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LoanMe

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87 User Reviews

7.1

Overall Score

LAST UPDATED: July 13th, 2021

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.

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The Good

  • Same-Day Approval
  • Funds Wired in as Little as Two Hours
  • No Prepayment Penalties
  • Minimal Loan 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.

Minimal Loan 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 minimum revenue requirement. 

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+

LoanMe's Near Prime product is available in amounts of $3,100–$30,000 in Arizona, California, Delaware, Idaho, Missouri, New Mexico, South Carolina, Utah, and Wisconsin. 

For subprime credit (580+) specifically, LoanMe offers its Flex product in loan amounts of $11,500– $20,000 to eligible borrowers in Arizona, Delaware, Idaho, Missouri, New Mexico, and Utah. 

Prospective borrowers in South Carolina and Wisconsin with a credit score of 500+ can borrow $1,000–$6,000. 

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The Bad

  • Low Max Loan Amount
  • 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.

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.

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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, its 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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1-(833) 778-6732

Star Rating

3.3

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87 Reviews

Review Breakdown

5 grade

38%

4 grade

13%

3 grade

14%

2 grade

9%

1 grade

26%

Sentiment Criteria

Value

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Quality

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Service

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Michael

The process was swift, painless, expeditious, and professional. The interest rates very high but I they provided me what I needed when I needed it. My intention is to pay this off quickly. They did what they agreed to do in a timely manner. LoanMe's customer service was professional.

2 years ago

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Francisco El Cajon, CA

Getting my loan was easy. I didn't have to deal with many things. They responded quickly and then they took care of me really quickly. When I called them, they connected me right away with my representative. They return calls fast. They gave me more money than I expected and they work really hard to get my loan.

2 years ago

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James Jarrettsville, MD

They offer to get you your money quickly. They tell you everything up front like what it's going to cost and what they need for information to bank accounts and stuff. They qualify you very quickly and you get your money very quickly as well. They explain everything and answer my questions.

2 years ago

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David

It worked out even better than I expected. It's an excellent service and so far it's been a rapid process. First I submitted the application then more materials and they review them and the later options were of a greater magnitude than I had expected.

2 years ago

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Nina

I was sent to them by a second party who I financed through but they were still able to get to me which was great. I was approved and the terms were reasonable. The young lady who assisted me was very helpful and informative. I think they are a great company.

2 years ago

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Laura

They go above and beyond, they did everything and if you request anything, they get to you right away. They would call me and keep me up to date. The process is pretty straightforward.

2 years ago

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Marlene Botka

Applied online and then they contacted me and the next thing I knew I was accepted and the loan was sent to my account. They did what I needed but their interest rate is high. The loan person was very courteous and informative. They get the job done quickly.

2 years ago

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John Mello

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.

2 years ago

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Rick Webb

Very high intrest, the company was quick and easy to deal with, but the money it cost to use them is astronomical. I'm hoping to be able to pay them off this spring. If I take the loan to it's completion a 14,000 dollar will cost me 80,000

2 years ago

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Reply from LoanMe

Hi Rick. We appreciate you taking the time to post a review. Loan terms vary by customer and are determined by multiple factors. LoanMe fully discloses all interest and fees associated with your loan prior to signing the loan agreement. Our Loan Agents always stress the importance of paying off the loan early to save on the interest. Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at [email protected]

Apr. 2nd, 2021

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Samuel

Easy, quick, and they approved it fast. The customer service was kind and courteous and they gave me results. They actually know what they were talking about.

2 years ago

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Jeffrey

Loan Me is a good product and it fit my plan. It was pretty straightforward and everything was easy. It was all online and I only dealt with one person on the phone. I would like it they had better rates.

2 years ago

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James

I chose loan me because the loan was pretty clear and concise in the process and they made it easy to do all we've been trying to do. It was a great value for my money.

2 years ago

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Franklin

LoanMe is pretty simple. It easy to get approved and the loan person helped me route the process, he was great and even follow up called. The customer service is great.

2 years ago

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Leah C. Pasadena, CA

Wow fast funding! Loan me is awesome. I had really low revenue because I’ve only been opened for 4 months. No one would lend me money, and I had a few late payments on my credit too. Luckily I found LoanMe from a recommendation from a friend and they were right! Money was wired to me within 2 hrs of applying.... Like seriously? I got way more than expected. THANK YOU LOANME!!

