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LoanMe

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226 User Reviews

6.5

Overall Score

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LoanMe is a lending company that offers both personal and small business loans. LoanMe offers unsecured installment loans that are typically used for one-time purchases or debt consolidation.

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LoanMe Rates & Terms:

  • Rates — undisclosed
  • Max loan term — 15 years
  • Loan amounts — $600–$100,000*

*Loans for $600 are only available to California residents, and the maximum loan amount for subprime borrowers is $20,000.

Read LoanMe reviews below to see what past borrowers have to say about this online lender.

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The Good

  • Wide Loan Fund Range
  • 15-Year Max Loan Length
  • Simple Application Process
  • No Prepayment Penalties
  • No Fund Limitations
  • Soft Credit Score Inquiry
  • LoanMe Reviews

Wide Loan Fund Range

LoanMe personal loans range from $600 to $100,000. However, that amount can vary depending on the borrower's credit score, state of residence, and other personal information. The annual percentage rate (APR) and repayment term for a loan will also fluctuate based on these factors.

LoanMe's minimum credit score requirement is undisclosed. However, to qualify for the lowest rates and highest loan amounts, an applicant should have a FICO score of 760 or higher. This credit score is considered very good, but may not be attainable for all borrowers.

LoanMe does offer loans for subprime borrowers, ranging from $1,000 to $20,000. These loans are available in the following states:

  • Arizona (max loan amount: $10,600)
  • Delaware
  • Idaho
  • Missouri
  • New Mexico
  • South Carolina
  • Utah

15-Year Max Loan Length

Most personal loan lenders keep their loan lengths between two and five years. LoanMe, on the other hand, offers a maximum loan length of 15 years. It's beneficial for customers to have more flexibility in their loan terms, especially if they have a unique financial situation and need quick funds but won't be able to pay them back right away. This also provides more flexibility in monthly payment options.

However, be aware that if you are a borrower with a longer loan term, you may pay smaller monthly payments, but this means you will have to pay more money in interest charges over the lifespan of the loan.

Simple Application Process

LoanMe advertises a quick, easy application process that can provide applicants with loan approval in just a few minutes. The entire application process takes only five minutes to complete.

LoanMe's personal loan application asks for basic contact and personal information (state of residence, name, phone number, address, birth date, social security number, driver's license, etc.), as well as personal proof of income information (monthly income and expenses), any business ownership, and if the applicant is or has ever been enrolled in credit counseling or a debt settlement program.

The entire process can be completed online or over the phone. Funds are wired directly to the applicant's bank account, so the borrower could potentially have the money in their hands within three to four hours if all required documents are received prior to 1 p.m. PST on a business day.

No Prepayment Penalties

LoanMe does not charge any prepayment penalty fees. This means that borrowers can make extra payments on their loans, and they will not be charged for repaying back the loan earlier than the due date. LoanMe actually encourages borrowers to do so to save money in interest fees.

No Fund Limitations

Many personal loan lenders have terms that limit what borrowers can spend their loan funds on. However, LoanMe has no fund limitations, enabling you to borrow money and spend it on whatever you'd like. Whether you are putting the funds towards medical bills, home renovations, debt consolidation, or any other major expenses, you have the freedom to control where the borrowed money goes.

Soft Credit Score Inquiry

If you pre-qualify for a LoanMe personal loan, this will not affect your credit score. LoanMe first completes a soft credit inquiry to determine your rates and fees. You will not receive a hard credit inquiry on your credit report until you accept LoanMe's offer and complete the borrowing process. This makes it simple for borrowers to compare lenders' rates and terms before making their final purchasing decision.

LoanMe Reviews

LoanMe complaints are limited, as most of its reviews are positive and highlight a satisfactory customer experience. Current LoanMe reviews note great rates even for people with poor credit scores, a fast and efficient loan process, and a professional staff with quality customer service.

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The Bad

  • Undisclosed Rates
  • Additional Fees
  • Limited Coverage Area
  • Time in Business
  • High Interest Rates

Undisclosed Rates

LoanMe does not disclose an interest rate range on its website, making it difficult for potential customers to know what their loan monthly payment might be.

However, borrowers can pre-qualify for a LoanMe loan with no impact to their credit score, allowing them to see what rates they qualify for based on their personal information and finances.

Additional Fees

LoanMe has not disclosed whether or not it charges an origination fee, check processing fees, or late fees as part of its loan terms. If you do decide to get a personal loan through the lender, be sure to read your contract carefully so that you are aware of all fees that you may be subject to. 

However, it's common with personal loan lenders to take the required upfront fees out of the loan amount before transferring the funds to your bank account, so if you do have to pay an origination fee or another loan processing fee, you don't have to pay them out of your own pocket.

Limited Coverage Area

LoanMe offers its loan services in the following states: 

  • Arizona
  • Delaware
  • Idaho
  • Kentucky
  • Missouri
  • New Mexico
  • South Carolina
  • Texas
  • Utah
  • Virginia 

Unfortunately, if you do not currently reside in one of these states, you will be unable to use LoanMe for your lending needs.

