[rick_clsfunding]

LoanMe offers loans from $3,500 - $250,000.

1) Isn't your max loan size of $250k only offered in California?
2) Must the broker also have a California lender's license in order to receive commissions from California merchants referred to LoanMe?
2) Isn't your max loan size outside of California (approved states) $75k?

Just seeking further clarification.

[LoanMe]

1) Isn't your max loan size of $250k only offered in California?
2) Must the broker also have a California lender's license in order to receive commissions from California merchants referred to LoanMe?
2) Isn't your max loan size outside of California (approved states) $75k?

Just seeking further clarification.

1.) Yes. We launched the premier product at the end of November in CA only (for now). This gives premier borrowers 14.9%-24.9% loans all with 120 month terms. Loan amounts for this premier product is $76,000 to $250,000

2.) Yes. In order for LoanMe to compensate brokers for CA funded files. Brokers must have either a California Finance Lenders License or Real Estate License through the California D.R.E.

3.) Yes. For now. See #1

[rick_clsfunding]

1.) Yes. We launched the premier product at the end of November in CA only (for now). This gives premier borrowers 14.9%-24.9% loans all with 120 month terms. Loan amounts for this premier product is $76,000 to $250,000

2.) Yes. In order for LoanMe to compensate brokers for CA funded files. Brokers must have either a California Finance Lenders License or Real Estate License through the California D.R.E.

3.) Yes. For now. See #1

Thanks for clarifying these important distinctions.

Rick

[LoanMe]

Thanks for clarifying these important distinctions.

Rick

No problem Rick. If you or anyone else would like to see amounts/terms/rates on a state by state basis, they are published on our website.

Here is the exact link: https://www.loanme.com/smallbusiness/Rates

Simply select the state to see minimum and maximum loan amounts. Any borrower that is pre-qualified, approved and funded by LoanMe for a small business loan will fall into one of these set categories and tiers. Site is updated as new programs are added.

[brokerCompany]

Interesting that Loanme took this approach. Some other term lenders with much better rates actually let you submit up to 5 deals in CA for funding before they require a license.

No problem Rick. If you or anyone else would like to see amounts/terms/rates on a state by state basis, they are published on our website.

Here is the exact link: https://www.loanme.com/smallbusiness/Rates

Simply select the state to see minimum and maximum loan amounts. Any borrower that is pre-qualified, approved and funded by LoanMe for a small business loan will fall into one of these set categories and tiers. Site is updated as new programs are added.

[bizzcash.com]

2.) Yes. In order for LoanMe to compensate brokers for CA funded files. Brokers must have either a California Finance Lenders License or Real Estate License through the California D.R.E.

LoanMe: Thank you for making yourselves available to the forum for response to inquiry. To that regard, and as to the above statement No. 2: Is LoanMe's policy to refuse unlicensed broker referrals on California funded erroneously based upon a mistaken impression that such unlicensed referrals remain in violation of California law?

Is LoanMe aware that California Governor Jerry Brown signed legislation authorizing lenders such as LoanMe to accept these very referrals from and to specifically compensate brokers for such referrals, effective January 1st, 2016?

LoanMe: as I think and dictate this reply, a thought comes to mind. That is, may this inquiry constitute bizzcash.com's official request to LoanMe, on presumptious behalf of brokers wishing to offer LoanMe business cash advance product in California, that LoanMe re-examine this issue and reconsider its prohibition on compensating brokers for referrals of California funded; just as the state of California re-examined and reconsidered this self same issue, with California government ultimately coming to the conclusion that brokers were a vital and vibrant contributor to the local financial industry and deserve to be properly compensated. No licensing is required.

Please review the following: http://www.consumerfinancialservices...erral-sources/

[rick_clsfunding]

Please review the following: http://www.consumerfinancialservices...erral-sources/

Yes, but that provision only applies when the commercial loan’s APR does not exceed 36% and the referring broker does not participate in the gathering of loan documents from the borrower or delivering the documentation to the licensee.