Results 1 to 21 of 21
Hybrid View
-
08-07-2015, 06:42 PM #1
- Join Date
- Nov 2014
- Posts
- 438
Michael- Comparing a 1.30 factor to our 149% rate, probably isn't the best example.
Lets compare a $10k 1.35 factor 6 month term to our 94% rate product (Term Loan C).
MCA Example
Amount: $10k
Factor: 1.35
Term: 6 months
Daily payment: $107= ~$2250 monthly responsibility
Payback: $13,500
LoanMe Unsecured Term Loan C (Daily accruing simple interest)
Amount: $10k
Rate: 94% per annum
Term: 120 months
Monthly Payment: $783.43
Payback: $93,960 (We suggest borrowers pay off early saving interest charges)
If the borrower pays the same monthly amount as the MCA example above, watch what happens to the Term and Payback amount.
Loan Amount: $10k
Rate: 94% per annum
Term: reduces to 6 months (based on $2250 monthly payments)
Monthly Payment: $2250 (using same monthly responsibility as the MCA example above)
Payback: $13,438.53 pretty close to the MCA example above.
Bottom line is the LoanMe product is more flexible with monthly payments, no pre-payment penalties and the ability to let the borrower choose to:
1.) Make minimum monthly payments and pay off early in one lump sum which stops accrued interest
or...
2.) Make larger monthly payments reducing the Term and Interest charged.Last edited by LoanMe; 08-07-2015 at 06:51 PM.
LoanMe Business
949-535-7798
Email: Business.Loans@LoanMe.com
www.loanme.com/SBL-partner
1900 S State College Blvd. Suite 300
Anaheim, CA 92806
Similar Threads
-
Lender that works with Insurance Companies
By SBLPTP in forum Business LoansReplies: 5Last Post: 11-07-2014, 05:56 PM -
Lender that works with Insurance Companies
By SBLPTP in forum Merchant Cash AdvanceReplies: 2Last Post: 10-16-2014, 04:42 PM -
Trucking Industry
By Project Starter in forum Merchant Cash AdvanceReplies: 17Last Post: 08-11-2014, 09:43 AM -
Is WBL a direct lender?
By Quickfunder in forum Merchant Cash AdvanceReplies: 6Last Post: 08-05-2014, 06:56 PM -
OnDeck Achieves Direct Non-SBA Lending Industry’s First Securitization of Small Busin
By isaacdstern in forum Merchant Cash AdvanceReplies: 36Last Post: 05-07-2014, 03:23 PM