What will a LoanMe small business loan look like?
LoanMe’s goal is to provide loans to small businesses who don’t qualify for traditional loans or who have urgent short-term cash needs. Many applicants might be lured by same-day funding and less stringent qualifications, but its rates and fees are much higher than other services. Apply Application.
LoanMe provides unsecured business loans in amounts of $1,000 to $35,000 for almost any purpose. It says that its loans are ideal for one-time purchases or debt consolidation, but other suggested purposes include remodeling/upgrades, expansion/new location, buying out a business partner, startup financing, working capital, business taxes, advertising/marketing, payroll and product development. You do not need to provide any collateral for a loan, only a personal guarantee. Apply Now
To qualify for a loan from LoanMe, your business must be profitable, at least two months old and have a business bank account in its name. There is no minimum annual revenue you must make in order to qualify, but you do need a verifiable source of personal income. Additionally, the applicant must have a personal credit score of 500 or more. Considering many small business loan services require at least one year in business and a personal credit score of 600 or higher, these requirements are much less stringent than we’ve come to expect. Companies just getting on their feet or business owners with less-than-stellar credit may find better luck with LoanMe than some of the other services we review.
LoanMe has a fairly standard online application process, and you can also apply by phone if you wish. The online application is quick and asks for both personal and business information, including your contact information, social security number, personal monthly income, business tax ID number and monthly business income. The application also asks you to indicate whether you are enrolled in any kind of credit counseling or debt settlement program, which makes sense considering LoanMe puts an emphasis on customers using its services to help rebuild credit for themselves or their business.
Once you have completed the application, you will receive a decision immediately and be offered different loan options to choose from. You can choose to accept one of the loan offers or decline all of them. If you accept, LoanMe will require a copy of your personal ID, a voided check and access to your business bank statements (which it can access electronically). Once this information has been provided and you have accepted the terms of your loan, the money will be deposited into your business bank account.