Time in Business

Founded in 2013, LoanMe hasn't been in business as long as some of the other lenders in the personal loan industry.

However, although the company has less experience, LoanMe has proven itself as a trustworthy name with quality offerings and a satisfied customer base.

High Interest Rates

Although a specific personal loan interest rate range is not discolsed on the LoanMe website, the most common complaint from the one star LoanMe reviews is due to high interest rates, but you will have to inquire to get a quote for your potential interest rate. Thus, for those with poor credit scores looking to consolidate credit card debt, you will likely be paying an interest rate close to what your credit card is already charging you or possibly higher.

If you are trying to pay off a student loan or some other type of loan or debt with a low credit score over a longer period of time, LoanMe may result in higher interest rates compared to other lenders, resulting in more money being spent towards your personal loan repayment.

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The Bottom Line

LoanMe is a California-based lending company that provides personal, auto, and small business loans to customers in select states. Specific loan amounts, interest rates, fees, and term lengths vary depending on location. In some states, a good credit score may qualify applicants for higher loan amounts from $7,500 to $100,000, with interest rates that vary.

Although LoanMe does not offer fee information upfront, it does not have a prepayment penalty fee if you would like to pay off your loan earlier than your agreed loan term. However, if you choose LoanMe as your personal loan provider, be sure to read your contract carefully to see what specific fees you may be charged — likely an origination fee, a common practice in the personal loan industry.

For consumers with great credit scores, LoanMe may be a good choice, as you can qualify for low interest rates and terms. But for those with bad credit scores, you may want to consider an alternative lender because you will likely receive a high interest rate with LoanMe. If you want to learn more about this online lender and its customer experience, you can read LoanMe reviews below. Current reviews highlight a simple application process, competitive rates, and quality customer service.

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Call our recommended rep over at LoanMe below.

1-(844) 299-4668

Star Rating

3.8

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226 Reviews

Review Breakdown

5 grade

51%

4 grade

14%

3 grade

10%

2 grade

10%

1 grade

15%

Sentiment Criteria

Value

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Quality

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Service

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Trustworthiness

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Seek N Leak Burlington, WI

I would say STAY AWAY! I made a mistake and made a loan from Cc Connect through LoanMe then the pandemic hit. Not only do they not offer any hardship assistance for their customers during such a natural disaster, their agents are heartless and rude.

2 weeks ago

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Cheryl Shaw Fontana, CA

I would like to start off by saying please do not get a loan from this company. Look for other alternatives. Loan Me preys on desperate people. That's why all you need to have is income in order to qualify. The rates are extremely high as well. I went to them in a desperate situation. My mom passed away and I had to take a leave of absence in order to care for her during her last few months. I went to loan me. They approved me at 184% interest. I went back to work and my son assisted me with paying off an extremely high debt to them. This company claimed that they never received one of the payments which was in the amount of $1000. I showed them proof by my son's bank statement that it was paid directly to them the bank even verified this. They still refused to acknowledge that they received it. My son had to file a fraud claim against them through his bank. The bank reimbursed my son. Loan Me threatened to ruin my credit if I did not pay the money all over again. In the meantime they kept the money and even refused to pay the bank. Now I am stuck with additional unfair fees and I still have to pay another $1000 . Loan Me fraudulently made an extra $1000. Thank God the bank saw the truth and reimbursed my son. What is sad I'd that no one thst I spoke to would look at the evidence and make a logical conclusion that I was right. I will never do business with Loan Me and I have asked friends and family to please not even talk to these people. I pray that I have been able to help someone with my experience.

6 months ago

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Erin D Bellflower, CA

I was late to my payment because of a financial hardship and Loan Me customer service reps were very rude and harassing me at my employment talking to my HR manager and asking for me to verify my social security over the phone. This is unacceptable and against the law to harass me for something I can’t pay for due to hardship. I will continue to file a complaint against them. Payments are 400 a month for 2600 which is ridiculous.

1 year ago

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Kelly Keys

The interest is way too high, but I agreed knowing I was going to pay it off. Unfortunately, paying more to take the loan down isn't as effective as I was told. Example: if you pay an extra $500 they will take $100 in interest.

1 year ago

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Reply from LoanMe

Hi Kelly, Thank you for taking the time to post a review. It's important to keep in mind that when you are making an extra payment, it should be done on your actual due date (1st of the month). Your scheduled monthly payment will take care of the scheduled interest payment, and the extra funds that you pay will go directly to principal, which is in accordance with your Promissory Note. If you have any other questions or would like to discuss this matter further, please email . Thank you

Sep. 30th, 2019

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Sally La Jolla, CA

Good people but the interest is too high .

1 year ago

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Silvia Tamayo

Payment too high interest too high not satisfied

1 year ago

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B

They're ok, I needed money fast and they did it but the interest rate is going to kill me.

1 year ago

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Rodrigo

The itrest to high and evry month for your paiment one dollar gos to the prinsipal and you monthly paymenbis 294 a month so don ever get this caind of lone

1 year ago

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Robert herrera jr

I understand it''s a quick and easy loan process but i think there should be a payment option.

