Founded in 2013, LoanMe is a financial lender based in California that provides small loans over a term of 10 years. The firm mainly offers unsecured working capital loans to small business owners. Services from LoanMe are sought by those customers who are denied the same traditional banks, and hence, interest rates are higher here. LoanMe operates online by giving out details about fees, rates, and payment structure on the company website. Owners with an undesirable credit history or a low credit score, prefer this company for quick funding.
The annual interest rates of the highest-risk borrowers range from 24% to 149%. This firm lends money to people in 23 states in the US, and those from outside that limit are denied the same information about small business loan options when they visit the company website. Equipment purchases, payroll, start-up cash, invoices, and new staff hires are some of the instant operational expenses met by this firm. Underwriting standards are not mandatory for the company, even if they have a cash shortage or a low credit score. The factors which they look at when offering loans include business liquidity, personal credit score, the existence of the applying company in business, and cash inflow. The eligibility factor still varies across different states.