What is the total cost of the loan? This is the total amount the loan will cost you, including the interest fees and other applicable fees that the loan provider would charge and not just the amount taken out. Before you agree to any loan with LoanMe, you will be able to review the details of your loan to make sure you understand everything.
Here is a quick sample of a loan with LoanMe to give you a better understanding of how much it would cost to take out a loan with them. The loan amount is $15,000 with a 10% origination fee and 39% interest rate for 120 months. Origination fee is the percentage of the loan which is deducted from the loan proceeds, so in this case 10% is $1,500 so you only get $13,500 credited to your account. The monthly payment for this loan would be $498.23 so if you decide to pay in advance before the first month ends the monthly payment would be pre-rated to only $162.50 plus the initial loan amount of $15,000. The same goes if you decide to pay it off in any amount of time before the 120 month term. If you do wait the full term then you would end up paying $59,787.67 in total for a $15,000 loan.
This is why it is important to review the loan offer before you accept it and as much as possible pay off the loan before term so you don’t end up paying for more than you borrowed.
LoanMe’s customer support is limited to only a short FAQ section and telephone support. They do have email support but this is for partnership opportunities only. Customers are limited to calling their telephone number or leaving their contact information in an online form to request for a callback.
Loans are not granted to just about anyone who applies for it as there are still certain requirements set by LoanMe to be met. Much like any other lending institution, they have to make sure that the person or company that they lend money to has the capacity to pay them back otherwise they will lose money. The basic requirements to even be eligible to apply for a loan are:
- At least 2 months in business with income
- Must be a profit oriented business
- Must have a bank account in the business’ name
- Personal Credit score 500+
If you qualify for all of these then you can apply for a loan, all you would need then is bank information and personal information so that LoanMe can review whether or not you qualify for a loan, and if you do, what amount and interest rate you qualify for.
What's the Verdict on LoanMe?
LoanMe Review 2020 – Conclusion
LoanMe may not have the lowest rates around but they are still a viable option to turn to if you are ever in need of a small business loan. Their application is quicker and easier than applying with banks or other financial institutions and require less documents from you. If you have a low credit score, making payments on your LoanMe loan can help increase it and grant you lower interest rates in the future. It is always important, no matter where you get a loan, to review the terms and make sure everything is clear so you are not surprised when it comes time to pay your amortizations. So if your business is in need of a small loan, check out how much you can avail of with LoanMe today!