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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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Michael Stockton, CA

When I called to make a personal payment and explained that my intention was a thousand this weekend and a thousand the following week and the break the last thousand up into a few payments, the guy basically snicked and me and said "well good luck with that". That's been my only negative response or experience with the whole process. They don't believe the that customer is actually going to pay back the money in a short time. Other than that experience, the customer service is great. They're very helpful and seem to expedite the process. The process was as easy as making the phone call, going through a couple different verification of employment and income and it was relatively easy beyond that. The money was in my account rather fast within I think fourty eight hours. If you take the loan to the full extent of the term of the amount of interest you incur is outrageous.

3 years ago

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Reply from LoanMe

Thank you for taking the time to post your review, and are glad to hear the process went smoothly. 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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Anonymous North Hills, CA

It seemed like it would be easy to obtain the loan and it was. The loan was very expensive but it was easy to get and it was really great and the customer service was pretty good as well. They did a good job and answered questions and made sure everything was understood before carrying on.

3 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!

Jun. 13th, 2019

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Jose Duran

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 ''

2 years ago

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Rick Thomas Carmichael, CA

I really appreciate LoanMe coming through for me financially, but the high cost of the money (high interest rate) they lend causes my feelings to be mixed. But they know they've got you over a barrel, so they know they can.

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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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.

2 years ago

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Michelle L San Jose, CA

Great opportunity high interest rate. I got this loan for a friend in need. Process was lengthy and not everything could be done on line.

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.

Jun. 3rd, 2019

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Milarca San Diego, CA

They're fast. They're efficient. And they give you the money and get you out of a bind that you're in but the interest is unreasonable.

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. 2nd, 2019

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Shirley Richmond, CA

It was actually pretty quick with me and in a timely manner that I needed the service so I really appreciated that.

3 years ago

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Reply from LoanMe

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

Jun. 13th, 2019

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Jesus Madera, CA

It was easy and it was easy to work with pretty much. Everything went smoothly, it didn't take too much time.

3 years ago

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Reply from LoanMe

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

Jun. 13th, 2019

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Lucia

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

2 years ago

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Rafael

The good the service when you need somebody to help you what is the place can you can count

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. 3rd, 2019

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Audrey San Diego, CA

Easy to sign up and qualify. Honest/upfront about payback cost. Still,...APR is too high.

3 years ago

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Reply from LoanMe

Thank you so much for sharing your experience with us. 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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Benjamin Oakland, CA

The person that I dealt with from customer service was very professional and very good.

3 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. 2nd, 2019

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Alex Villegas

Lack of a 5 star rating is based purely on the fact that this type of loan is bad for the consumer.

3 years ago

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Reply from LoanMe

Thank you so much for taking the time to post a 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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David Lear

Expensive but they delivered the goods in a timely manner. No complaints about service and delivery

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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Daisy

I was very pleased with the service I got.Kevin keep me in contact of what needed to be submitted to get approved....I would totally recommend loan me to family and friends

5 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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batesefuqua

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

2 years ago

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Anonymous Spring Valley, CA

They Did ask for duplicate items. And some items I did not like exposing.

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 achieve high standards with every customer and your comments will be heard in maintaining those standards.

Jun. 13th, 2019

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Juan Lindsay, CA

LoanMe was quick and helpful. They were the first company to approve me.

3 years ago

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Reply from LoanMe

Thanks for the awesome review. We work hard to meet expectations like yours, and we’re happy to hear we hit the mark for you.

Jun. 13th, 2019

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Junior Fairfield, CA

They were able to help me with what I needed. They were very helpful.

3 years ago

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Reply from LoanMe

Thanks so much for taking the time to review us! We are glad to hearwe could help. Thanks for your business!

Jun. 13th, 2019

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Martha Simpsonville, SC

Everyone is courteous and nice. The interest rates were pretty high.

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!

Jul. 26th, 2019

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Carlton

The interest rate is out of this world. But im grateful for the 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 we could help you with your lending experience!

Aug. 2nd, 2019

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Daniel B

Good customer service, Fast and trustworthy. High interest rate.

3 years ago

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Reply from LoanMe

Thanks so much for taking the time to review us. Thank you for being a LoanMe customer!

Aug. 2nd, 2019

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Sally La Jolla, CA

Good people but the interest is too high .

2 years ago

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Mark

They are easy company to talk and work with.

2 years ago

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Luis Rosas

Because applying process is easy and straightforward

2 years ago

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Matthew

Fast approval and very good customer service.

2 years ago

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Carol Swearingen

Very quick service. Kind people and professional assistance

2 years ago

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Inspiredone

Kept their promise and gave me the loan

2 years ago

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Crystal Hicklen Hawthorne, CA

LoanMe gave me the loan when no other company would.

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. 3rd, 2019

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M Carmichael, CA

It's just quick and easy. They have good customer service.

3 years ago

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Tony Huntington Beach, CA

LoanMe is a very efficient company to work with

3 years ago