1 year ago

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Jessica

Too much interest for me. But, you get the money you need real fast.

1 year ago

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batesefuqua

They were there to help right away no question asked.and it was very fast

1 year ago

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Diana

Interest is high, I honestly made a huge mistake getting the loan, I will be paying way too much money for this

1 year ago

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Danielle LaBostrie

The way payments are applied that are made before the due date are not considered an early payment to avoid paying more on interest instead it''s considered an extra payment towards interest only.

1 year ago

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carol gomez

I like their customer service, very kind.

1 year ago

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Jose

They help you to understand every step of the process. Couldn''t do it on my own and they take their time to help every step.

1 year ago

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Debbi

Good customer service, there when I needed them...

1 year ago

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Luis Rosas

Because applying process is easy and straightforward

1 year ago

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Benjamin Azunna

They gave me the loan I needed and i was able to take care of my immediate problems

1 year ago

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John Lance

Quick and Easy No hassles or problems very friendly when I spoke to someone

1 year ago

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Marsha Mathews

They were very thorough and followed through on each step to process my loan. They even checked to be sure the transfer was completed.

1 year ago

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Ms. Frank

They were all efficient and professional

1 year ago

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Mark

They are easy company to talk and work with.

1 year ago

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Thomas Simpson

Very easy to use. Extremely professional staff. Very quick with assistance, and identifying a workable solution when I ran into issues. Great at offering options all aimed at best meeting my needs, and coaching to select the option best meeting my immediate situation as well as thought to longer term/down the road potential issues or positives that may help.

1 year ago

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Gail Verker

Because of the staff. Roger was so helpful and so nice. He took his time with me and explained the loan and answered all my questions without making me feel like I was a pain or a bother.

1 year ago

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Saul

Interest way to high, I cannot get a clear answer, and what original loan me agent told me was not true. I was told I can pay more to pay the pan quicker, one agent said in have to pay in the first of the month or it will just be going to interest, another loan agent didn't seem to knowledgeable and asked her manager who said I can pay within the 1st 2 weeks but she won't give me a clear cut answer. You speak in jargon knowing your customers have no idea what you're talking about in an attempt to screw them. So I haven't paid more then my minium balance cause I don't trust you're company. I will tell everyone I know as o have already and once paid off will have learned a valuable lesson.

1 year ago

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Kota

Unprofessional along with none of the workers are on the same page. Different employees tell you different things each time you get transferred.

1 year ago

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Sunny

They take more fees than other loan companies

1 year ago

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J

Their customer service is very good and friendly. I only rated them a 3 star because their loans are very expensive. If you really needed the money for a short term, and can pay it back fast, then it's ok.

1 year ago

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Sabrina

Very very high interest and seems like u never finish paying

1 year ago

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Mary

None of my 332.59 goes towards my prinpal payment that doesn't sound right to me. So will be making extra payments

1 year ago

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Alex

Impossible rates basically legal scammers and will rob you never go for it

1 year ago

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Inspiredone

Kept their promise and gave me the loan

1 year ago

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Patricia

They were there when I needed the extra cash and I was able to get the loan the same day

1 year ago

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Matthew

Fast approval and very good customer service.

1 year ago

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Juanita Travis

They gave me the loan I needed, at a rate that was good for, and the time I needed to pay back.

1 year ago

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Carol Swearingen

Very quick service. Kind people and professional assistance

1 year ago

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Max Diaz

Fast, professional, easy. I was a little strapped for money and I was looking for a small loan to help with bills and debt consolidation. LoanMe made it very clear and simple, and I had the money I needed within about 30mins.

1 year ago

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Olufunke Fitman

Great service . Appreciate help from the CS I spoke with. It was great

1 year ago

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Tony

They work around my payday schedule very good

1 year ago

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Celia

They helped me out when I needed to change due date . Understanding. And fast.

1 year ago

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Stephanie

Customer Service and response time was timely and professional

1 year ago

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Susan Patterson

They provided excellent customer service from start to finish. They were there when I needed them the most when nobody else could help me.

1 year ago

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Russell Weisse

Happy to get an excellent customer service

1 year ago

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Lhen

helps me a lot! easy access! easy to talk to them! very helpful

1 year ago

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jesse silvers sr

they are top notch, but i would like various ways to pay my bill.using my crdit card is a pain and i cant get to moeygram or western union until im on my day off.

1 year ago

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Lucia

Not very friendly web page it's difficult to navigate when you want updates of your statement.

1 year ago

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Juan seijas

I pay $388.00 and only $1.00 go to principal

1 year ago

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Craig Stephens

The interest rate is terrible, basically highway robbery, I was in a dire situation and now I am desperate to pay this off at 106% interest

1 year ago

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E

The loans are too expensive. Even for a small term loan is too high when you pay back you're paying double the amount

1 year ago

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Gary Baumgarten

Their APR of 135% is outrageous. The money you end up paying back is almost six times what you borrowed unless you pay it right back. Who can do that? You are borrowing money from them because the money you have for what you are buying is inadequate that is why you are borrowing money.

1 year ago

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