
  • Limited availability. LoanMe business loans are only available in 29 states and Washington, DC.

Compare more business loan providers

Data indicated here is updated regularly
Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$4,000 – $300,000
5.49% to 22.79%
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 300
Alternative financing up to $300K with highly competitive rates.
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
Fundera business loans
$2,500 – $5,000,000
7% to 30%
$300,000+ of annual revenue, 680+ personal credit score, in business for 3+ years
Get connected with short-term funding, SBA loans, lines of credit and more.
Kickpay e-commerce business loans
$20,000 – $1,000,000
Not applicable
At least $250,000 in the past 12 months of revenue, e-commerce business, use a 3rd party fulfillment center for storing and shipping inventory, at least one US location.
Get a loan for your e-commerce business based on your sales history.
Credibly business loans
$5,000 – $250,000
6+ months in business, $180K annual business revenue, 500+ credit $15K+ in monthly deposits
Funding to cover business expenses with daily or weekly repayments.
SmartBiz business loans
$30,000 – $5,000,000
4.75% to 7.00%
650+ personal credit score, US citizen or permanent resident, 2+ years in business, $50,000+ annual revenue, no outstanding tax liens, no bankruptcies or foreclosures in past 3 years
Get funding for your small business with a government-backed loan and extended repayment terms.
LendingClub business loans
$5,000 – $500,000
9.77% to 35.98%
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
Monevo business loans
$500 – $100,000
3.99% to 35.99%
Credit score of 500+, legal US resident and ages 18+.
Use this connection service to get paired with a loan you can use for business.

Compare up to 4 providers

What do borrowers have to say about LoanMe?

LoanMe has mixed online reviews. It’s been accredited with the Better Business Bureau (BBB) since 2014 and gets an A+ BBB rating. LoanMe does slightly better on Trustpilot, scoring an 8.9 out of 10 drawn from over 900 reviews, 75% of which called it “Excellent.”

Despite these high scores, nearly all of the customer reviews on its BBB page are negative. It has closed 72 customer complaints filed against it with the BBB, which appear to primarily involve miscommunications over repayments.

Overall, reviewers who liked LoanMe were most impressed with the customer service, the simplicity of the application and the speed they got their funds.

The one-star reviews mostly concerned its high rates, though a few also complained that they were getting bombarded with emails and phone calls. In fact, one customer went so far as to file a lawsuit against LoanMe in 2016, claiming that it constituted telephone harassment by a lender.

The California Commissioner of Business Oversight also filed a complaint against LoanMe in 2015 for misleading customers both in advertising and during the application process, among other things.

How do I apply?

You can either apply by filling out a prequalification form online or calling 844-956-2663. The online application takes about five minutes to finish. Here’s how:

  1. Go to LoanMe’s website and click Small Business Loans.
  2. Once on the Small Business Loans page, hit Check Your Loan Amount.
  3. Fill out your personal and business information, read the Credit Authorization Disclosure and Contact
  4. Authorization Disclosure before clicking See How Much I Qualify For.
  5. LoanMe displays the loan amounts, rates and terms you might qualify for after processing your information. If you’d like to continue, follow the directions to finish your application and submit your documents. This could take as little as five minutes.
  6. Review your loan agreement carefully before clicking I accept.
  7. Receive your funds. If you accept before 1 p.m. Pacific standard time, you could have your loan amount deposited into your account in as little as two hours.

Step-by-step application with screenshots

What documents do I need to apply?

LoanMe requires the following documents and information from all applicants:

  • A state-issued ID
  • A voided check from your business account
  • Your business’s Employer Identification Number (EIN)

I got the LoanMe personal loan. Now what?

LoanMe automatically deducts your repayments from your business checking account so you don’t need to worry about manually making a payment each month. If you want to repay a working capital loan early, you can by electronic transfer, personal check or cashier’s check.

Autopay might save you the headache of remembering to make repayments. But even machines sometimes make mistakes. Check in on your loan balance and business checking account to make sure you aren’t accidentally missing payments or temporarily run out of funds before your payment is due.

If you have any questions or concerns, reach out to customer service. For quick questions, take advantage of the live chat feature on its website. Otherwise, call 844-764-7368 Monday through Friday, 8 a.m. to 6 p.m. Pacific standard time, or Saturday and Sunday, 8 a.m. to 5 p.m.

Bottom line

New business owners with a strong credit history might find the financing they’re looking for from LoanMe. Even better if you’re confident your business will have skyrocking revenues in the coming months and you’ll be able to pay off your loan quickly.

Low-credit borrowers still have options, but you might need to have a more established business to get competitive rates and high loan amounts. Find out if it’s the best deal for your needs by comparing other business loans.

Interested in other providers that serve sole proprietors? Check out our article on business loans for sole proprietorships.

Frequently asked questions

Business loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.

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