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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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Elizabeth Thomas

They are great with the way they help you get through the loan process and get you approved but the way the interest is calculated is poor. A person should be able to pay their loan back in bigger portions without penalties. When I'm fact they are not.

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 many factors, of which consumers are comfortable with varying interest rates depending on their personal situation.

Aug. 2nd, 2019

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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.

2 years ago

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Rob Stockton, CA

The interest rate is too high, if they charged less, but had a longer period of time they would still make the funds but with the interest so high, it's tougher yet to get ahead.

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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Glen Cypress, CA

The loan process was easy and convenient, but it was ridiculously expensive. The people that I spoke to were very helpful and answered all of my questions. I was approved within 24 hours.

3 years ago

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Reply from LoanMe

Thank you for your review, and thank you for your business.

Jul. 26th, 2019

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Jorge Saucedo Oakland, CA

Loanme takes advantage of less than 650 credit score, in my case I paid them off due to find out that my 1700 dollars payment only 1 dollar went to principal and the rest to interest, that is a highway robbery and I do not recommend this institution at all.

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.

Jul. 17th, 2019

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M Pico Rivera, CA

I needed the money urgently the monwy was the within hrs. The only theing is that interest is horribly high. but i managed to pay it off in months as a whole to avoid all those extra charges. Otherwise they were very prof. vey helpful.

4 years ago

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Reply from LoanMe

Thank for taking the time to review us, and thank you for being a LoanMe customer.

Aug. 7th, 2019

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Gudy

Criminals 109% definitely was an emergency but inter's rate is abusing people in need really crazy I still paying

2 years ago

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David Auburn, CA

You can get money fast and with little hassle but their interest rates would make the mafia embarrassed

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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Daniel

The loans could have less interest they rape you on interest for a $2,600 loan you end up paying over $18,000

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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B

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

2 years 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.

2 years ago

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M. Silver Los Angeles, CA

Interest rate higher than expected and number of payments are too many for the amount borrowed.

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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Bernard James

They were very encouraging and every question was answered with just talk to customer service

3 years ago

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Reply from LoanMe

Thank you for taking the time to provide us with your review. I would like to extend a personal thank you for sharing your experience in working with our company. 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. 2nd, 2019

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Anthony

Loved that the process was fast & easy. Interest is just entirely too high for my liking.

3 years ago

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Reply from LoanMe

Thank you for your review and insight and thank you for being a LoanMe customer.

Aug. 7th, 2019

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Gigi Compton, CA

Very high interest rate for poor credit/ kind of taking advantage situation

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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Gonzalez Carmichael, CA

The interest rates are way too high, for the amount of the loan.

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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Silvia Tamayo

Payment too high interest too high not satisfied

2 years ago

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Sunny

They take more fees than other loan companies

2 years ago

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Latasha Fresno, CA

I liked the ease. The process was pretty simple.

3 years ago

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Reply from LoanMe

Thank you for your review and insight and thank you for being a LoanMe customer!

Jun. 13th, 2019

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James Oakland, CA

Interest rates of the loans are a little high.

3 years ago

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Anonymous Concord, CA

Overall, LoanMe is average. Getting the loan was easy.

3 years ago

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unknown

Easy process however very high in fees associated with loan

3 years ago

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Reply from LoanMe

Thanks so much for taking the time to review us! We are glad to hear that you were satisfied with your lending experience!

Aug. 2nd, 2019

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Maria E

Customer service was fast and nice helpful with the information that was needed also Gustavo T was very patient.

5 years ago

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Reply from LoanMe

We are glad to hear that you have had such a pleasant lending experience working with LoanMe. Thanks for your business!

Aug. 7th, 2019