Fast funding for startups, sole proprietorships and more with a unique take on credit ratings.

You’ve got strong credit but you need some financing to get your new business off the ground. The problem is most lenders require your business to have six months of revenue under its belt to qualify for a loan. Lucky for you, LoanMe doesn’t: You only need two months to get through the door.
In fact, LoanMe doesn’t even require you to have a high credit score, though you’ll need a strong credit history to qualify for competitive rates. We break down what LoanMe has to offer small businesses to help you find the right loan for your business’s needs.


Min. Amount


Max. Amount


Product Name LoanMe Business Loan
Min. Amount $3,500
Max. Amount $250,000
Loan Term 5 months to 10 years
Min. Credit Score 500
APR 25.64%–168.67%
Requirements For-profit business at least 2 months old, personal credit score of at least 500, have a business bank account, be older than 21.

Application Criteria

  • Personal credit of at least 500
  • In business 2+ months
  • For-profit business
  • Business bank account minimum 90 days old
  • Age 21 or older

First, am I eligible?

To qualify for a LoanMe business loan you must:

  • Have a business that’s been operating for at least two months. Your business must be generating income during this time for it to count.
  • Run a for-profit business. Nonprofits and other organizations are ineligible.
  • Have a business bank account. Your account must be at least 90 days old and in your business’s name.
  • Have a personal credit of at least 500. LoanMe pays attention to other aspects of your credit history to determine what loan amounts and terms you’re eligible for.
  • Be 21 or older. This is slightly higher than most age cutoffs of 18 years old.

What are LoanMe business loans?

LoanMe business loans are fixed-term loans that can be used for any legitimate business use, including working capital, start-up financing, buying inventory or new equipment, or covering the cost of a new staff member. It offers three types of business loans:

Loan type How it works Loan amounts Interest range Origination fee Term State restrictions
Working capital loan
Your standard term loan with the option of paying it off early with no penalty
5%–10% or $500, (whichever is more)
24–120 months
All states where LendMe operates
Fixed payback loan
A short-term no-interest loan with a slightly higher origination fee
6–12 months
All states where LendMe operates except New Jersey and Oregon
Big-dollar term loan only available to business owners with excellent credit and high revenue
$12,500– $250,000
120 months
Only available in California

Note that the minimum loan amounts for working capital loans and fixed payback loans vary by state.

Working capital loans start at:

  • $6,000 in Arizona, California, Missouri, Ohio and Virginia
  • $11,000 in New Hampshire
  • $17,000 in Kentucky and Maryland
  • $53,000 in New Jersey and Oregon

Fixed payback loans start at:

  • $6,000 in Arizona, California, Missouri, Ohio and Virginia
  • $12,000 in New Hampshire
  • $18,000 in Kentucky and Maryland

For working capital loans in Kentucky, Maryland, New Jersey and Oregon, the only term length you can get is 10 years.

What makes LoanMe business loans unique?

LoanMe specializes in lending to businesses that normally don’t qualify for financing from traditional lenders. It’s willing to work with businesses as young as two months old, solo operations and ventures that are short on cash due to an emergency or unexpected expense.

The LoanMe grading system

LoanMe business loans are also open to borrowers with low personal credit scores. Instead of relying on your FICO credit score, LendMe uses its underwriting system to come up with a letter grade for its applicants based on your personal credit history and business finances. This grade is used to determine what loan amounts, interest rates and fees you qualify for.

Lower grades can only qualify businesses for smaller loan amount at higher rates with shorter terms. Monthly payments are also typically higher. Here’s an example of how the highest and lowest grades compare in most states where LendMe operates:

Working capital loan

Grade Available amounts Interest rates Origination fee Loan term Minimum monthly payment
120 months
24 months

Fixed payback loan

Grade Available amounts Interest rates Origination fee Loan term Minimum monthly payment
12 months
6 months

What are the benefits of getting a business loan through LoanMe?

  • Startups and sole proprietorships welcome. You don’t need to have a large team or be in business a long time to qualify for a loan.
  • Low credit requirements. LoanMe only requires applicants have a personal credit score of 500, though you likely won’t qualify for the most competitive rates or highest loan amounts.
  • Fast funding. You can get your business loan funds quickly. Turnaround time is as soon as the same day you submit your loan documents if you do so before 1 p.m. Pacific standard time on a business day.
  • Rewards repeat borrowers. Borrowers who’ve already repaid a LoanMe business loan on time can typically qualify for lower rates and higher amounts the second time around.

What to watch out for?

While LoanMe allows working capital borrowers to prepay their loan to save on interest, it’s not as much of a perk as a necessity. Even if you score an A and borrow $3,500, you’d still end up paying $5,760.40 in interest alone if you stuck to a 10-year loan term. Here are some other things to look out for:

  • Potentially high interest rates. While they may not be as high as LoanMe’s personal loan rates, they’re still comparably high for a business loan.
  • Long terms on working capital loans. Longer terms mean lower monthly payments, but they could make your interest cost double the amount you borrowed.
  • Short terms on fixed payback loans. Don’t let the 0% interest fool you: These loans can come with higher monthly payments due to the short loan term.
  • Limited availability. LoanMe business loans are only available in 29 states and Washington, DC.

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