3.8
5.8
Overall Score
Author: Kaitlyn Short
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.
Highlight: LoanMe rates and terms
*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.
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:
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.
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.
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.
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.
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 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 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.
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:
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.
However, although the company has less experience, LoanMe has proven itself as a trustworthy name with quality offerings and a satisfied customer base.
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.
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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Mattie Los Angeles, CA
5 years ago
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Jun. 13th, 2019
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5 years ago
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Michael Stockton, CA
5 years ago
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James San Pedro, CA
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Robert Orange, CA
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Israel Long Beach, CA
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Michael Hayward, CA
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Michele Huntington Beach, CA
5 years ago
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Aug. 2nd, 2019
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Max Diaz
5 years ago
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Richard Sotello
5 years ago
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R Fairfield, CA
5 years ago
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Jun. 13th, 2019
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Anonymous Colton, CA
5 years ago
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Alan Modesto, CA
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Ronnie Victorville, CA
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Aimee Rialto, CA
5 years ago
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Tony V
5 years ago
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Aug. 2nd, 2019
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Gail Verker
5 years ago
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Anonymous North Hills, CA
5 years ago
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Jun. 13th, 2019
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Esenz Los Angeles, CA
5 years ago
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Patrick Pomona, CA
5 years ago
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Jul. 26th, 2019
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Lionel Chula Vista, CA
5 years ago
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Jul. 26th, 2019
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Robert Hesperia, CA
5 years ago
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Aug. 2nd, 2019
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Rick Bountiful, UT
5 years ago
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Aug. 2nd, 2019
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Saul
5 years ago
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jesse silvers sr
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Jose Duran
5 years ago
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Rosa Maldonado
5 years ago
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Rick Thomas Carmichael, CA
5 years ago
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Jun. 13th, 2019
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Yelena North Hills, CA
5 years ago
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Jun. 13th, 2019
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Rony Bell, CA
5 years ago
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Elizabeth Thomas
5 years ago
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Aug. 2nd, 2019
Paul Sauer Salt Lake City, UT
8 years ago
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Jose
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Susan Patterson
5 years ago
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Gary Baumgarten
5 years ago
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Rob Stockton, CA
5 years ago
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Jun. 3rd, 2019
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Steven Vista, CA
5 years ago
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Jun. 13th, 2019
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Gary Murrieta, CA
5 years ago
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Jun. 13th, 2019
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Glen Cypress, CA
5 years ago
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Jul. 26th, 2019
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Jeramey Riverside, CA
5 years ago
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Jul. 26th, 2019
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Jesus Helendale, CA
5 years ago
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Jul. 26th, 2019
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Miguel San Jacinto, CA
5 years ago
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Jul. 26th, 2019
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Adriana
5 years ago
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Aug. 2nd, 2019
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Danielle LaBostrie
5 years ago
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Marsha Mathews
5 years ago
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Michelle L San Jose, CA
5 years ago
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Jun. 3rd, 2019
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Kelley Edwards Hesperia, CA
5 years ago
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Jun. 3rd, 2019
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Roberto Oakland, CA
5 years ago
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Jun. 3rd, 2019
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Paula Lomita, CA
5 years ago
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Jun. 3rd, 2019
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