2 years ago

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Kenneth Harbaugh Pasadena, CA

So glad I found these guys. I got turned down so many times for credit. I had a 550 credit score and they were able to get me $75,000! It was so fast, I got the money in my account literally within 2 hrs..I couldn’t believe how easy it was. Thank goodness because my pizza oven broke at my shop and I was able to get a new one ordered because of LoanMe. I highly recommend these guys!

2 years ago

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Sherry

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.

2 years ago

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Bruce Parker

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

2 years ago

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Reply from LoanMe

Hi Bruce. We appreciate you taking the time to post a review. Loan terms vary by customer and are determined by multiple factors. LoanMe fully discloses all interest and fees associated with your loan prior to signing the loan agreement. Our Loan Agents always stress the importance of paying off the loan early to save on the interest. Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at [email protected]

Apr. 2nd, 2021

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John Stimson

They lack in a few things like payment schedule so you can plan on how to pay loan off early. They also won't discuss things with my wife when getting ahold of me during the day is nearly impossible.

2 years ago

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Reply from LoanMe

Hi John. We appreciate you taking the time to post a review. We're sorry to hear about your experience with LoanMe. Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at [email protected]

Apr. 2nd, 2021

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David

We were not informed of the rate before everything went through. I was having trouble getting them all the information they wanted but the people were nice when we talked to them.

2 years ago

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Reply from LoanMe

Hi David. We appreciate you taking the time to post a review. Loan terms vary by customer and are determined by multiple factors. LoanMe fully discloses all interest and fees associated with your loan prior to signing the loan agreement. Our Loan Agents always stress the importance of paying off the loan early to save on the interest. Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at [email protected]

Apr. 2nd, 2021

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Tawny King

The process was easy and even after I received the loan they help you out to make sure you stay on track with payments

2 years ago

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Susan Burton

Although the interest rate is high, they were very professional and made the entire process very easy. They funded us quickly and communicate well.

2 years ago

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Ron Cornell

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.

2 years ago

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Reply from LoanMe

Hi Ron. We appreciate you taking the time to post a review. Loan terms vary by customer and are determined by multiple factors. LoanMe fully discloses all interest and fees associated with your loan prior to signing the loan agreement. Our Loan Agents always stress the importance of paying off the loan early to save on the interest. Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at [email protected]

Apr. 2nd, 2021

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James Cooper

Great service great customer service all around nice service and I would recommend them to everyone who ask

2 years ago

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Flowers

It was good for what we needed. We we developed a plan of action to seek funding. They came through.

2 years ago

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Anonymous

They were very accommodating and answered mt questions quickly. It took three days, we closed on the third day.

2 years ago

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Myyyy Naaaame

Very expensive. Yet it's fast service, they came through, and for 30-60 days where the benefit is worth it, it's tolerable.

2 years ago

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Reply from LoanMe

Hello. We appreciate you taking the time to post a review. Loan terms vary by customer and are determined by multiple factors. LoanMe fully discloses all interest and fees associated with your loan prior to signing the loan agreement. Our Loan Agents always stress the importance of paying off the loan early to save on the interest. Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at [email protected]

Apr. 2nd, 2021

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Debbie knipp

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

2 years ago

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Reply from LoanMe

Hi Debbie. We appreciate you taking the time to post a review. Loan terms vary by customer and are determined by multiple factors. LoanMe fully discloses all interest and fees associated with your loan prior to signing the loan agreement. Our Loan Agents always stress the importance of paying off the loan early to save on the interest. Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at [email protected]

Apr. 2nd, 2021

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Leslie Blaylock

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.

2 years ago

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Reply from LoanMe

Hi Leslie. We appreciate you taking the time to post a review. Loan terms vary by customer and are determined by multiple factors. LoanMe fully discloses all interest and fees associated with your loan prior to signing the loan agreement. Our Loan Agents always stress the importance of paying off the loan early to save on the interest. Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at [email protected]

Apr. 2nd, 2021

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C. Hebert

Access to money fast, nice customer service, but too high interest rate. I would use more often if better interest.

