Founded in 2013, LoanMe is a lending company that offers both personal and small business loans to residents of Arizona, Delaware, Idaho, Kentucky, Missouri, New Mexico, South Carolina, Texas, and Utah. (Loans are no longer offered in California.) All of its loans are unsecured and are typically used for one-time purchases or debt consolidation.
The company advertises a quick, easy application and approval process for qualified applicants, and it's even possible to have money deposited into your checking account in as little as three to four hours. The max length for a LoanMe loan is 15 years, and loan amounts range from $600 to $100,000*.
Read LoanMe reviews below to see what past borrowers have to say about the online lender.
*Loans for $600 are only available to California residents.
LoanMe personal loans range from $600 to $100,000. However, that amount can vary depending on the borrower's credit score, a state of residence**, and other personal information. The annual percentage rate and repayment term will also fluctuate based on these factors.
For applicants with lower credit scores than the minimum credit score of 645, LoanMe personal loans are much smaller and require high interest rates. There are flat loan fees instead of percentage-based fees, and the repayment terms are much shorter as well.
**State of residence loan amounts: The Subprime personal loan amounts range from $1,000-$20,000 in the following states —
The only Subprime loan product in Arizona however is at $10,600.
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, giving borrowers a long stretch of time to pay off their loans. 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.
LoanMe advertises a quick, easy application process that can provide applicants with pre-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 PM PST on a business day.
LoanMe provides several reliable methods for contacting its customer service department, as well as other departments such as collections service, loss mitigation, complaints, and the loan application department. The general customer service department can be reached via phone or email. This makes it simple for borrowers to get the help they need with little effort and no headache.
LoanMe does not charge any prepayment fees. This means borrowers can make extra payments on their loans, and they will not be charged for repaying back the loan earlier than the due date. Having the ability to repay the loan as soon as you'd like with no penalty could save you a great deal of money in interest fees.
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.
LoanMe's personal loans are great for debt consolidation, as its annual percentage rate range and loan amounts are extremely flexible and are based on your individual financial situation, credit score, and credit history. LoanMe offers competitive rates and could potentially save you a lot of money in interest charges if you pay off high-interest credit card debt with your personal loan funds. LoanMe offers a manageable payback process and you can repay the loan as quickly as you want with no prepayment penalties on additional payments.
When you are pre-qualified 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 officially borrow the loan funds. This makes it simple for borrowers to compare lenders' rates and terms before making their final purchasing decision.
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.
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.
LoanMe offers its loan services in the following states: Arizona, Delaware, Idaho, Kentucky, Missouri, New Mexico, South Carolina, Texas, and Utah. Unfortunately, if you do not currently reside in one of these states, you will be unable to use LoanMe for your lending needs.
Founded in 2013, LoanMe hasn't been in business as long as some of the other lenders in the personal loan industry. This may be a concern to customers interested in the company. However, although the company has less experience, LoanMe has proven itself as a trustworthy name with quality offerings and a satisfied customer base.
For those with poor credit score 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. The most common complaint from the one star Loanme reviews is due to high interest rates, but you will have to inqure LoanMe to get a quote for your possible APR rate.
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 .
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.
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.
Reply from LoanMe
Sep 30, 2019
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
Good people but the interest is too high .
Robert herrera jr
I understand it''s a quick and easy loan process but i think there should be a payment option.
They're ok, I needed money fast and they did it but the interest rate is going to kill me.
They were there to help right away no question asked.and it was very fast
Payment too high interest too high not satisfied
Interest is high, I honestly made a huge mistake getting the loan, I will be paying way too much money for this
Too much interest for me. But, you get the money you need real fast.
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.
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
They gave me the loan I needed and i was able to take care of my immediate problems
I like their customer service, very kind.
Because applying process is easy and straightforward
Good customer service, there when I needed them...
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.
Quick and Easy No hassles or problems very friendly when I spoke to someone
They are easy company to talk and work with.
They were all efficient and professional
They were very thorough and followed through on each step to process my loan. They even checked to be sure the transfer was completed.
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.
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.
They take more fees than other loan companies
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.
None of my 332.59 goes towards my prinpal payment that doesn't sound right to me. So will be making extra payments
Impossible rates basically legal scammers and will rob you never go for it
Very very high interest and seems like u never finish paying
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.
Unprofessional along with none of the workers are on the same page. Different employees tell you different things each time you get transferred.
They gave me the loan I needed, at a rate that was good for, and the time I needed to pay back.
Great service . Appreciate help from the CS I spoke with. It was great
Kept their promise and gave me the loan
Very quick service. Kind people and professional assistance
They were there when I needed the extra cash and I was able to get the loan the same day
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.
Fast approval and very good customer service.
They provided excellent customer service from start to finish. They were there when I needed them the most when nobody else could help me.
They work around my payday schedule very good
Customer Service and response time was timely and professional
helps me a lot! easy access! easy to talk to them! very helpful
Happy to get an excellent customer service
They helped me out when I needed to change due date . Understanding. And fast.
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.
The loans are too expensive. Even for a small term loan is too high when you pay back you're paying double the amount
I give loan me 4 stars. They put the money in my account the next day... BEWARE IF YOU CANT PAY IT BACK WITHIN TWO MONTHS DONT GET OT CRAZY HIGH INTEREST RATES I WOULD NOT DO IT AGAIN BE CAREFUL ''
I pay $388.00 and only $1.00 go to principal
Extremely high interest. Forever to pay back. Taking advantage of people with poor credit
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.
Interest to high this will cause me to pay back 3x the amount of money I borrowed
The repayment plan is one if the worst I've had.