SummaryBusinesses that are just starting up and need small amounts of funding and whose owners have good credit are the best candidates for a loanDepot small business loan. The owner must have good credit, but this is an excellent alternative for businesses that do not have much to show in profits or much to put up as collateral.
Minimum Credit Score640
Maximum Loan Amount$35,000
Loan Duration36 months
APR6.17% - 29.52%
Origination Fee1.0% - 5.0%
Days to Close30 days
It took them weeks, then they change the rate because they made a mistake. I agreed to a higher rate but at end they canceled my loan application. Poor customer service.
The customer service is great. The experience was quick and easy. We were provided good rates. The loan process took under a week, and all the information needed was easily accessible. Would definitely recommend to others.