LoanMe was founded in 2013 and offers small business loans and personal loans. The company’s small business loan division offers financing to small companies and sole proprietorships.

The Good

  • Same-Day Approval
  • Funds Wired in as Little as Two Hours
  • No Prepayment Penalties
  • No Industry Restrictions or Revenue Requirements

Same-Day Approval

LoanMe provides an online application that is available 24/7 and can be accessed and completed at any time of day. The company also allows potential borrowers to apply over the phone by contacting a LoanMe representative. Once the form is complete, applicants will receive an instant decision as to whether or not they qualified and for how much, as well as have the opportunity to review their loan documents and terms to ensure the loan is the right fit for them.

Funds Wired in as Little as Two Hours

Most business loans from LoanMe feature as soon as same-day or next-day funding, which means borrowers can quickly access their money. The company will wire the cash to your bank account, often in as little as two hours.

No Prepayment Penalties

LoanMe’s business loans can be repaid via monthly fixed payments with terms up to 10 years. However, the company allows borrowers to pay off their loan early without incurring any prepayment penalties or fees.

No Industry Restrictions or Revenue Requirements

LoanMe allows borrowers to use its business loans for a variety of purposes, including company development, production level increases, and service quality increases. Funds can be used as a bridge loan or put towards payroll, invoices, investments, equipment, inventory, start-up costs, and expansion. There is also no revenue requirements. 

The Bad

  • Low Max Loan Amount
  • Application Requirements
  • Not Available in All States

Low Max Loan Amount

LoanMe’s maximum loan amount for a business loan is $250,000, which is relatively low when compared to max loan amounts offered by some other lenders. LoanMe states on its website that it gears its products more towards businesses that don’t qualify for traditional loans or those that have urgent short-term cash needs.

Application Requirements

According to LoanMe’s website, the company does not lend to all businesses. In order to qualify, the borrower must have:

  • At least two months in business with income
  • A for-profit business
  • A business bank account in the name of the company
  • A personal credit score of 500+

Not Available in All States

While some business loan providers offer financing nationwide, LoanMe does not. The company offers business loans in the following 30 states: Alabama, Arizona, California, Delaware, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Maine, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oregon, South Carolina, Utah, Virginia, Washington, Wisconsin, and Wyoming.

The Bottom Line

LoanMe is a good option for borrowers who do not qualify for traditional business loans or have urgent short-term cash needs. Although the company has a few minimum requirements for applicants, it’s simple online application, quick funding time, flexible fund use, and lack of prepayment penalties are attractive options. If you’re looking to borrow less than $250,000 and need a loan in one of the states the company services, we recommend pursuing a business loan from LoanMe.

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Call our recommended rep over at LoanMe below.

1-(833) 778-6732

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User Reviews

Star Rating

3.3
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86 Reviews

Review Breakdown

5 star
38%
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1 star
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Kalia
October 7th, 2019 DETAILS
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It was fast and simple, got the money right away.

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Micaiah
September 11th, 2019 DETAILS
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Gives new business a chance just a bit expensive on the APR but great client service

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Anonymous
September 11th, 2019 DETAILS
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because they lied about the whole process and I can't get any help from them now

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Susan Burton
September 11th, 2019 DETAILS
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Although the interest rate is high, they were very professional and made the entire process very easy. They funded us quickly and communicate well.

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Tawny King
September 11th, 2019 DETAILS
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The process was easy and even after I received the loan they help you out to make sure you stay on track with payments

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Kathy Price
September 11th, 2019 DETAILS
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Convenience and loan approval for poor credit score

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Wendy
September 11th, 2019 DETAILS
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This company is a loan shark. I made a terrible mistake dealing with them.

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tony
September 11th, 2019 DETAILS
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Interesr rates are high. But when your credit is bad, you take what you can get

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Shi H
September 11th, 2019 DETAILS
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I feel i was misled about how I could make extra payments

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Myyyy Naaaame
September 11th, 2019 DETAILS
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Very expensive. Yet it's fast service, they came through, and for 30-60 days where the benefit is worth it, it's tolerable.

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C. Hebert
September 3rd, 2019 DETAILS
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Access to money fast, nice customer service, but too high interest rate. I would use more often if better interest.

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Paul
September 3rd, 2019 DETAILS
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They made it easy but the money was expensive

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Jan Peters
September 3rd, 2019 DETAILS
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I got the money I needed but the rate and origination fee: outrageous!!

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Michael Scharbach
September 3rd, 2019 DETAILS
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Way to expensive, their interest rate is ridiculous

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Angela Schmit
September 3rd, 2019 DETAILS
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Lack of transparency regarding interest rates during application process

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Debbie knipp
September 3rd, 2019 DETAILS
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Feel like I got totally screwed. Wasn''t Explain thoroughly what loan agreements would be didn''t understand it until it was too late and now I''m paying for a loan that I will never pay off

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Leslie Blaylock
September 3rd, 2019 DETAILS
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Ridiculously high interest rates and the loan application process was unnecessarily difficult.I had few options because I am a new business but I will never work with them again.

