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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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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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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

1 year 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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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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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.

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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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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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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Jan Peters

I got the money I needed but the rate and origination fee: outrageous!!

1 year ago

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Reply from LoanMe

Hi Jan. 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

The ease of getting the loan was okay. But the interest rate is horrible.

1 year ago

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Reply from LoanMe

Hi John. 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

They were the first to offer my business a loan. Customer service is very good.

2 years ago

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Reply from LoanMe

Hello. We appreciate you taking the time to post a review. Your comment 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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Chris

I recieved the money quickly, but not what I was needing

2 years ago

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Reply from LoanMe

Hi Chris. 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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