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LoanMe

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226 User Reviews

5.9

Overall Score

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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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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.

2 years 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.

2 years ago

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Kelley Edwards Hesperia, CA

They do not adjust payment when you pay down the principal. I paid almost $3000 on a $3100 loan and my remaining payment to pay off in full will still be $427...However their associates have all been very professional

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. 3rd, 2019

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Roberto Oakland, CA

The interest rates are extremely high,and when you get loan they charge you at front 10 % of the amount that you are lending, and they include that amount in the loan amount.

3 years ago

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Reply from LoanMe

Thank you so much for taking the time to post a review. You are correct that there is an origination fee associated with our loans. Consumers are comfortable with varying interest rates depending on their personal situation and interest rates are determined by multiple factors.

Jun. 3rd, 2019

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Paula Lomita, CA

Interest rate is out of this world high. The monthly payment is crippling, I was so desperate for help that i probably will be homeless by June. I made a horrible mistake, not sure how I will ever forgive myself.

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. We always encourage our customers to pay off their loans as quickly as possible to pay the least amount of interest.

Jun. 3rd, 2019

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Claudia

Interest rates are ridiculous if qualify with bad credit the terms are a headache but since they know you need it you have no choice but to agree to terms

2 years ago

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Val Tracy, CA

Pay attention. About 6 months ago, I was shopping lenders for a personal loan. I had used loanme in the past and was pleased with the interest rate and service. Because of that experience and a 13% interest rate quoted by a rep, I chose to borrow from them. Fast-forward 6 months later, I call to pay off the loan and I'm told the payoff amount is more then the amount I borrowed. Turns out my 13% interest rate was really 134%. Carefully read any documents they send u. My credit score was good and I could've gotten a much better rate anywhere else.

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. 7th, 2019

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Brooke Ashburn, VA

I would only Recommend Loanme if your going to Payoff your loan early as a last resort but this should Not be your first option they suck your account dry so be prepared to payoff this debt sooner than later cause in the long run it will hurt and cost you big time not to mention the other bills you have to pay consider wisely before taking a loan from this company I just paid them off and definitely do Not plan on dealing with them again

6 years 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.

2 years 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

2 years ago

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Jon Waldrep Los Angeles, CA

The people are nice but the loans are really a last resort. Don't take one out unless you can pay it back in a month or two.

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. 3rd, 2019

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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.

2 years 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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Diana

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

2 years 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

2 years 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

2 years ago

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David Marina, CA

Even though it is easy enough to get a loan, you could end up paying $47,000.00 for a $7500.00 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.

Jun. 3rd, 2019

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Sirena Cuevas

Extremely high interest. Forever to pay back. Taking advantage of people with poor credit

2 years ago

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Leslie

Interest to high this will cause me to pay back 3x the amount of money I borrowed

2 years ago

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Redwan Sacramento, CA

Charge way too much interest. I borrowed a thousand dollars and was expected to pay back $3000

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. 3rd, 2019

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Sabrina

Very very high interest and seems like u never finish paying

2 years ago

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Sergio Oakland, CA

The interest rate was very high. They've given me good customer service.

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. Thank you for being a LoanMe customer.

Aug. 2nd, 2019

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Francisco Wildomar, CA

To high in interest rate. 3thousand borrow becomes 16,000

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.

Jun. 3rd, 2019

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HH Carpinteria, CA

It's a predatory loan with obscene interest rates.

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