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LoanMe

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87 User Reviews

7.1

Overall Score

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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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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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.

1 year ago

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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.

1 year 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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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

1 year 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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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

1 year 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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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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Sam

Interest rate is robbery Interest rate is robbery Interest rate is robbery Interest rate is robbery Interest rate is robbery

2 years ago

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LoanMe

you suck liar people.... all you care is your business to grow, and not willing to thrive customers businesses

2 years ago

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Anonymous

because they lied about the whole process and I can't get any help from them now

1 year 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. 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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Tisha

Interest rate is way too high and doesn't get paid down as fast as you want without paying double

1 year ago

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Reply from LoanMe

Hi Tisha. 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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Tim

Bait and switch interest rate. Told one thing then at closing was shown something else.

2 years ago

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Reply from LoanMe

Hi Tim. 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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Andy

the process was a pain. and the rates are outrageous. basicly leagal loan sharking.

2 years ago

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Reply from LoanMe

Hi Andy. 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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Manchun Kuo

Very pushy toward end of the process and extremely high interest rate and high fee

2 years ago

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Reply from LoanMe

Hi Manchun. 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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Wendy

This company is a loan shark. I made a terrible mistake dealing with them.

1 year ago

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Reply from LoanMe

Hi Wendy. 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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Angela Schmit

Lack of transparency regarding interest rates during application process

1 year ago

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Reply from LoanMe

Hi Angela. 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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Levell bogan

Bad company with gangster rates the FBI need check into there practice s

1 year ago

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Reply from LoanMe

Hi Levell. 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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Anonymous

Terrible , cheat, gready, feel I deal wit black market borrowed money

1 year 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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P Funk

Interest rates are pure usury. They're professional loan sharks

1 year ago

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Reply from LoanMe

Hi P Funk. 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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Jeff Biersack

94%-monthly payment of $2,500.00 is all interest, predatory loan

2 years ago

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Reply from LoanMe

Hi Jeff. 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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Wesley

They do not tell the truth after you get the loan the pay off amount charged

2 years ago

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Reply from LoanMe

Hi Wesley. 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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Michael Scharbach

Way to expensive, their interest rate is ridiculous

1 year ago

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Reply from LoanMe

Hi Michael. 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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Luis Abundis

They charges the payment before the date

2 years ago

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Reply from LoanMe

Hi Luis. 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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Alex Vizcaino

Getting wrong information to the customer

2 years ago

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