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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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Call our recommended rep over at LoanMe below.

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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Trustworthiness

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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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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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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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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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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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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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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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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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William Burch

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

2 years ago

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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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Victor Clemente

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

2 years ago

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star star star star star

John Dietrich

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

2 years ago

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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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Gregory

Extremely courteous and speedy with their service. It wasn't stressful.

2 years ago

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Kalia

It was fast and simple, got the money right away.

2 years ago

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Kathy Price

Convenience and loan approval for poor credit score

2 years ago

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Sam

Timely and good service given to help us out.

2 years ago

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Andre Mcduffie

Ease of process, treats customers with professionalism

2 years ago

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Lisa

they were quick and friendly. no hassel.

2 years ago

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