Let’s Talk Numbers

Not all applicants will qualify for our loan products or for the lowest interest rate for a particular loan product. Pricing and the amount qualified for will vary, depending on the business and the owner’s situation. Choose your state for a full scope of Product details.

Prime Business Loans
Overall Score of Applicant Loan Amount Interest Rate Origination Fee Loan Terms Min. Monthly Payments
Working Capital Loans
Overall Score of Applicant Loan Amount Interest Rate Origination Fee** Loan Terms Min. Monthly Payments

**Minimum origination fee is $500.

Fixed Payback Loans
Overall Score of Applicant Loan Amount Origination Fee Loan Terms Min. Monthly Payments

Do I qualify for a LoanMe Small Business Loan?

To qualify for a LoanMe Small Business loan, you must meet the following requirements:

  • Must be in business for at least 90+ Days with income
  • Must be a for profit business
  • Must have a business bank account, in the name of the business
  • Must be 25%+ owner of the business
  • Drivers License, State Issued ID or US Passport
  • Must give Authorization to Obtain Credit Report
  • Must be 18+ years of age

How to Use Your LoanMe Small Business Loan Responsibly

EXAMPLE SCENARIOS OF A SMALL BUSINESS LOAN:
Loan Size $15,000
Origination Fee 10% of $15,000 = $1,500
Total Funds Wired $13,500
Interest Rate 54%
Terms of the Loan 120 Months
Minimum Monthly
Payments
$678.45
EXAMPLE PAYOFF SCENARIOS
SCENARIO 1 EMERGENCY /
URGENT NEED
SCENARIO 2 OPPORTUNITY /
SHORT TERM NEED
SCENARIO 3 NOT RECOMMENDED /
LONG TERM NEED
Time to Pay Off 10 days 6 months 120 months Pay Minimum Monthly Payments
for Full Term of Loan
Total Payments $15,225.00 $17,449.05 $81,413.75
Total Financing Costs
(Including Fee)
$1,725.00 $3,949.05 $67,913.75
Total Financing Costs
(as % of Funds Wired)
12.78% 29.25% 503.06% We suggest you pay off early, even though you can keep the loan for 120 months.
A B C
scenarioIcon SCENARIO A EMERGENCY / URGENT NEED Entire loan due in full in 10 Days
TIME TO PAY OFF 10 Days
TOTAL PAYMENTS $15,225.00
TOTAL FINANCING COSTS (INCLUDING FEE) $1,725.00
TOTAL FINANCING COSTS (AS % OF FUNDS WIRED) 12.78%
scenarioIcon SCENARIO B OPPORTUNITY / SHORT TERM NEED Equal payments of $2,908.18
TIME TO PAY OFF 6 Months
TOTAL PAYMENTS $17,449.05
TOTAL FINANCING COSTS (INCLUDING FEE) $3,949.05
TOTAL FINANCING COSTS (AS % OF FUNDS WIRED) 29.25%
scenarioIcon SCENARIO C NOT RECOMMENDED / LONG TERM NEED Pay minimum monthly payments for full term of loan.
TIME TO PAY OFF 120 Months
TOTAL PAYMENTS $81,413.75
TOTAL FINANCING COSTS (INCLUDING FEE) $67,913.75
TOTAL FINANCING COSTS (AS % OF FUNDS WIRED) 503.06%

We suggest you pay off early, even though you can keep the loan for 120 months.

Can I Repay Early?

Yes. Repaying your loan early can save you in interest expense, so we do recommend you pay off the loan as soon as possible. Many customers who cannot afford to pay off the loan all at once, make additional payments on top of their regularly scheduled monthly payment. This helps to lower the loan’s principle balance, and allows them to payoff in a shorter period of time. Remember, you are only charged interest for the time period you are borrowing funds, so take advantage of our no “pre-payment penalty” policy. If you would like to make prepayments or pay the loan off early, call us at (844) 566-0808 and one our agents will gladly assist you. For payment options, please refer to our FAQ.

Can I Borrow Again?

We only allow one loan at a time, so you will have to repay your existing loan before we can offer you another loan.* By repaying your loan responsibly you can maintain or build healthy credit to help qualify for lower origination fees, lower rates and a higher borrowing limit on subsequent loan(s).

*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.

Representative Example

Amount of 2nd Loan

(IF QUALIFIED)

$30,000

Origination Fee

5% = $1,500

(COMPARED TO 10%)

Total Funds Wired to You

$28,500

(ORIGINATION FEE DEDUCTED FROM TOTAL AMOUNT)**
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