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LoanMe

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5.9

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LAST UPDATED: May 13th, 2022

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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Highlight: LoanMe rates and terms

  • Rates — 32–264%
  • Max loan term — 7 years
  • Loan amounts — $1,000–$30,000*

*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
  • 7-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 $1,000 to $30,000. 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.

To qualify for the lowest rates and highest loan amounts, an applicant should have a FICO score of 500 or higher. This credit score is considered 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
  • California
  • Delaware
  • Florida
  • Idaho
  • Indiana
  • Kentucky
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • Nebraska
  • New Mexico
  • Ohio
  • Oklahoma
  • South Carolina
  • Tennessee
  • Utah
  • Virginia
  • Wisconsin

7-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 7 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
  • California
  • Delaware
  • Florida
  • Idaho
  • Indiana
  • Kentucky
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • New Mexico
  • Ohio
  • Oklahoma
  • South Carolina
  • Tennessee
  • Utah
  • Virginia 
  • Wisconsin

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 up to $30,000, 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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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%

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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.

3 years ago

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Leticia ugarte Tracy, CA

Their interest is too high. I got a loan of 2600 and I ended up paying back in one month 3200. I will never be making business with loan me, even if it's the last choice I have.

3 years ago

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Reply from LoanMe

Thank you for taking the time to post your review as well as your comments regarding the terms of your loan. We always encourage our customers to pay off their loans as quickly as possible to pay the least amount of interest.

Jun. 13th, 2019

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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.

1 year ago

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Stephen B Saint Louis, MO

This is a joke. My credit is 688 - not great; but good. I applied for a personal loan for $10,000 to do some home improvement work. They told me I was approved and just needed to verify my bank account. After "verifying" my account four times. They said it had only been open 1 month. I have had the account for 20+ years and called the bank. I called back my "Senior Loan Agent" Andre to tell him they were checking my wife's Christmas Club account and not our checking account. Then a Customer Service Rep called to ask me some questions to verify my identity. I answered everything. He said I would be getting a call from Andre with good news. I literally was hanging up with him - when I got the "decline" letter. Indicated because of my credit score and delinquent account. I missed one payment of $40 back in 2013. Other then that, I have 1 credit card, no loans, nothing....Amazed at the fact that they literally ran me through the ringer and after verifying my identity - declined me? what a joke. What is worse, I wasted an entire day dealing with these people, wasted part of my wife's day and all I got was a hard hit on my credit! Stay away!!

5 years ago

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Reply from LoanMe

Thank you for taking the time to post a review. We apologize if our service did not meet your expectations. We set a high standard for ourselves and we are actively working to improve service levels to better meet our customer’s needs.

Aug. 7th, 2019

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Teresa Corona, CA

By far the worst company Ive ever had a loan with. My loan was for the minimum $2600, payment was $294 monthly. I made 3 payments on time with no issues. On the fourth month I had enough $ to pay off the loan. My loan payoff was more than the original borrowed amount $2712. So they received $882 in interest alone for ONLY 3 months (which was my monthly payment each month). NONE of your payment goes toward principle. you loan payoff gradually increases each month. I ended up paying $3594 for $2600 and again I only had the loan for 3 months! Oh and if you want to payoff your loan they accept MasterCard credit only if it's your card, cannot use someone else's. Anyone in a bad credit situation (expecting you will pay high APR) go with AVANT! although Interest is high at 33% it's better than the 134% with Loan me.. STAY AWAY, FAR AWAY FROM LOAN ME!!

6 years 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

3 years ago

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Michelle Rodas

interest rate way too high. Got a loan to pay off some bills but at the end i just got held back way more paying almost $400 a month. Wish i can get out of it!

3 years 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.

2 years ago

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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.

1 year ago

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eugene hill Seaside, CA

they dont appreciate good customers ,they charge outrageous interest even when your credit keeps improving

3 years ago

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Reply from LoanMe

Thank you for taking the time to post your review as well as your comments regarding the terms of your loan. We always encourage our customers to pay off their loans as quickly as possible to pay the least amount of interest.

Jun. 13th, 2019

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Jorge

Getting a loan with LoanMe was horrible, I wish I did not get it at all. The high interest is too much.

3 years ago

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Reply from LoanMe

Thank you so much for taking the time to post a review. Consumers are comfortable with varying interest rates depending on their personal situation and interest rates are determined by multiple factors.

Jun. 13th, 2019

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JOVITA MARTINEZ

THEY STILL MONEY FROM BAD CREDIT CUSTOMERS, THEY CHARGE DAILY THEY ARE JUST THE WORST

3 years ago

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Lauren San Diego, CA

Apr is insanely high. Poor customer service refuse to adjust my payments or extend payment date.

