in Personal Loans from LoanMe
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Where does LoanMe do business?
LoanMe is a direct lender based in Anaheim, CA. Founded in 2014, LoanMe offers access to personal loans in 9 states across the USA.
What rates and terms does LoanMe offer?LoanMe has higher interest rates than the average for lenders reviewed on SuperMoney.
What personal loan APRs does LoanMe offer?LoanMe offers a fixed APR personal loan product that ranges from 26.74% APR up to 184.36% APR. Interest rates vary by state.
Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.
How much can you borrow via LoanMe?
Loan amounts start at $2,600 and go up to $50,000.
What can a personal loan from LoanMe be used for?
Personal loans from LoanMe are typically used for special purchases, debt consolidation, home improvement projects, weddings, unexpected expenses or similar purposes.
What is the maximum loan term you can get with LoanMe?
LoanMe offers personal loans with terms ranging from 36 to 180 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
|Loan Amount||$2600 - $50000|
|Loan Term||36 - 180 months|
|APR||26.74% - 184.36%|
What fees does LoanMe charge?
Does LoanMe charge an origination fee?
LoanMe charges a loan origination fee of 0% to 33% of the loan amount (origination fees and requirements vary by state). LoanMe deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
Does LoanMe charge a late fee?
Yes, LoanMe may charge borrowers a late payment fee of up to $15, which is triggered if you're 15 days late.
Does LoanMe charge prepayment fees?
No, LoanMe does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
|Origination Fee||0% - 33%|
|Late Payment Fee||$15|
What do you need to qualify for a loan with LoanMe?
Applicants with a credit score of at least 300 can apply for a loan via LoanMe . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
LoanMe will consider borrowers regardless of their employment status if they can prove their ability to repay the loan requested.
Active duty servicemembers and their covered dependents cannot apply for a loan via LoanMe. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Applicants must have an active and valid checking account
- Proof of identity
- Recent pay stubs
- Proof of income
|Bank Account Required?||Yes|
|Joint Applications Accepted?||Yes|
|Credit Score||300 - 700|
What is the estimated funding time for a personal loan via LoanMe?
LoanMe will typically approve (or deny) a loan application within 24 hours and fund personal loans within 7 business days of approval.
Does LoanMe report loan payments to credit bureaus?
LoanMe may report credit data to the following credit reporting agencies:
- New Mexico
- South Carolina
|No Prepayment Fee|
|Late Fee After (number of days)||15|
|Late Fee Amount||$15|
|Origination Fee||0% - 33%|
|Credit Score Range||
300 - 700
|Immigration Status Considered||
|Bank Account Required|
|Employment Statuses Considered||
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$2.6K - $50K|
|Loan Term (Months)||36 - 180|
|APR (Fixed APR)||26.74% - 184.36%|