2 years ago

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Ira Span

They made the refinancing very easy and the people that work with us or super nice

2 years ago

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Jim Crowley

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.

2 years ago

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Reply from LoanMe

Hi Jim. We appreciate you taking the time to post a review. Loan terms vary by customer and are determined by multiple factors. LoanMe fully discloses all interest and fees associated with your loan prior to signing the loan agreement. Our Loan Agents always stress the importance of paying off the loan early to save on the interest. Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at [email protected]

Apr. 2nd, 2021

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Edgar Sanchez

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

2 years ago

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Reply from LoanMe

Hi Edgar. We appreciate you taking the time to post a review. Loan terms vary by customer and are determined by multiple factors. LoanMe fully discloses all interest and fees associated with your loan prior to signing the loan agreement. Our Loan Agents always stress the importance of paying off the loan early to save on the interest. Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at [email protected]

Apr. 2nd, 2021

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KENNETH mee

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

2 years ago

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Reply from LoanMe

Hi Kenneth. We appreciate you taking the time to post a review. Loan terms vary by customer and are determined by multiple factors. LoanMe fully discloses all interest and fees associated with your loan prior to signing the loan agreement. Our Loan Agents always stress the importance of paying off the loan early to save on the interest. Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at [email protected]

Apr. 2nd, 2021

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Shane Claremont, CA

LoanMe's guidelines were flexible. They just had good service. The process was pretty simple and straight forward.

2 years ago

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Jesse

Quick and easy and the guy I spoke to was really nice and very easy to deal with.

2 years ago

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Jose

They have helpful people on the other lone of the phone. The process is quick and easy.

2 years ago

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William Burch

The people are nice and the deal was good. It was pretty straightforward and easy.

2 years ago

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Howard A Beck Tucson, AZ

This place is a total joke, If you are in need of a serious lender don't mess with these people, They can't fund a $1 they say they can but they look for every excuse not to fund... They want the cream of the crop and Lendio who I went through warned me about these jokers and in the end yes they are exactly what I was told my loan rep with Loanme was Gregory D he is good about making every excuse , but doesn't know anything about lending . I highly recommend you don't waste your time on their false promises. I was told several times no issues in the end they are stuck over the fact our Pawn Shop gave someone a cash refund , wow should I have kept their money hell no that's not good business but Loanme apparently feels you should never issues a refund don't deal with them I swear on my life they are worthless and can't fund a quarter My name is Howard and this is the truth and my personal experience with Loanme and Gregory D don't deal with them

1 year ago

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Reply from LoanMe

Thank you for your feedback Howard and we're sorry to hear about your experience. If you are still in need of a loan, feel free to reach us at (844) 566-0808. We're always here to help!

Apr. 2nd, 2021

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Micaiah

Gives new business a chance just a bit expensive on the APR but great client service

2 years ago

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tony

Interesr rates are high. But when your credit is bad, you take what you can get

2 years ago

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Reply from LoanMe

Thank you for your feedback Tony. LoanMe fully discloses the interest rate with your loan prior to signing the loan agreement. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at [email protected]

Apr. 2nd, 2021

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Michael Alexson

The process was very easy and fast, Kyle did any excellent job for us.

2 years ago

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Tom Ethans

Always very fast at answering questions and very easy to work with

2 years ago

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Mark

They were very prompt and courteous. Easy to understand when explaining the process.

2 years ago

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John Dietrich

Good service personnel nice to deal ! %rate needs to a little/ alot less

2 years ago

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Victor Clemente

Quick and Easy for a small business to obtain capital when needed.

2 years ago

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Rebecca

They were ok to do business with. Their customer service leaves a lot to be desired. But still got it done.

2 years ago

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Reply from LoanMe

Hi Rebecca. We're sorry to hear about your poor experience with customer service. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at [email protected]

Apr. 2nd, 2021

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Bob

Prompt Response, Friendly staff, Clear understanding of products available

2 years ago

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Christopher

LoanMe was friendly, fast, and efficient. There's been no issues.

2 years ago

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Anonymous

The process was very fast and easy. The customer service was very friendly.

2 years ago

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Dean Kirkland, WA

The process was fairly easy. The customer service was very helpful.

2 years ago

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