Intermediate-Term Loan by LoanMe

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.

Cost
95% Complete
LowHigh
Effort to Apply
30% Complete
EasyDifficult
Funding Speed
10% Complete
MonthsMinutes
Repayment Terms
70% Complete
MonthsYears

5/10

Bottom Line

Because of the high interest rates, you should consider what the monthly payment will be and that you will be able to make it on time for the duration of the term.

Pros

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.

Cons

Cost can exceed 100% of the loan amount.

Qualification requirements

Time in Business

At least 3 months in business with income.

Personal Credit Score

A minimum personal credit score of 500.

Bank Account

Business must have bank account in the name of the business.

Business Type

Must be a for-profit business.

Credit Bureau Reporting

LoanMe reports payments to both personal and business credit bureaus.

Cost
14.9% - 149% APR
Repayment Duration
6 months to 10 years
Funding Amount
$3,500 - $250,000
Funding Speed
As quickly as 4 hours
Prepayment
Prepay your loan with no penalty
Application
Online

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