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finder.com’s rating: 4.5 / 5.0
★★★★★
$3,500
Min. Amount
$100,000
Max. Amount
Product Name | LoanMe business loans |
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Min. Amount | $3,500 |
Max. Amount | $100,000 |
Loan Term | 5 to 120 months |
Min. Credit Score | 500 |
APR | 39%–159% |
Requirements | For-profit business at least 90 days old, personal credit score of at least 500, have a business bank account, be older than 21 |
To qualify for a LoanMe business loan you must:
LoanMe offers business loans in 29 states. You won’t be able to get a loan if your business operates out of:
LoanMe business loans are fixed-term unsecured loans that can be used for any legitimate business use. This includes working capital, startup financing, buying inventory or new equipment, or covering the cost of a new staff member.
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.
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.
If you have decent credit or just want to compare more options, take a look at some more lenders by entering a few basic pieces of info about your business.
BBB accredited | Yes |
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BBB rating | A- |
BBB customer reviews | 3.2 out of 5 stars, based on 96 customer reviews |
BBB customer complaints | 91 customer complaints |
Trustpilot Score | 4.5 out of 5 stars, based on 1,514 customer reviews |
Customer reviews verified as of | 12 October 2020 |
LoanMe has mixed online reviews. Overall, customers were most impressed with the customer service, the simplicity of the application and the speed they got their funds. However, when we contacted customer service by online chat to update this review, the representative wasn’t forthcoming with information and ended the chat before we finished asking questions.
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.
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:
LoanMe requires the following documents and information from all applicants:
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 do so 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. PT, or Saturday and Sunday, 8 a.m. to 5 p.m.
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 skyrocketing 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.
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.