3 years ago

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Reply from LoanMe

Thank you so much for taking the time to post a review. Interest rates are determined by multiple factors, and we always encourage our customers to pay off their loans as quickly as possible to pay the least amount of interest

Jun. 13th, 2019

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Ricardo garza Pleasant Hill, CA

I think they take advantage of the people. They should not charge a la interest is crazy

3 years ago

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Reply from LoanMe

Thank you for taking the time to post your review. Interest rates are determined by multiple factors, and we always encourage our customers to pay off their loans as quickly as possible to pay the least amount of interest.

Jun. 13th, 2019

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Ana

High interest, but when we are on need we end up taking it. I will not recommend you guys

3 years ago

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Reply from LoanMe

Thank you for taking the time to post a review. We apologize if our service did not meet your expectations. We strive to maintain high standards and your comments will be heard to assist us.

Aug. 2nd, 2019

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Jessica

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

3 years ago

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Alex

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

3 years ago

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She Fancy

Interest goes up every day, you will be in-depth, for a couple of years

3 years ago

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cinthya barron Carmichael, CA

rates are insurmountable. it is way to expensive to borrow from them

3 years ago

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Reply from LoanMe

Thank you so much for taking the time to post a review. Interest rates are determined by multiple factors, and we always encourage our customers to pay off their loans as quickly as possible to pay the least amount of interest.

Jun. 13th, 2019

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Ajaan Sacramento, CA

Worst loan to go with. Pay too much if you continue to make monthly payments.

3 years ago

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Reply from LoanMe

Thank you for taking the time to post your review. We always encourage our customers to pay off their loans as quickly as possible to pay the least amount of interest.

Jun. 13th, 2019

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John

The Interest rates are like robbery . Stay away from loan me.

3 years ago

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Reply from LoanMe

Thank you for taking the time to post your review . We always encourage our customers to pay off their loans as quickly as possible to pay the least amount of interest.

Aug. 2nd, 2019

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Carmen

They were always calling me just to get money when I'm paying already

3 years ago

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Reply from LoanMe

Thank you for taking the time to post a review. We apologize if our service did not meet your expectations. We set a high standard for ourselves and your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer.

Aug. 2nd, 2019

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JT Hampden, ME

The customer service is horrible. I called twice to ask a couple of questions, each time I called was a different person, they were both rude.

4 years ago

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Reply from LoanMe

Thank you for taking the time to post a review. We apologize if our service did not meet your expectations. We set a high standard for ourselves and your comments will be heard to assist us in maintaining those standards.

Aug. 7th, 2019

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kim erwing Woodland Hills, CA

5,000.00 loan , 2 years ago…paying 499.00 in interest and $1 in payment….this company need an investigation and to be closed down

6 years ago

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Mizzmax

The repayment plan is one if the worst I've had.

3 years ago

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Juan seijas

I pay $388.00 and only $1.00 go to principal

3 years ago

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Anonymous Montrose, CA

They promise that they return the call and never do it

3 years ago

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Reply from LoanMe

Thank you for taking the time to post a review. We apologize if our service did not meet your expectations. We set a high standard for ourselves and your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer.

Jun. 3rd, 2019

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Wilfredo demeasa Pomona, CA

Bad customer service, miss information about the product

3 years ago

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Reply from LoanMe

Thank you for taking the time to post a review. We apologize if our service did not meet your expectations. Your comments will be heard to assist us in maintaining the high standards we strive to achieve with every customer.

Jun. 13th, 2019

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Nicho

To much interest no money going towards Loan

3 years ago

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Reply from LoanMe

Thank you for taking the time to post your review as well as your comments regarding the terms of your loan. We always encourage our customers to pay off their loans as quickly as possible to pay the least amount of interest.

Aug. 2nd, 2019

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Anonymous

Interest was too high 135% not good for Business

3 years ago

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Reply from LoanMe

Thank you for taking the time to post a review. We apologize if our service did not meet your expectations. Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer.

Aug. 2nd, 2019

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Corendia Blackman-Newsome

Very disappointed in there customer service,

3 years ago

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Reply from LoanMe

Thank you for taking the time to post a review. We apologize if our service did not meet your expectations. Your comments will be heard to assist us in maintaining the high standards we set to meet for all our customers.

Aug. 2nd, 2019

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rajdeep singh

this not good company not explain lone terms lone transfer after explain statements

5 years ago

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Reply from LoanMe

Thank you for taking the time to post a review. We apologize if our service did not meet your expectations. We strive to provide each client with an excellent lending experience, and we are actively working to improve service levels to better meet our customer’s needs.

Aug. 7th, 2019

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Lisa smith Cleveland, OH

So do they let you get it western union if you dont have a bank account

6 years ago