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.

How Does It Work?

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.

What Are The Interest Rates?

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.

How Much Money Can I Borrow?

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.

What Is the Application Process Like?

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.

How Is It Better Than Other Lenders?

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.

  • Loan Amount
    $3500 - $250000
  • APR
    24% - 149%
  • Max Loan Term (Months)
  • Credit Score Range
    300 - 850
  • Military Status
  • Verification Documents Required?
  • No Prepayment Fee
  • Origination Fee
    Starting at 5%
  • Business Loan Type
    • SBA Loan
    • Merchant Cash Advance
  • Intended Use of Funds
    • Business Debt Refinance
    • Equipment Purchase
    • Lease Improvements
    • New Location
    • Product or Service Expansion
    • Working Capital
  • Institution Type
  • Approval Speed (Hours)
  • Funding Time
  • Credit Bureau Reporting
SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...


Write a Review

Sort by:

  • Rating
  • Date
  • Most Useful

0 votes

I am interested in class action lawsuit against LOANME if anyone knows of one being created please respond.

0 votes

Recvd an offer from LoanMe via mail,never did any loans on line or thru the mail before and I do have a small business which I am always in the market for quick funds reasonable rates for working capital. Thought this could be an option for easy turnaround. Checked the reviews for this company and there was none that was good. Being small business, depending on what type of business can sometimes be difficult to keep our dream going.We put everything we got into our businesses. ... And it seems loan companies like Loanme capitalize off of our despiration to keep our businesses going and in some cases small business people have no choice otherwise without quick working capital small businesses close their doors. Local banks in the community, takes so long for funding and the amount of paperwork involved with costly processing fees. More than a hassle than feeling confident to borrow short term. Local banks don't seem to want to lend to small business with unsecure loans. But at one time small businesses was thriving,vision and backbone of this country with everyone unique with a niche in the market. Small businesses without a vision, niche, or working capital will be a small business closing and fading away. Been in business 34years and still thriving to serve my community in retail, box stores moving in and profit margins are dissappearing. More Less

New Review for LoanMe

In category:  

Rate your experience: