Results 51 to 57 of 57
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03-13-2016, 09:43 PM #51
- Join Date
- Sep 2014
- Posts
- 36
Can someone confirm this wasn't a typo
"A $10,600 loan will take 7 years of $840 monthly payments to repay, plus a $500 loan fee: a total cost of $71,060."
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03-14-2016, 11:05 AM #52
- Join Date
- Apr 2015
- Posts
- 297
That is correct.
LoanMe is pretty insane with their interest rates.
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03-14-2016, 11:07 AM #53
- Join Date
- Jul 2014
- Posts
- 1,746
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03-14-2016, 11:08 AM #54
- Join Date
- Jun 2015
- Posts
- 3,326
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03-14-2016, 03:18 PM #55
- Join Date
- Jan 2015
- Location
- Laguna Beach
- Posts
- 464
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03-14-2016, 05:11 PM #56
- Join Date
- Nov 2014
- Posts
- 438
Thank you Michael. We try to be as clear as possible disclosing all terms, rates, monthly payment amounts, etc. The point here is our terms are much longer which allows the borrowers to get a lower more affordable minimum monthly payment. They should borrow responsibly as discussed earlier in this thread.
To do this borrowers can:
1.) make minimum monthly payments for a short period of time (while they are turning the newly acquired loan into additional revenue) and then payoff the loan in full-stopping any future interest charges
or 2.) making payments above and/or in addition to the minimum which are then applied straight to the principle balance. This lowers the principle balance interest is charged on, which saves them on interest.
Try it our yourself here: www.loanme.com/loancalculator (scroll to the bottom for calculator)
LoanMe rates and fees disclosed here: www.loanme.com/smallbusiness/Rates
For those that say LoanMe rates are insane- Please check here www.nav.com Click on Education & Tools, then use some of the loan calculators to the right to find out APR on the MCA's you offer... ;-)
Additionally there is a "How it works" section on our LoanMe Small Business Loan Website that is pretty clear.
How it Works.jpg
One thing we would like to also point out is LoanMe Consumer Loans are separate from LoanMe Business Loans. The staff behind the LoanMe name here on this forum, work in the Business Loan division. We believe Christian is referring to a Consumer Loan.Last edited by LoanMe; 03-14-2016 at 05:14 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
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03-14-2016, 05:38 PM #57
- Join Date
- Jul 2014
- Posts
- 1,746
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