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LoanMe

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87 User Reviews

7.0

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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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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Anonymous

I was stupid. Their service was prompt and the woman in customer service was nice but it was too expensive. I would never recommend them.

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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Jordan Epley

The rates they charge are extremely high for such small amounts

2 years ago

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Reply from LoanMe

Hi Jordan. 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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David

They are really helpful and it was really easy but the interest is too high.

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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Shi H

I feel i was misled about how I could make extra payments

2 years ago

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Reply from LoanMe

Thank you for your feedback Shi and we're sorry to hear about your experience. LoanMe fully discloses all payment options 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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irma alres

they tok like 8 days to reply that is a long time

2 years ago

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Reply from LoanMe

Hi Irma. We're sorry to hear about your experience. 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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Eric Parsons

Interest rates are loan shark equivalent.

2 years ago

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Reply from LoanMe

Hi Eric. 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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Anonamous

They are outrageously high with their interest rates.

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