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Michael Alexson
September 3rd, 2019 DETAILS
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The process was very easy and fast, Kyle did any excellent job for us.

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Ira Span
September 3rd, 2019 DETAILS
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They made the refinancing very easy and the people that work with us or super nice

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Tom Ethans
September 3rd, 2019 DETAILS
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Always very fast at answering questions and very easy to work with

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Sam
August 26th, 2019 DETAILS
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Timely and good service given to help us out.

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Tisha
August 26th, 2019 DETAILS
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Interest rate is way too high and doesn't get paid down as fast as you want without paying double

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Sherry
August 26th, 2019 DETAILS
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Ruined my credit by reporting this BUSINESS LOAN to my personal credit. No other credit line , funding source has ever done this. So one week before I close on my house they discover this loan on my personal credit I had not disclosed because it was a BUSINESS LOAN and said I had to pay it in full at the closing table. This ruined me and I didn't personally have the money and I lost the HOUSE. I am STILL IN A MOTEL.

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Jim Crowley
August 26th, 2019 DETAILS
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I took the loan only out of being between a rock and a hard spot and needed the money. They charge Highway Robbery interest rates and the weekly payment really sucks.

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Levell bogan
August 26th, 2019 DETAILS
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Bad company with gangster rates the FBI need check into there practice s

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Edgar Sanchez
August 26th, 2019 DETAILS
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They take 7 days to process a payment accumulating interest along the way, and they have terrible interest rates. Their website only allows a max payment towards the bill. Terrible business practices

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Bruce Parker
August 26th, 2019 DETAILS
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I feel the fees are actually userous, since it obvious a person is having a cash flow crunch, combine that with loan me fees and interst rates and it becomes a very hard pill t swallow

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Anonymous
August 26th, 2019 DETAILS
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Terrible , cheat, gready, feel I deal wit black market borrowed money

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P Funk
August 26th, 2019 DETAILS
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Interest rates are pure usury. They're professional loan sharks

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John
August 26th, 2019 DETAILS
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The ease of getting the loan was okay. But the interest rate is horrible.

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Ron Cornell
April 29th, 2019 DETAILS
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The funds were what I needed and they provided a monthly payment option. However, the up front fee of 10% and the high interest rate are too extraordinary.

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Troy
April 15th, 2019 DETAILS
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Easy to work with, but rates are criminal

history

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Tim
April 15th, 2019 DETAILS
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Bait and switch interest rate. Told one thing then at closing was shown something else.

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Rhonda
April 15th, 2019 DETAILS
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Ease of process, treats customers with professionalism

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Mark
April 15th, 2019 DETAILS
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They were very prompt and courteous. Easy to understand when explaining the process.

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Luis Abundis
April 15th, 2019 DETAILS
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They charges the payment before the date

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LoanMe
April 15th, 2019 DETAILS
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you suck liar people.... all you care is your business to grow, and not willing to thrive customers businesses

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KENNETH mee
April 15th, 2019 DETAILS
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High rates also took along time to get loan finished!! The first time around went all the way through the process and was turned down

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irma alres
April 15th, 2019 DETAILS
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they tok like 8 days to reply that is a long time

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Eric Parsons
April 15th, 2019 DETAILS
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Interest rates are loan shark equivalent.

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Chris
April 15th, 2019 DETAILS
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I recieved the money quickly, but not what I was needing

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Victor Clemente
April 8th, 2019 DETAILS
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Quick and Easy for a small business to obtain capital when needed.

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Rebecca
April 8th, 2019 DETAILS
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They were ok to do business with. Their customer service leaves a lot to be desired. But still got it done.

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John Dietrich
April 8th, 2019 DETAILS
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Good service personnel nice to deal ! %rate needs to a little/ alot less

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Jeff Biersack
April 8th, 2019 DETAILS
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94%-monthly payment of $2,500.00 is all interest, predatory loan

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Anonamous
April 8th, 2019 DETAILS
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They are outrageously high with their interest rates.

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John Mello
April 8th, 2019 DETAILS
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Rates and Fee's are outrageous. 79% interest rate? We will be paying the loan off within six months due to the fees and interest. Anyone looking to grow their business should look elsewhere. This also reports on your personal credit report. So if your trying to make any future purchases forget it because now your debt to income ratio will be a lot higher. We were just denied our home loan because now we have an additional $75000 loan on our credit. We have taken out many loans before and never had an issue with it reporting on our personal credit. Ondeck, Fundbox, Kabbage, are better choices than loanme.

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James Cooper
April 8th, 2019 DETAILS
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Great service great customer service all around nice service and I would recommend them to everyone who ask

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Sam
April 8th, 2019 DETAILS
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Interest rate is robbery Interest rate is robbery Interest rate is robbery Interest rate is robbery Interest rate is robbery

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Andy
April 8th, 2019 DETAILS
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the process was a pain. and the rates are outrageous. basicly leagal loan sharking.