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  1. #26
    Quote Originally Posted by anonymous View Post
    Do you [personally] feel that 269%* APR is reasonable and makes a positive impact on the businesses you fund?
    269% APR is on the MCA, you are misreading.

    Go back up and re-read.

    LoanMe only offers Loans with Monthly Payments not MCA's with Daily Payments.

    The APR in our example was 164.73%. (105%APR LESS)
    Last edited by LoanMe; 01-09-2017 at 06:46 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

  2. #27
    Banned Reputation points: 17587
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    Sep 2014
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    Loan me Payout

    Oh, thought a 6 month 1.54 was the equivalent. How does paying all of the interest up front reduce cost on an APR basis?

  3. #28
    Banned Reputation points: 17587
    Join Date
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    Loan me Payout

    ...because it's called a fee, I understand now. But if we were to factor that "fee" into the cost, is it possible that the APR may even exceed 269%??

  4. #29
    Quote Originally Posted by anonymous View Post
    Oh, thought a 6 month 1.54 was the equivalent. How does paying all of the interest up front reduce cost on an APR basis?

    The difference between the 2 APR's is solely due to the PAYMENT collection Method:

    • Monthly Payment = 164.73% APR
    • Daily Payment - 269.93% APR
    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

  5. #30
    Quote Originally Posted by anonymous View Post
    ...because it's called a fee, I understand now. But if we were to factor that "fee" into the cost, is it possible that the APR may even exceed 269%??
    No. Again, the difference between the 2 APR's is solely due to the PAYMENT collection Method:

    •Monthly Payment = 164.73% APR
    •Daily Payment - 269.93% APR
    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

  6. #31
    Banned Reputation points: 17587
    Join Date
    Sep 2014
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    Loan me Payout

    You're correct, I was wrong. My mistake. Not that 164% is cheap money, same question applied. But nonetheless, my mistake.

  7. #32
    Quote Originally Posted by anonymous View Post
    You're correct, I was wrong. My mistake. Not that 164% is cheap money, same question applied. But nonetheless, my mistake.
    No worries, it can be confusing calculating APR. Glad we were able to show you a fair comparison. As we saw here Daily Payments vs Monthly Payments has a huge impact not only on the "day-to-day" cash flow for that business but in the overall APR perspective.

    You are correct that 164% APR is not cheap money. This example we were going over was also our lowest Tier (E) on our secondary product. This is reserved for the borrower that has Low 500 FICO, and is typically not serviced by other lenders or funders. We do have a much broader box than most. Our Loans are designed to work with all "For-Profit" Industries, as we don't have restricted industries or business types (They just must be a "For-Profit" business). We also only require 25% ownership and Time in Business can be as low as (2) months for all of our products. Additionally there is more risk offering a Monthly Payment.

    For anyone that would like to know more about what we offer please take a detailed look here: http://dailyfunder.com/showthread.ph...ghlight=LoanMe

    We are also available by phone or email below.
    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

  8. #33
    Quote Originally Posted by LoanMe View Post
    No worries, it can be confusing calculating APR. Glad we were able to show you a fair comparison. As we saw here Daily Payments vs Monthly Payments has a huge impact not only on the "day-to-day" cash flow for that business but in the overall APR perspective.

    You are correct that 164% APR is not cheap money. This example we were going over was also our lowest Tier (E) on our secondary product. This is reserved for the borrower that has Low 500 FICO, and is typically not serviced by other lenders or funders. We do have a much broader box than most. Our Loans are designed to work with all "For-Profit" Industries, as we don't have restricted industries or business types (They just must be a "For-Profit" business). We also only require 25% ownership and Time in Business can be as low as (2) months for all of our products. Additionally there is more risk offering a Monthly Payment.

    For anyone that would like to know more about what we offer please take a detailed look here: http://dailyfunder.com/showthread.ph...ghlight=LoanMe

    We are also available by phone or email below.
    Any Plans for Loan.Me to expand into more states? Also what docs do you require for submissions, isn't it just DL and VC?

  9. #34
    Quote Originally Posted by Skytop View Post
    Any Plans for Loan.Me to expand into more states? Also what docs do you require for submissions, isn't it just DL and VC?
    Two questions, so two part answer here:

    1.) There are always plans for LoanMe to expand. That being said, there are not any definitive dates set for additional states and/or products at this time. The challenge with states is due to the fact that LoanMe offers term loans and are subject to each state's current lending laws. The states would have to change their current lending guidelines, LoanMe would have to Charter, or LoanMe would have to develop/create additional products in order to lend in more than the (31) states we currently lend in.

    Current list of the 31 states we do lend in (via drop down menu) can be found here: https://www.loanme.com/smallbusiness/rates


    2.) For submissions we actually don't require any documents. Let me explain: All of our partners submit files into the LoanMe partner portal with minimal basic contact information. One of LoanMe's 120 loan agents reaches out to the borrower to take an application over the phone on a recorded phone line. This is done for both the protection of the borrower and Lender and significantly increases the speed of funding (We can fund in as little as 4 hours). Borrowers get their pre-approval on that first phone call and then documents are gathered and send to Underwriting for final approval (Checking on paper, that numbers/business related income matches what the borrower has told us over the phone). If you have the documents below you can certainly upload into the LoanMe portal upon submission, but it is not required for LoanMe to begin the process of a pre-approval.

    Required documents for funding:
    • Two most recent months business bank statements; if bank is compatible with decision logic, borrower will need to complete decision logic as well.
    • Copy of Drivers License.
    • Copy of Voided Check.
    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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