Intermediate-Term Loan by LoanMe
LoanMe works well for businesses that don’t qualify for traditional loans or for businesses that have urgent short term cash needs. If you don’t meet a traditional lender’s underwriting requirements because of your personal credit, industry, or loan amount, they could help. See loan options and cost with no hidden fees, only paying interest for the days you borrow. Requires at least 3 months in business, a business bank account, and personal credit +500.
Set, monthly payments with no prepayment penalty. LoanMe reports payments to both personal and business credit bureaus. If you pay on time, this could help raise your credit.
Cost can exceed 100% of the loan amount.
Time in Business
At least 3 months in business with income.
Personal Credit Score
A minimum personal credit score of 500.
Business must have bank account in the name of the business.
Must be a for-profit business.
Credit Bureau Reporting
LoanMe reports payments to both personal and business credit bureaus.
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