What does LoanMe do?
We are an alternative online direct lender. LoanMe streamlines the process, getting money to the borrower faster than other lenders. We provide personal and business loans – unsecured installment loans.
How long has LoanMe been in business?
We have been in business since 2014. We have 300 employees and over 150,000 business and consumer loan customers.
LoanMe streamlines the process, getting money to the borrower faster than other lenders.
What makes LoanMe unique?
Getting a loan used to take so much time. You had to fill out a lot of paperwork and then wait months for approval. Technology has provided a new, speedy way to get funds. By shifting the application and approval process online, we are able to really move the money quickly from institutions to the people and companies who need it. We offer business loans to self-employed individuals, or business owners who happen to a have a different type of income source.
Additionally, our long term (up to 10 year) installment business loan is one of a kind in the industry.
What distinguishes you from other lenders?
We have a broader definition of what most traditional lenders would qualify as a “small business”, There are many different types of small businesses: startups; homegrown business with no employees; small shop owners with a few employees; online business, etc. Every business is different and at LoanMe we appreciate the fact that all businesses must start from somewhere.
Where traditional lenders consider lending to startups “riskier” than to an established business (due to limited financial histories, and little evidence of a company’s ability to succeed – LoanMe welcomes all entrepreneurs and businesses to qualify for a business loan, and we are proud to be part of their growth!
At LoanMe, we don’t care if you have 0 employees or 10 or 100. We are not concerned with how long you have been in business. Our loan program is not only the fastest funding as soon as 4 hours from application, but also offers the most flexible loan program in the industry – monthly affordable payments that can be paid over up to 10 years, or pay off early with no prepay penalty and save interest cost.
As an online lender, do you have a service area?
LoanMe offers small business loans in most states within the USA. Each state has different regulations. If we do not have a bank partnership in a particular state, we do not have the license to lend in that state. For our licenses please visit our website.
AL, AZ, CA, DC, DE, HI, IL, IA, IN, ID, KS, KY, LA, MD, ME, MN, MO, MS, NC, NE, NJ, NH, NM, OH, OR, SC, UT, WA, WI, WY, VA
What does LoanMe require for a business loan?
For a startup, we would like to see that they have been in business for 2 months. This is so that we have some kind of revenue perspective.
“I’ve dealt with a couple of finance companies trying to get some business credit for my company. Joshua for LoanMe was by far the best person I’ve dealt with. He explained everything and made it real simple!.”
Sinclair Ray, Satisfied Customer
What is LoanMe’s mission statement?
Every business owner has, at one time in the past or will have in the future, a need for liquidity. Our solution: replenish liquidity ASAP. We share the same urgency as our business owners. We don’t take our sweet time to approve a loan. And the great thing is, it only takes 5 minutes to fill out our application.
What is needed for the application process?
We only require 3 documents for our application:
- Bank Statement
- Copy of driver’s license, or personal identification
- Voided check
Within 2 hours of submission, we can review your application. If ownership of the business can be confirmed, we can have funding the same or next day.
What trends do you see in the financial services sector?
A merchant cash advance is similar to the payday loan concept. We try to steer clear of the MCA model. It has evolved from taking a percentage of revenue from the merchant account. Now, lenders set up a daily, automatic withdrawal (ACH) from the borrower’s account. Daily repayment can become a vicious cycle. It looks cheap, because the daily payment is low, but it can negatively affect the borrower. For example, if you have a low balance on a given day when 3 other expenses will clear that day, the ACH will automatically occur and cause all of your other bills to bounce back. This causes a lot of missed payments and overdraft fees.
We try to encourage our clients who are interested in an MCA to consider a business loan. In fact, we have a product that looks just like a MCA. It has a 6-12 month term with no origination fee and an interest rate of 14 to 35%. There is no benefit to paying it off early, but we do offer it as an option.
We position ourselves as a long-term partner of your business. LoanMe gives you a 10 year loan with the lowest possible monthly payment outside of bank loans. When you are ready to pay it off, you can do it at any time, without penalty. This simply does NOT exist in our industry. We are the only business that offers a long-term loan with no-fee early repayment. Our 10 year loan is as close as you can come to a SBA term loan.
“I had a great interaction with LoanMe.com. Very helpful staff that will go the distance in a short amount of time to get you their services. I would recommend to other business owners if you need some short loan relief during your off season.”
James, satisfied customer
What types of businesses do you serve?
LoanMe does not red-tape any type of business. Our competitors might reject some of our borrowers. We lend to construction, lawyers, accountants – people who have inconsistent income and may have a hard time establishing credit. These businesses often have large deposits that occur irregularly. It’s our job to help them maintain cash flow so they can grow.
What might a borrower NOT know?
By getting a loan, you can actually improve your chance of getting a better loan in the future, maybe even with a bank! And, timely repayment of a loan can help boost your FICO and business credit score. We report the loan to both business and personal credit.
What should a customer look for in a lender?
- Always look for a direct lender, not a broker.
- Transparency is important. Are the lender’s terms clear? With LoanMe’s long term loans, we quote an annualized interest rate. This is not common practice. All fees are listed on our website. There are NO hidden charges with LoanMe. We have one fee, one interest rate. This provides transparency to our clients. You may not see any interest rates quoted by a factoring or MCA company – they just want you to see the payback amount.
- Finally, ask yourself: does this lender’s model correspond with my cash flow and liquidity perspective? Does the loan payment schedule manageable in comparison to the cash flow of your business?
Who does the business loan go to?
Funding goes directly to the business, but the business owner is the guarantor of the loan.
Why would a customer take out a loan vs. use a credit card?
Let me tell you about one of our borrowers. A well-established software company that had good credit came to us for a loan. We were curious why the owner would seek out a business loan. His response: “I don’t want to tap into my credit card because it could lower my credit score.” The benefit of getting a loan is that it does not permanently affect your credit due to high utilization.
What are common customer FAQs?
- Who is eligible?
- How long does it take?
- How is your program different from others?
- What’s your rate?
LoanMe, Inc. offers business loans in California under DBO License #603K061.