LoanMe is a California based personal loan lender that offers unsecured installment loans to qualified borrowers. LoanMe's loans are used for one-time purchases and debt consolidation; they also have the potential to help customers rebuild their credit score by making payments on time. The entire process is completed over the internet, phone and fax. Funds can be transferred into the borrower's checking account in as little as a day.
LoanMe specializes in fast personal loans for customers with limited credit options. The online application process is fast and customers can have funds in their bank accounts within the same day.
Interest rates vary depending on the state you live in, how much you borrow and your creditworthiness. The more you borrow the lower the interest rates. The maximum APR for a $2,600 loan is 204.94%, while the maximum for a $25,000 loan is 35.52%. Loan fees vary depending on the state and the loan amount. In California, loan fees range from $75 for loans under $5000, $500 for $10,000 loans and $950 for a $25,000 loan.
The loan amounts vary from $2,600 to $25,000. A $10,600 loan will take 7 years of $840 monthly payments to repay, plus a $500 loan fee: a total cost of $71,060.
The application process only takes a few minutes. You only need to provide a bank statement, proof of income and valid ID; and if you prefer, the entire process can be entirely paperless. Once you are approved the money is deposited directly to your bank account.
LoanMe's application process is faster and easier than most lenders. The entire transaction can be done online or over the phone and you could have money in your account within the same day. There are no prepayment fees and LoanMe reports your payments to credit bureaus, so your credit score should improve if you make your payments on time.
However, the loan fees and interest rates can be extremely high for certain borrower groups.